Charge capture, while a fundamental component of the healthcare billing process, can often be the bottleneck in accelerating revenue flow. The traditional reliance on paper or spreadsheets not only prolongs the revenue cycle but often leads to errors, missed charges, and increased charge lag.
What is charge lag? Charge lag is the delay between the time a service is provided and when the charge for that service is entered into the billing system. A shorter charge lag means the practice can bill for services sooner, thus receiving reimbursement more quickly. It's a straightforward concept, but its implications on the revenue cycle are profound.
Every day a charge is delayed is a day of postponed revenue. This not only affects cash flow but can also increase the risk of missing filing deadlines with payers, resulting in denied claims. Ultimately, extended charge lag can amount to significant revenue leakage for practices.
Traditional billing setups, especially those reliant on paper or spreadsheets, inherently increase charge lag. Why?
Switching to a contemporary platform, like the one offered by pMD, offers practices a way to drastically reduce charge lag. Here's how:
Reducing charge lag is more than just about billing efficiency—it's improtant for the overall financial health of medical practices. By shifting away from outdated paper and spreadsheet methods and embracing modern charge capture platforms such as pMD pCharge™, practices stand to not only streamline their operations but also significantly enhance their revenue streams.
At pMD®, our mission is to streamline and optimize the patient care episode and the revenue cycle. Through our advanced, end-to-end practice management and revenue cycle solutions, we can help practices consolidate vendors, reduce costs, streamline workflows, improve patient care and satisfaction, and collect their maximum reimbursement more quickly.
Not sure what a vendor could do to improve your behavioral health billing? Contact pMD® for a no-commitment financial impact analysis by our team of healthcare RCM experts free of charge!