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Improve your Cash Flow by Choosing the Right Billing Company

April 14, 2015

Improve your Cash Flow by Choosing the Right Billing Company

In order to survive, earn more revenue and avoid government penalties, physicians across the US are struggling with stringent healthcare requirements including, ICD-10, MU, PQRS and various other programs. Due to constraint of time and resources, many providers are opting to outsource their billing services and RCM tasks to a third party. They are turning to medical billing companies for expert assistance and streamlined revenue cycle.

Boost your Practice Earnings with the Right Medical Billing Company

Billing companies assign a dedicated team of skilled billers, coders and AR callers for each physician practice. This team works vigorously to improve cash flow by ensuring the following:

  • Identifying loopholes in the Revenue Cycle and formulating solutions
  • Error-free Coding and Billing
  • Timely Claims Submissions
  • Compliance to HIPAA when submitting Claims
  • Recovering old AR accounts through timely Follow-ups
  • Effective Denial Management- focusing on every single Denial
  • Regular Follow-ups with Insurance Companies
  • Offering training to providers for accurate coding

Eliminating Hassles of Running a Practice

A reliable medical billing company not only ensures timely payments for all rendered services but also helps physicians improve patient satisfaction. By choosing the right medical billing company, practices can:

  • Eliminate the hassle of hiring and training coders and billers
  • Reduce number of denials
  • Save time for quality care provision
  • Focus more on clinical and important administrative tasks
  • Streamline workflow at the practice
  • Ensure a better work/life balance

With outsourcing, physicians are assured that an experienced team is handling their revenue cycle. This gives them the peace of mind to concentrate on patient care and marketing their practice. However, everything depends on how well a medical billing company performs. If you have been planning to outsource your billing requirements to a third party, you need to take the following factors into consideration:

  • Check if the billing company is ready for ICD-10 change:
    ICD-10 will be coming into effect on 1st October 2015. With few more months left for the transition, you will have to choose a billing company that has a clear ICD-10 conversion plan in place. If the vendor isn’t ready for the new coding system with tools such as code mapping and internal and external testing, you will lose significant amount of money to denials.
  • Security measure employed by the vendor
    If the vendor has no safety protocols in place, your practice might become a victim of IT-related security breaches. When choosing a billing company, always ask for a detailed description of security measure they follow. For instance, reputed billing companies like MedicalBillersandCoders.com have strong security protocols in place to ensure that PHI doesn’t leak out and gets misused. MBC ensures HIPAA-compliant medical billing to eliminate the risks of data breaches and audits.

There are various changes scheduled in 2015 that might impact the bottom line of medical practices. Therefore, it has become important to choose a reliable billing company if providers wish to improve cash flow.


Category : Outsource Medical Billing