Five ways to reduce healthcare administrative costs
According to a recent study, the administrative costs in healthcare industry make up approximately 25% of all healthcare expenses. Denied claims and not properly filing the claims and performing multiple corrections and follow-ups contributes to major portion of this cost.
There is a strong need for healthcare organizations to relook at their current processes. This includes activities that are being performed manually or automated using systems as a lot has changed in the healthcare industry over the years. The current process may look streamlined today. However what is constant will always not remain the same. New ways has to be adopted to ensure the costs are under control.
Here are the five important strategies to consider:
- Streamline Eligibility and Benefits Verification Workflow
- Streamline Providers Workflow
- Relook at Quality Workflow
- Stay up to date with Industry updates
- Outsource tedious processes and monitor thoroughly
Promantra has been providing healthcare outsourcing services for over 14 years and adopts to continuously changing and evolving processes. The most efficient way to ensure your costs are in control is to simply Outsource you Medical Coding and related process so that you can focus on your core competency of provide better care to patients. We are upbeat with domain know-how, have experience and certified resources, efficient quality standards and off course, we are HIPAA complaint.
Medical Coding forms a critical component of the administrative function. Improper coding not only leads to claims being denied but also increase your AR days. This in-turn increases operational expenditure.
Promantra can eliminate all these headaches like hiring costs, medical coding and auditing and quality check. Our coders are certified and strictly follow the coding guidelines in addition to ensuring no denials and maximizing reimbursement using the right codes. All our coders are CPC, CPC-H certified from AAPC or CCS from AHIMA and also stay on top of coding rules and regulations.
Promantra helps reduce administrative costs in Medical Coding by providing below services:
- Medical Coding across various Specialties - In-Patient and Out-Patient
- Accurate & prompt handling of coding denials
- Elimination of backlogs
- Coverage on overflow coding
- Long term coding projects
Promantra Medical Coding Services guarantees reduction in administrative costs in coding by offering pricing per coder or per chart based on your need. Promantra works as per mutually agreed accuracy and turnaround time and also offers flexible staffing and ramp-up model.
Contact Promantra today for Medical Coding services needs.
AVP - Corporate Communications