June 12, 2014
Revenue cycle management has become a common place practice for healthcare providers and medical practitioners across the US. Nevertheless, the number of independent practitioners and large hospitals who have actually aligned their revenue streams in an efficient manner is very limited. Most medical practitioners are still struggling to adapt to the new CPT alterations, and with ICD 10 changes just round the corner, coding and billing is going to become nightmarish for care providers. Most care providers will once again only focus on remaining financially viable despite the increasing claims rejections due to coding errors and thus, concerns with revenue cycle management will simply become a thing of low priority.
However, outsourcing medical billing can be the first step to make your revenue cycle management effective. Medical billing service providers bring more than just billing software and offshore transcripts for medical care providers. The complete service based approach can overhaul the way your healthcare practice carries out its billing and collection cycles. Some of the key benefits of outsourcing medical billing and revenue cycle management include -
Better Processing Time: Outsourcing the primary activity of billing to an external service provider reduces the load on your own administrative services. This in turn allows your medical staff to complete the patient walk-in formalities properly and in detail, thoroughly check the reference records and patient medical history before admitting a patient. Billing is automated and carried out by the provider, who dedicates an entire resource for this activity, thereby simultaneously improving the overall processing time for your practice.
Drastic Decline in Coding Errors
As ICD 10 update includes more than 150,000 care and diagnostic changes into the healthcare system, expert coding and billing service providers can reduce the transition time for your practice and reduce the coding errors that are likely to happen in the initial months of introduction of ICD 10. Since the complete coding structure and categories of codes are going to change having a team of experts onboard can save your practice from a lot of malpractice suits and rejected claims.
Pre-Authorization and other Carrier Requisites Fulfilled
As different insurance carriers and clearing houses have varied procedures and protocols for accepting patient claims it is imperative for the medical service providers to check the patient coverage and care related requisites before accepting patients. While your in-house staff may miss out on these details a billing service provider does not only automate this process but also standardizes these processes to reduce eventual claims denials.
Aggressive Follow Up of Accounts Receivables
Another most important benefit of an external medical billing service provider is their rate of success with accounts receivables collection. While most medical practitioners struggle with underpayments from Medicare, Medicaid and insurance carriers, aging of accounts receivable from individual patients is even more disheartening. Rigorous follow up with the right service orientation increases the collection and settlement ratio for medical practices.
MedicalBillersandCoders.com is an expert medical coding and billing service provider with years of experience in primary and specialty care billing. Their teams of medical billing experts can improve the effectiveness of revenue cycle management by streamlining your revenue streams and reducing losses due to coding errors and lack of follow-ups.
Revenue Cycle Management