Medical billing is a tricky job that accounts for intense labor, huge investment, and valuable time. The new healthcare reforms that revolutionized the US healthcare industry in recent times have complicated medical billing operations. Because of this reason, healthcare organizations and independent practitioners face a hard time tackling billing operations while focusing on patient care. The best solution would be to outsource the medical billing functions to an experienced medical billing company. But then comes the million-dollar question – how to choose the right medical billing company? This article will elaborate on how medical practitioners should choose their partner in 2024:
Right Price for the Right Service:
In order to save money, some healthcare practices might choose a medical billing company that promises low costs. It is wrong as low costs can sometimes mean compromised quality. For instance, a medical billing company advertising a 95% first-time claim acceptance level with a 3% revenue collection might seem a good deal, however, the outstanding 5% will pile up as AR, left uncollected. Therefore, choose a partner that offers unparalleled medical billing services and analyze if the price is right before signing a contract.
Research: It is a good practice to do intense research on a medical billing company before partnering. Things to check include years of experience in the industry, history of conduct, specialty services offered, and achievements. These factors determine the name & fame of a medical billing company.
Discuss: Once you have determined which medical billing company to choose, discuss everything beforehand. Important things to discuss include, pricing, charge percentage returned to a collection agency, average AR days, value-added services, compliance policies, and data security. In addition, ask if they are on par with the current healthcare standards.
Technologically Sound: Gone are the days when medical billing companies performed manual data entry and sent out faxes. To ensure productivity and profitability, it is essential every billing company implement an EHR-centric software platform. Using cloud-based revenue cycle management software systems is the current trend. Therefore, choose a medical billing company that has AI (Artificial Intelligence) software and automated systems, complying with the present standards.
Transparency: Always choose a billing company that is transparent with all the processes and doesn’t keep you in the dark. Since most of the medical billing companies use cloud-based systems, Providers, and healthcare organizations can easily access any claim at any time. Right from the charge summary and AR summary to payment information and adjustments, all reports should be transparent for Practitioners to review at any given point in time.
These are the important factors for a healthcare organization to consider while choosing a medical billing company to outsource in 2024.
How do Medical Billing Companies Drive Revenue For Your Practice?
Medical Billing Companies are third-party service providers striving towards achieving the financial goals of any Medical Practice or medical group while the physician renders his complete attention to patient care and satisfaction. While handling Medical Billing In-house may seem successful on the surface; apparently diving deep down into the process level and looking into the numbers can say a different story. Physicians’ involvement and attention on In-house billing need to be comparatively more making it an everyday struggle to balance patient care and Revenue Cycle Management.
Partnering with a Medical Billing Company not only enhances your Billing system and collections but also helps improvise the core functions while not compromising on your revenue goals. Understanding how Medical Billing Companies can drive revenue for your practice is indispensable to engage the best solution.
Read through to understand Why Outsourcing is beneficial for your operational and financial success:
- 8/5 Support, with updates on claim status and collection. Outsourcing does not require you to get deep to understand quality standards or collection percentages. The numbers are right on your table as and when required.
- Physicians do not have to stress over denials and denial management. With the billing support covering end-to-end RCM services, you can rest assured that your claims are taken care of until closed with a maximum reimbursement
- Meeting or exceeding the agreed quality percentage, ensuring the denials are under control and revenue flow is intact
- Streamlined Billing approach to ensure quality is met at each level or each scope of services handled ensuring reduced denials and increased cash flow
- High-end technology and process automation for billing process efficiency. A premier Medical Billing partner possesses upgraded tools and billing software for smooth and quicker claims processing, assuring the best results.
- Physician Credentialing and Re-credentialing process to keep the physicians’ privileges unaffected.
- Experienced team of billers and coders with expertise in handling multi-specialty billing on any software platform
The benefits of Outsourcing Medical Billing Services are inestimable and untold, the proven track records, research and the recent hike in the number of physicians opting for Outsourced Medical Billing Companies highlight the benefits and success stories.
Why Efficient Medical Billing Is Essential For Your Practice?
A physician’s core focus is fully tied up with the daily flow of patient visits and the procedures involved. Medical Billing can sometimes seem uncontrollable or take a back seat alongside the irresistible involvement in patient care and satisfaction. Which in a trice can affect the monetary aspect of your business. The below point may explain why Efficient Medical Billing is as essential as patient care for your Medical Practice.
