Medical Billing Company Impact on Practice Revenue Growth
How does a medical billing company impact revenue growth and help to stop revenue leakage?
Hospitals, physicians, and healthcare systems all rely on a complex revenue cycle to manage and collect compensation for the services they deliver to their patients. Patient registration, benefits, and insurance verification. Medical Billing Company follows the process of claims filing, payment posting, denials handling, and report generation that positively impacts healthcare practice’s revenue growth. Unnoticed revenue leakage at these stages might cost thousands of dollars due to inefficiency and negligence.
Strategies to Stop Money from Leaking Out of Your medical billing company:
With the resources provided by Right Medical Billing company, you can stop losing money even while you labor tirelessly to keep the lights on. You may boost profits and cut expenses by following these suggestions.
The primary goal shall be to avoid rejections and have sufficient expertise to perform all the clinic tasks.
Clinics need to know that ignoring a doctor’s other doctor’s referrals to accept patients from certain insurance plans can have a big cost. But you can only accept patients from all plans if your practice is credentialed with insurance plans. Being in-network with insurance plans helps you to take in more patients, and medical billing companies can help you to get credentials so fast. If the doctor has credentialing issues, it may lead to more claims being denied. The complexity of payer-specific credentialing standard are associated high rate of credentialing application denials, and these can be reduced by using a professional credentialing service from experts. Identifying and getting the healthcare professional re-credentialed with the help of medical billing services professional team will decrease the number of denials and improve revenue and collection. Your practice might consider having the credentialing process handled by an outside business.
Procedures That Were Not Billed
Physicians need to be familiar with valid specialty CPTs / procedures codes to reduce the number of unrecorded small procedures, and such errors can be reduced by utilizing a billing company. The ability of physicians to check and verify the valid CPT codes and diagnosis codes reduces the number of bad claims billed to the insurance companies that come back with good check amounts which increases the revenue. In most cases, revenue leakage is caused by unbilled treatments that can identify by a medical billing expert following an in-depth analysis of clinical documents and a treatment plan signed by the rendering provider.
Claims That Are Not Yet Bill
The loss of revenue due to unbilled claims is greater than the loss due to any other cause. By correlating reports of patient appointments, procedures performed and claims made medical billing company expert staff can easily identify the unbilled claims and submit them within the insurance’s timely filing limit to get the claims paid without any late filing denials.
Managing Patient Balances
Creating an effective procedure for managing patient balances is as important as treating the patient and checking other areas of practice. The billing company always designs an effective follow-up strategy for patient balances followed by patient recall/texts, electronic statement generation, and paper statement generation along with flexible payment options and flexible payment plans. These standard procedures from Healthcare RCM Companies will ensure that the patient receives the due balance on time. They are constantly reminded to pay the patient’s responsibilities to the physician’s offices as soon as possible.
Underpayments
Knowing the exact cost of the medical billing service always seems cheaper when you know the cost you could pay for any medical procedure underbilled and paid less than average. As a healthcare professional you provide the best treatment to the patient but are still unable to collect money and generate income because the top-rated medical billing company did not handle the Billing process. By preparing ahead and making necessary adjustments to your fee schedule as soon as possible, you can prevent having deductions taken from your pay at various insurance companies. Ask medical billing experts for support in putting up your enhanced fee schedule.
Inefficient Claim Denial Management
The management of denied claims is necessary along with the other healthcare RCM activities. Management of denied claims needs the hand of medical billing experts. Outsourcing to a medical billing company that has expert staff will help you resubmit the wrongly denied claims with proper corrections to avoid the previously received denials. These experts figure out the reasons why denials occur and then take corrective and preventive measures to ensure these denials don’t happen again and claims get paid on the first attempt.
In-House Billing Workflow Issues
The workflow issues between staff cause inefficiencies in the billing departments that may be caused by inadequate training or not designing a proper workflow. Having a medical billing company doing the medical billing helps you to focus on your clinical staff training to treat patients in an effective manner that will improve the overall patient experience. Put your faith in your passion to deliver the best healthcare services to your patients who will market your healthcare business resulting in more patients and revenue.
Make Full Use of Data and Analytical Tools
The majority of medical billing companies billing software includes several reporting functionalities. You may quickly generate reports on the operational and financial performance of your practice by making use of these tools. Make the appropriate judgments while keeping in mind the most important things you’ve discovered through root cause analysis.
Prioritization of the Patient
Your organization in the healthcare field has the primary obligation to ensure the health and happiness of its patients. Outsourcing complex medical billing tasks gives you more time to focus on your responsibilities as a healthcare professional and treat patients better, provide more robust and flexible solutions and train your clinical staff members. You can dedicate your staff to maintaining healthy and constant communication with your patient to reduce barriers and improve patient connections.
Medical Billing Practices to Maintain a Healthy Cash flow:
The majority of doctors start their private practice because they want to help people and built trusting relationships with their patients. However, it is challenging to remain profitable in the current market due to the Affordable Care Act and ICD-10 changes. The impact of all these variables can be reduced if you Outsource the RCM activities to the medical billing company this way you can save a lot of money and buy more time for you and your business growth.
It’s common to wish you could leave the stresses of running a private practice and join a hospital or large healthcare organization. The medical clinic you run is a business just like any other. The flow of money is important to main a healthy cash flow. The challenge, of course, is to increase the former while decreasing the latter. Your medical practice’s bottom line is directly affected by certain factors.
Outsourced Medical Billing Companies
The best idea is to find a top-rated Medical Billing Company that can help you with Practice Management and RCM tasks so you can take control of your practice. When you get more time, you can perform the tasks such as internal audit, financial control, patient experience improvement, communication improvement with patients, sending educational material to your patients to improve their wellbeing, negotiating with insurance on contracts, testing other modern technology to enhance business efficiency, and much more. Need help? Call iCareBilling today and get a free consultation on how we can improve your office workflow, revenue, and collections.
