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Can You Afford Not to Use a Reliable Medical Billing Company?

A medical practice must have the prime aim of caring for patients, but to do this efficiently then, it also needs to be profitable and successful as a business. With administrative requirements taking up so much time, if not careful, patient care could slip. The number one objective is to provide excellent patient care and so, it makes sense for employees to focus on achieving this goal. For many medical centers, employees are doubling up on their roles and covering both healthcare and medical billing and it’s easy to see that their resources are stretched to a maximum.  This is where mistakes are made.

 

Medical Billing Services

This is why using the services of a reliable medical billing company is invaluable. Here are just some of the areas that can be improved by outsourcing medical billing.

  • An improvement in cash flow.
  • The ability to focus in a targeted way on patient care.
  • An increase in profits.
  • A streamlined and more effective business.
  • An increase in productivity.
  • A smoother more efficient business operation.
  • More contented staff and patients.

 

Goals and Organization

 

To be successful as a business a medical practice must be able to grow in two ways. First, it must be able to build on its client base by offering a wider range of treatments and second, it must become more efficient at administering care and treatments. Outsourcing medical billing can help with both these potential problems as it eases the burden on staff who are more highly trained in other areas.

 

By hiring the right company, this can completely streamline a medical center that previously had all the right incentives but lacked momentum in a forward-thinking plan. Taking pressure away from existing staff is an extremely positive step forward in any business operation. It enables staff to utilize their skills in the environment best suited to them. In addition, it’s likely that employees will feel happier within their roles without being stretched to cover all aspects of administration.

 

When employees are contained within the workplace and all are working to a common goal, this has a ripple effect on the whole practice. Nothing creates greater levels of patient confidence than a well-organized and efficient medical center.  Currently, with high advertising costs, word of mouth promotion is invaluable.

 

Aiming for Efficiency

 

Outsourcing medical billing makes for an efficient center with its eyes on the pulse of the business. Outsourcing also aids cash flow as each cent can be monitored in a far more efficient way. It reduces the burden of hiring qualified staff or retraining current staff to handle administration if a practice decides to do everything in-house. This of course, would bring its own set of problems and may feel as if running two separate businesses at times. At the least, it could certainly detract away from the main aims and goals of the practice.

 

Using a reliable and proven company in medical billing is paramount. Certainly, if you want to avoid stress-filled work days organizing billing and coding and, following up on errors or non-payments.

 

If outsourcing medical billing is of interest, consider the following:

  • Does the company have a good track record?
  • Do they consider security as extremely important?
  • Are they reliable?
  • Are their reports easy to understand?
  • Will their processes blend with yours?
  • Will they make the transfer of billing systems seamless?

 

If the answer was yes, then, you also need to ask whether you can afford not to outsource the medical billing aspect of your workflow. By doing so, you could be achieving the true potential of your practice.

Importance of Revenue Cycle Management

Revenue cycle management is basically a financial process that health care facilities use, to track patient care episodes that are from appointment to registration and appointment scheduling to final payment of balance. It amalgamates the business and clinical sides of healthcare by interlinking administrative data such as insurance provider, patient’s name and other personal information and treatment that patients receives. This process manages and handles office claims processing, revenue generation, and payment. Revenue cycle management also includes things such as coding claims correctly, tracking claims and following up on denied claims and determining patient eligibility. This process is now used by different hospitals and healthcare centers to get software easily for payments in a timely manner. Let’s discuss few benefits of revenue cycle management.

Importance of Revenue Cycle Management

Revenue Cycle Management system help healthcare professionals by saving lot of their time. This system automatically performs all the duties and functions that were previously handled by employees. The duties and tasks basically include reminding payers and patients of an existing balance, informing patients of an upcoming appointment, and reaching out to insurers with specific questions when a claim is denied. It also helps in saving providers money by reducing the amount of denied claims and enabling patients to pay their bills online. Revenue Cycle Management system can easily cut down on rejected claims by encouraging all healthcare professional to enter all the information and data that are needed for claim processing and saving them revising and resubmitting the claims. With proper revenue cycle processes and workflows, you can also easily increase payments while decreasing bad debt write-offs. An efficacious revenue cycle system can even lessen the amount of time between providing a service and receiving payment for it by intermingling with other health IT systems such as electronic health record systems and billing systems.

Important Terms Used in Revenue Cycle Management

Charge Capture: Charge capture is a term used when documented services are electronically or manually translated into billable fees.

Claim Submission: When billable fees are submitted to the insurance company through universal claim form of payment, then it is called claim submission.

Coding :Coding refers to the process of transforming descriptions of medical procedures and diagnosis into universal medical code numbers.

Patient Collections : The patient collection is a method of collecting patient balances and making payment arrangements.

Pre-registration :Pre-registration is a process of gathering all registration information that includes the benefits and authorizations, eligibility before the arrival of patients for outpatient and inpatient procedures.

Registration : The term registration refers to the complete set of data elements that are required in establishing a Medical Record Number, financial and clinical requirements and satisfying regulatory.

Remittance Processing : Remittance Processing denotes the process of applying and posting payments or adjustments to the appropriate accounts that include rejects too.

Third Party Follow-up : It refers to the process of pursuing collections from insurers after the initial claim has been filled.

Utilization Review : It is a process of assessment of the necessity, aptness, and efficacy of the use of medical services and facilities that includes the length of stay, services performed, regular reviews of admissions, and referrals.

Final Words

After discussing the myriads of benefits that a revenue cycle management system provides, it won’t be an overstatement to say that by using these systems for Medical Billing, companies can reduce coding errors and revenue gaps and enhance their organization’s performance by sorting billing data.