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Posts from 2018-07

Outsource Medical Billing is Changing the Future of Healthcare

Healthcare Industry Seeks Efficiencies

Healthcare providers across the globe are waking up and recognizing the incredible benefits outsourcing revenue cycle management can have on their practices.

According to a new market report, global healthcare revenue cycle management outsourcing market is projected to increase significantly from $11.7 billion in 2017 to $23 billion by the end of 2023. This projection could mean a growth of 11.9% during this period.

There are a few reasons outsourcing is becoming so essential to these medical providers. The healthcare industry is going through a shift in which competition is steadily increasing, pushing providers to provide quality care at lower prices to their patients.

As these changes take impact, it is essential for healthcare organizations of all kinds to focus on reducing costs and increasing efficiencies.

In order to make some headway in this area, medical practices are turning their attention to simplified administrative costs to offset their expenses. In fact, a recent Black Book survey showed that 80% of hospitals are vetting or considering full revenue cycle management outsourcing by 2019.

Revenue Cycle Management Offers Solutions

Revenue cycle management (RCM) is the fundamental process that enables companies like Billing Savi to be paid for providing their services. For most medical practices, RCM includes everything from pre-registering a patient all the way through settling any balances for a particular visit.

Outsource medical billing providers are gaining traction thanks to their ability to align activities and documentation of front-end physician practice administrations and the back-end central billing office.

Their work also provides valuable analytics that can help deliver insightful results while streamlining operations and improving patient collections, workflows, and care.

Practices that outsource their revenue cycle management function to third-party experts like Billing Savi typically experience significant improvements in their collection rates, denial resolution efficiency, patient satisfaction rates, and revenue.

These practices also gain assistance in dealing with the hefty regulatory burdens and bureaucracy within the health care industry.

In today’s challenging circumstances, outsourcing the administrative functions to third-parties seem to be a reasonable solution. This will not only help physicians focus on their core task by freeing up their time and resources but will also improve their practice’s revenue.

Continuous Industry Innovations Predicted

Innovations will continue to impact the future of outsourcing and its effects on the healthcare industry. Investors remain optimistic and are willing to invest more in developing technologies that can help medical practices become even more efficient and effective in providing quality patient care.

As the healthcare industry continues to change, it is becoming increasingly important for medical practices to reduce the complexities that exist within their organizations.

Outsourcing medical billing and revenue cycle management is a great way to simplify operations and divert attention back to patient care. It is of course essential to properly research and analyze any potential partners of third-party vendors to ensure a high level of quality and service.

 To learn more about Revenue Cycle Management (RCM) and how it can help your organization, please contact us by clicking here. We offer free consultations and enjoy helping medical practices make decisions that improve their operations and levels of success.

What to Look For in an Outsource Medical Billing Company

Choosing an outsource medical billing company is a big step for any practice. This important decision will impact the flow of cash within the organization, an essential component of success.

A poor choice can cause disturbances in billing cycles and threaten the health of the entire practice. However, a great provider can bring numerous benefits to your practice such as:

  • Improving the quality of billing cycles
  • Reducing in-house staffing costs
  • Providing continually trained billing and coding expertise

For these reasons, it is essential to properly evaluate potential outsource providers and ensure they are providing a quality service. Below are some things to consider when considering an outsource medical billing company.

If you have specific questions about this process, please contact us by clicking here.

High Level of Industry Expertise

One of the most important things to look for in an outsource medical billing company is their level of expertise. A great provider should possess a depth of knowledge about all areas which affect their work. Be sure to question them about:

  • Insurance industry best practices
  • Government rules & regulations
  • Medical practice management
  • Coding changes
  • Claim submission requirements
  • Medical billing trends and innovations

Technological Proficiency

Good companies should have a highly trained staff that is in tune with the latest changes occurring in their industry. Additionally, they should have innovative software and technology integrated into their business operations.

The healthcare industry is changing faster than ever. For this reason, it is essential to find an outsource medical billing provider that is able to leverage these innovations to improve their offering.

There is obviously a huge difference between providers that use traditional methods of billing (manual work) and those that use the latest billing technology. This can be likened to improvements in navigation technology, banking, and communication.

In recent years, these innovations have made it possible to accomplish a great deal in a short amount of time. Finding an innovative medical billing provider will ensure you are leveraging technology to bring the greatest benefit to your practice.

Here are a few questions to ask potential providers about their technology:

  • Is their billing software cloud-based?
  • What is their process for handling paper claims?
  • Does their software integrate with EHR?
  • Do they have back up and recovery capabilities?

Excellent Medical Reporting

 

Providing quality reporting is a key feature of great outsource medical billing providers. When evaluating potential companies, be sure to inquire about their reporting process.

Will they be giving monthly reports to your practice? If so, what kind of information will you receive?

These reports should be filled with useful information and valuable insights that can help you improve your practice and billing standards as time goes on. You can also discuss how much they charge for any additional reporting you may request in the future.

Thankfully, medical billing companies now use cloud-based systems. This makes it possible to gain 24/7 access to any claim or data point you need (number of claims denied, days in AR, etc.). Here are a few examples of the types of reports you may ask your billing provider for:

  • Summary of charges
  • Summary of payments
  • A/R Summary
  • Procedures
  • Denials
  • Aging Claims

Superior Customer Service

Customer service is a crucial element that defines medical billing providers. Since they will be interacting with your patients, it is essential that their customer service is of the highest quality. Do your homework and evaluate each provider's reputation in this regard.

You can ask other practices that work with them, look at online reviews, and even pose your questions to the company itself. Don't be afraid to bring in outside consultants, lawyers, or other professionals to help guide you in this decision as well.

In conclusion, there are many important factors to consider when choosing an outsource medical billing company. It is essential to find a provider with highly trained and knowledgeable staff.

Their billing team should be up to date on the latest trends, innovations, and regulations that affect the medical billing and healthcare industry. It is equally important to find a provider with the latest software and technology integrated into their services.By doing so, you will be light years ahead of other practices that still rely on manual and outdated methods of billing.

If you would like a free consultation or have any questions about the medical billing industry, please contact us by clicking here.