Are you facing challenges to keep your revenue collections management optimized? Don’t worry. You can overcome this issue by hiring a professional billing services company. Due to the unexpected challenges in the healthcare industry, healthcare providers are looking for proactive strategies to get their medical practice back on track.
It is a very thrilling decision to move any aspect of your medical practice into the hands of any third-party. Therefore, most physicians and other healthcare practitioners find it difficult to decide whether or not to outsource their revenue cycle management to a medical billing company.
However, the rising trend of outsourcing professional billing services clearly demonstrates that healthcare providers are enjoying immense benefits by acquiring the assistance of highly trained medical billers and coders.
Actually, outsourcing revenue cycle management services give you a better opportunity to focus more on patients’ care as billing and coding experts take responsibility for your administrative tasks. They provide regular analytical reports regarding any progress in your revenue collections. In this way, you can still have your own autonomy to handle your workflow.
Moreover, an off-shore medical billing company stays well-versed with the constant evolutions in the insurance, billing, and coding guidelines. Which enables them to manage the submission of medical claims efficiently.
Outsourced billing experts work hard to achieve mutual business success goals and try to collect maximum reimbursements because they charge from a fraction of the revenue that they collect on your behalf. For this purpose, they adopt innovative solutions to prevent the claim denials.
A professional billing services company helps medical practitioners to achieve financial success in the following ways.
- 1. Better Control Over Revenue
Some healthcare providers show reluctance in taking the decision of outsourcing professional billing services. Because they still believe that they will lose control over their financial matters.
But it’s not more than a myth. In fact, the reality is a bit contrary to this factor. Outsourcing enables you to maintain total control of all your financial responsibilities.
A major advantage of a billing agency is that it provides a dedicated workforce that stays committed to following up with your claims until you get completely reimbursed for your services.
Even a reliable company provides complete transparency throughout the billing process and keeps you informed of what is going on with your revenue cycle management. Hence you can evaluate your business progress and predict future growth with powerful insights.
- 2. Prevents Revenue Leakage
Continuous revenue leakage has become a major challenge for healthcare providers. They lose millions of dollars annually just because of the high rate of claim denials. That negatively affects your organization’s revenue, cash flow, and operational efficiency.
Usually, denial rates range from 5-10% in every healthcare facility. But if the rate exceeds this percentage, then it is an indicating sign that your medical practice needs effective ways to keep the claims process tight.
However, an off-shore professional billing services company is legally bound to increase the efficiency of your revenue cycle management. It has well-experienced medical billers and coders to perform their tasks efficiently.
They undergo regular training to stay updated with the recent changes in billing and coding. Moreover, they follow a systematic procedure to ensure the timely submission of medical claims.
Before filing the claims to payers, they make sure that the claims don’t contain errors such as: wrong coding, inaccurate patients’ demographic information, duplicate billing, incorrect modifiers, etc.
The role of outsourced medical billing experts don’t end with the submission of claims, they also track each and every claim to ensure reimbursement. If a claim is denied or rejected by the insurance companies, they take immediate action to appeal the claims in a timely manner.
They deeply analyze the rejected claims to identify the common reasons for claims denials. Then they resubmit the claims after proper adjustments. The effective management of medical claims accelerates the cash flow as well as uplift the bottom line of your medical business.
- 3. Streamlines Cash flow
A professional billing services company provides you the freedom to relieve your medical tasks from burdensome tasks. It will allow industry experts to take care of your entire healthcare RCM including medical coding, charge entry, billing tracking claims, collecting payments, and following up on claim denials.
It will even reduce your cost overheads that are fixed for staff salaries, incentives, annual bonuses, paid holidays and employee absence, etc. since you have to just pay a fixed percentage from the revenue they collect on your behalf.
In this way, it will also help you to accelerate your overall business and save time from resolving payment disputes. Hence, it helps you to successfully allocate your resources for business profitability.
If you decide to keep on-premise administrative responsibilities then you have to also allocate resources for hardware management, software operations, and separate management staff. You can simply rely on a team that has adequate equipment and knowledge to follow up with the payments from both_ insurance payers and patients.
It will also cause physicians to stay stressed due to the overwhelming patients’ demands and financial issues. You also have to fix a capital investment in operational costs.
On the other hand, a medical billing company provides you assistance and guidance from well-experienced and qualified medical billing specialists. You can also get control over the medical billing solutions and reliable electronic healthcare record software.
While a third party handling your revenue cycle management, you can stay informed of their progress through their transparent and regular analytical reports. In this way, your revenue cycle management stays progressive and your income can increase steadily.
Outsourced medical billing experts strive to produce more favorable results for your business in terms of increased revenue to achieve financial goals.
Medcare MSO is a professional billing services company that has been helping healthcare providers from all around the US for more than 12 years now. Visit our website to learn more details about our complete suite of reliable and transparent medical billing services.