The heart of every healthcare facility is managing its most liquid asset on the balance sheet. Administering Revenue Cycle Management processes are vital to maintaining business agility and driving growth.
In this era of new technology, regulatory change, and industry consolidation, healthcare facilities face an array of cash management challenges. Our team of specialists manage the journey from start to finish.
Management and Oversight
Whether it’s new management, new patient accounting systems, or new ways to interact with patients, change is a major factor impacting the financial operations of any healthcare facility. At MedSrv, LLC we bridge the gap by consolidating services into a centralized shared service operation that spans both facility and physician billing to simplify payment gathering.
Our services include managing and reporting the daily deposits, EFT payments, patient cash receipts, and credit card payments. A daily and MTD reconciliation is reconciled at the batch and deposit level to ensure that all payments are posted. Additionally, the team prepares the secondary paper claims, write-offs, and adjustments.
Shifting these tasks to the trained and seasoned payment poster allow the physicians, facility and hospital to focus on their patients.
Payment posting in medical billing is considered one of the most common challenges faced by most healthcare facilities. It is almost impossible to complete the reimbursement process without the payment posting. This is why payment posting is considered the most integral part of Revenue Cycle Management. The method of payment posting can affect many business processes of the healthcare facilities which can have a significant impact on efficiency, patient care, and overall financial growth.
Research and Reconcilation Analysis
Our reconciliation analysts conduct audits on reports to identify gaps and inconsistencies for resolution recommendations. They also review account statements, update information on databases, and coordinate with other departments for the necessary filing of documents and patient follow-ups.
Healthcare facilities should consider the refund process a vital component of the consumer healthcare payment experience and strive to deliver simplicity and convenience for their patients.
Review/Process Overpayment Letters
Reimbursements realized from the insurance and patients are accounted appropriately to the respective patient accounts in the billing system. Besides applying the payments, our skilled and analytical staff checks for down coded payments, contracted fee-schedule and contractual adjustments.
According to the practice and facility guidelines, the team scrutinizes the overpayment, recoupment, and processes the refunds with appropriate documentation to the insurance carriers.
MedSrv, LLC provides healthcare facilities and physician practices healthcare Revenue Cycle Management and oversight with the highest level of customer service across the U.S. from our campus in Chattanooga, Tennessee.
We leverage our years of expertise to offer a unique blend of agility, scalability, and management to your Revenue Cycle, delivering quality support and results to your patients.