URS Billing Services is heading to the Hilton Garden Inn in Fairfax, VA on Friday, November 7th for the NVLPC (Northern Virginia Licensed Professional Counselors) Mini Expo! We will be going as a vendor so be sure to stop by our booth and enter to win a Starbucks gift card!
Those attending the expo will be listening in on an Ethics Workshop. If you are involved in this aspect of the healthcare field, be sure to attend. More information is listed above.
Showing posts with label Medical Billing. Show all posts
Showing posts with label Medical Billing. Show all posts
Wednesday
Friday
Common Misconceptions: Loss of Control
Many of us are in need of control, in some cases desperate. There is a common misconception with using a medical billing service that you need to give up control. Not only is this not the case, but you are actually in more control.
First off, URS Billing Services doesn’t touch any money. This can be your first order of business to cross off your check list.
Second, because we are professionals in the medical billing field (just like you are professionals in the healthcare field) we are aware of every modifier, diagnosis, chief complaint needed in order to get your claims not only paid but paid at their maximum allowable.
Last but not least, you are in even more control by using URS Billing Services. How?
- You’re paying for what you get. Let’s look at this from an employee of your office: They are going to get their paycheck regardless if they get a claim paid or not. Sure, they may get a bonus if they get it paid but they can still rely on that weekly paycheck.
- You are not only paying their salary but you’re also paying for their computer, their software, their software updates, their training, their time off, their sick days, their maternity leave...
- By using our service you are getting more bang for your buck. By increasing your monthly revenues you have the option to take off time with your family, or maybe use that extra money to open an extra office, what will it be?
- You have full access to your billing representative, no automation system to dial in to, you pick up the phone and ask your representative any question you have about your account. How often do you go to your employee’s desk to ask a question and you find out they’ve called in sick?
Go ahead and give our office a call today, receive a free A/R Analysis to see how we can help you.
www.e-urs.com
1-800-229-3994
Monday
What Is Your Time Worth?
Have you thought about what your time is worth? Have you considered by freeing up billable time you have more slots for patients equaling more income? This in turn can mean more vacations with family, a new office, a bigger staff...the possibilities are endless by just freeing up a couple hours to URS. We can help make the difference between a couple days with family and a couple weeks with family.
Not only does URS offer medical billing services we also offer:
- Collections
- Small Business Services
- A/R Management
- Credentialing
Call our office today and ask for a free A/R analysis, so we can show you how we can help you TODAY!
Wednesday
Monday
Managing Accounts Receivables by Richard Tamburello, Managing Director, URS Billing Services, LLC
Establishing effective A/R management strategies is critical to the overall financial and operational success of today’s medical
practices, especially in a time when most insurance `reimbursement rates’ are trending downward. Over the next several issues of URS E-Newsletter, I will address several key operational points that will help practices identify financial and practice opportunities along with proven methods for achieving optimal revenues and cash flows. It is unfortunate that many physicians tend to overlook the importance of directly involving themselves in overseeing A/R, primarily because of unfamiliarity and their focus remaining in clinical areas.
In this issue, I present the basic differences between `optimal
revenues’ and `cash flows’. `Optimal Revenues’ and `Cash Flows’ are terms often tossed around by many trying to sell a variety of products and services. Let’s first address the primary characteristics of `Optimal Revenues’ (OR). OR means that every possible dollar is collected on the date of service. However, as we can all attest, this rarely, if ever, occurs particularly in today’s credit driven economy. Therefore, the challenge is obvious – targeting as close as possible this ideal goal. The financial concept `Cash Flow’ (CF) refers to the amount of cash which remains available after all required cash outlays are paid in a 30 day period.
These two critical aspects of managing A/R are challenges that today’s medical practices must vigorously pursue. Keep in mind, though, they are becoming increasingly complex, time consuming and require an astute, dedicated management team and motivated staffs. In the next issue, the focus will be on the importance of establishing `tolerance ratios’ for key designated success factors and why working together as a team delivers positive results.
Other than the financial aspect, what do you find most contributes to your success?
practices, especially in a time when most insurance `reimbursement rates’ are trending downward. Over the next several issues of URS E-Newsletter, I will address several key operational points that will help practices identify financial and practice opportunities along with proven methods for achieving optimal revenues and cash flows. It is unfortunate that many physicians tend to overlook the importance of directly involving themselves in overseeing A/R, primarily because of unfamiliarity and their focus remaining in clinical areas.
In this issue, I present the basic differences between `optimal
revenues’ and `cash flows’. `Optimal Revenues’ and `Cash Flows’ are terms often tossed around by many trying to sell a variety of products and services. Let’s first address the primary characteristics of `Optimal Revenues’ (OR). OR means that every possible dollar is collected on the date of service. However, as we can all attest, this rarely, if ever, occurs particularly in today’s credit driven economy. Therefore, the challenge is obvious – targeting as close as possible this ideal goal. The financial concept `Cash Flow’ (CF) refers to the amount of cash which remains available after all required cash outlays are paid in a 30 day period.
These two critical aspects of managing A/R are challenges that today’s medical practices must vigorously pursue. Keep in mind, though, they are becoming increasingly complex, time consuming and require an astute, dedicated management team and motivated staffs. In the next issue, the focus will be on the importance of establishing `tolerance ratios’ for key designated success factors and why working together as a team delivers positive results.
Other than the financial aspect, what do you find most contributes to your success?
The Importance of DTRs by Richard Tamburello, Managing Director, URS Billing Services, LLC
Establishing `Delinquency Tolerance Ratio’s’ (DTR’s) is one key success factor by which to minimize the practice’s investment in A/R. DTR’s should be set-up for all major insurance providers, including self-pay accounts. Implementing strict guidelines help to ensure that your practice not only minimizes its investment in A/R but produces optimal cash revenues on a consistent basis.
As a general rule, we use the following DTR ratio targets for managing our clients A/R. These ratios are to be used as target guidelines for insurance and self-pay balances: < 30 days = 75% - 80%, < 60 = 10%, < 91 = 5%, < 121= 5%, > 120 = 5%.
For example, the first and most important part of effectively managing and receiving payment is making sure ALL patient demographics, including insurance data, are correctly entered and verified prior to submitting claims. At URS, the staff is trained and tested, trained and tested when it comes to this essential `key’ phase of medical billing. Consider the negative financial consequences when carelessness replaces accuracy.
What financial ratios do you most often use in your day to day work life?
As a general rule, we use the following DTR ratio targets for managing our clients A/R. These ratios are to be used as target guidelines for insurance and self-pay balances: < 30 days = 75% - 80%, < 60 = 10%, < 91 = 5%, < 121= 5%, > 120 = 5%.
For example, the first and most important part of effectively managing and receiving payment is making sure ALL patient demographics, including insurance data, are correctly entered and verified prior to submitting claims. At URS, the staff is trained and tested, trained and tested when it comes to this essential `key’ phase of medical billing. Consider the negative financial consequences when carelessness replaces accuracy.
What financial ratios do you most often use in your day to day work life?
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