Who wouldn't want to continue running their business without worrying about the bottom line? Even the physician's office is no exception.However, the pressure of increasing operating costs, tedious regulatory obligations, and hassles involved for securing optimum claim reimbursements from the insurance companies are not likely to unlax any time soon. In addition, the shift in payment models over time has resulted into higher deductibles, which in turn, has also triggered on a shift in the cost structure. In fact, according to the Celent Group report released earlier, each provider’s office will be responsible for collecting as much $ 317,000 as co-pays from their patients during this year. That’s a substantial amount of revenue to let go for any physician, by all means indeed.
The good news is that it is possible to remain viable or even thriving in practice, while not compromising on the revenue. It can be done by outsourcing the revenue cycle management to one of the reliable service provider in the industry. Thus, you can put the focus back to patient care.
It can help you cut costs by having a pro-active medical billing system in place. The services are offered by dedicated medical billing agencies who provide swift verification of insurance details to the front desk of the provider’s office. This enables your office to collect the copays and deductible shares from the patients without fail. Besides prompt patient insurance eligibility verifications, the billing company also ensure clean billings and watchful claim collections and reporting. The agencies employ experienced billing professionals, who not only efficiently prepareerror–free medical bills and submit clean claims, but work at competitive costings too. The quick insurance verification feature enables the front desk a to perform the insurance eligibility checking for the non-scheduled patients as well.
Coding and Billing inefficiencies and reduced payments from payer’s are generally the two main reasons of shrinking collections across providers’ offices. RCM services, through a combination of advanced technology and qualified and knowledgeable medical billing professionals, check for the compatibility between the diagnosis and procedure codes and get all payments posted for submission.
The Medical Group Management Association (MGMA) states the practice is not healthy if the denials are more than 4%. The RCM service providers have active denial management policies and procedures which monitor the trend of denials, identify issues systemically and execute correctivemeasures.
It helps you save costs associated with skilled resources and office infrastructure by 40%. It also eliminates downtime caused by employees’ illness and leaves from time to time. Diligent follow-ups with insurance companies ensures quicker revenue and cash flow. Thus, you can be confident of retaining the business, and yet provide quality care to your patients.
The complexities of health care reforms and the need to collect payments for every rendered service have compelled practice to outsource its medical billing services. This is one of leading strategies, as it strengthens your practice to face upcoming major industry challenges, including ICD-10 coding transition.
MedicalBillersandCoders is a leading medical billing outsourcing partner that provides provider’s office with end-to-end revenue cycle management and hence promises to add significant value to the practice.Back