Revenue recovery is an important part of business for doctors and hospitals who are partners in managed care. By hiring a revenue recovery firm, businesses, such as doctors and hospitals, can be assured that their patients maintain contract compliance. With frequent audits and payment reviews to ensure payment compliance, a revenue recovery firm helps collect on difficult, complicated and old accounts.
A managed care review performed by a revenue recovery firm can point to best practices the doctors and hospitals can enact in order to help ensure compliance with contracts. This, in turn, helps bring about a higher than average repayment schedule so that the doctors and hospitals can have their accounts receivables posted. A major tool that revenue recovery firms use is a management payment system for collection denials.
By identifying accounts that meet these criteria, and following up with them, a higher rate of collections can be realized. These commercial payments, as well as payments from governmental agencies, can be successfully managed by a revenue recovery firm. This type of service pays for itself in just a few months due to the amount of revenue that has been recovered. More information like this.