Posted on December 7, 2022
Why You Should Invest Time And Resources In Medicare Collections
Medicare collections are amounts that Medicare pays on your behalf for various medical services. These include inpatient hospital stays, outpatient visits, home health services, and skilled nursing facility care.
If you're a hospital or other healthcare provider that accepts Medicare, it's important to know how to properly bill for services and collect payments. When it comes to medical collections, there are a few key reasons why it's so important to invest time and resources into this process:
Image Source: Google
1. Improve your cash flow – By staying on top of your Medicare collections, you can ensure that you're getting paid for the services you provide in a timely manner. This can help improve your overall cash flow and keep your business running smoothly.
2. Avoid penalties – If you don't follow proper billing and payment procedures, you could be subject to fines or other penalties from the Centers for Medicare & Medicaid Services (CMS). These penalties can be costly and put a strain on your business, so it's important to avoid them if at all possible.
3. Maintain compliance – In order to participate in the Medicare program, providers must meet certain standards of compliance. If you're not properly collecting payments from patients, it could put your participation at risk.
4. Provide quality care – Ultimately, the goal of healthcare providers is to deliver quality care to patients. By investing in Medicare collections, you can help ensure that patients have the resources they need to pay for their care and get the treatment they deserve.