Cleaner Claims Results in Reduced Denials
Efficiency in Medical Billing and Coding will result in cleaner claims, increased first-pass rate, and reduced Denials. Efficiency will substantially increase your reimbursement percentage resulting in increased cash flow. The requirements for cleaner claims through efficient Billing and Coding can be achieved by:
- Trained and Experienced billers to handle your medical Billing efficiently
- Certified and skilled coders to ensure quality coding
- Expertise in AR follow-up and Denial management
- Timely follow-up on denied claims to ensure payment is collected
- Thorough knowledge of CMS guidelines and Updated fee schedule
- Timely claim filing and tracking
- Analyze paid vs. pending claims to track and process rejections or denials
Diligent AR Follow-up
Payments for a particular claim flow in from various parties involved such as insurance companies and patients. There can be unexpected delays from each party for no particular reason, this can be completely curbed by regular follow-up by the Accounts Receivable team. It is mandatory that each claim submitted is tracked and followed up diligently until full and final payment is received. Unfollowed claims in the old AR bucket may result in revenue loss if not tracked on time.
Accuracy in Claim Submission
Accuracy and complete documentation is the key to reduced Account Receivables or Claim denials. Accuracy in Patient details and Insurance information, completeness in Medical service provided, and error-free coding and claims processing are inevitable aspects of Efficient Medical Billing.
Claims Appeal with Insurance
In certain instances, cleaner claims also get rejected or denied for no reason. Experienced billers and Denial Management teams with their expertise in handling different claim denials and appeals should be able to encounter such scenarios and get them paid by making payer-related changes on the claim to ensure it is passable.
Outsourcing Medical Billing
The team of billers and coders from an established Medical Billing Company will have the experience and expertise to handle several claim denials and appeals with different Insurance companies. These people are exposed to the payer-specific requirement in each claim and ensure corrective measures are taken without much delay. Their experience helps scrutinize each rejected or denied claim and amend acceding to the Payers requirement.
Know the Strategies to Improve Your Patient Retention Rate
The goal of any Physician or Medical Practice is to increase business through a regular flow of patient appointments with new and existing patient visits. Patient retention is the most critical part when compared to generating new appointments and marketing. There are many factors that play a major role in retaining patients who are the core asset of any practice. Patient retention should be the primary focus in comparison to targeting new walk-ins. Your approach towards the patient, meeting their expectation, being valued and explained when necessary, creating a comfortable environment, and satisfaction will determine a positive result in patient retention. Let us discuss in detail to know the key strategies to improve patient retention rates.
- Understand Patient Expectations:
The fundamental rule for patient retention is to understand their needs and expectation and ensure you are able to meet them or explain what to expect during their medical procedures. This makes the patient involved and valued, so they get comfortable to approach you for any of their medical necessity, thus helping your patient retention goal be met.
- Maintain Transparency:
May it be the discussion on their health issues or pertaining to the financial part, patients always expect to know them clearly rather than hitting them as a surprise. Transparency in communication yields greater results in patient retention.
- Avoid false hopes:
The nuance of this field is to understand it involves the emotional aspect, and every physician and practice is required to consider and treat their patient’s personal and emotional well-being. Avoid false commitments and create false hopes about their health issues. Being positive and straightforward might help to keep them coming back.
- Show you value them:
Patients can be going through so much already and need to be given a good experience at your facility. Being valued, attended, and available for their need makes the difference. Patient retention is the primary aspect to improve your business.
- Excellent Services from each face of your business:
Right from your front office to your billing staff, everyone should be aware of patient handling which also involves handling their medical reports, bills, etc. Training your internal team of staff and providing easy registration for appointments, quality treatment, comfortable environment, easily approachable, clarity in services, and assisting with billing and payment process all of these play a part to attract and retain patients.
While the above-discussed points will definitely help any physician or medical practitioner to maximize patient retention, however as a physician whose core focus is on patient care can sometimes miss for finding it difficult to keep an eye on all the factors involved. For a physician to keep a close watch on all of their staff and their work routine and then train them to such an extent can be nearly impossible with the daily walk-ins to be attended to. Outsourcing Medical Billing Services has been a boon to physicians who are looking for a partner to handle the core of their backend process while they front end and focus on patient care ease.
About Us:
MGSI is a 25-year-old leading provider of Medical Billing Services in Tampa, FL. Rated A+ by Better Business Bureau and adhering to HIPAA Compliance, MGSI assures the highest level of security and PHI protection. MGSI provides Revenue Cycle Management services to more than 600 physicians, and physician groups across the nation. Partnering with MGSI guarantees the below benefits:
- One-stop solution for all your Medical Billing related requirements
- Negligible staff turnover helps retain experience and expertise while avoiding related expenses due to absenteeism, attrition, training, and infrastructure.
- Keeping top of all the regulatory changes and updates and delivering the highest reimbursement percentage
- Focusing on stabilized revenue flow and striving towards setting new financial goals.
To know more about Medical Billing Companies in Florida, call 1-877-896-6474 or log on to www.mgsionline.com