Providers and medical clinic staff have a lot of things to think about when running a practice, and since patient care takes priority over everything, you may be falling behind in other areas. When those things are related to billing and revenue cycle management, it can start to put a strain on your business. Practices that struggle to keep up with billing and other revenue cycle-related things should consider outsourcing these three things.
If you are seeing your revenues decline or your staff is stressed and finding it difficult to keep up with claims, denials, rejection appeals, and patient collections, outsourcing to a medical billing service can help keep your business running smoothly. Finding the right outsourcing partner provides you with a full staff dedicated solely to your billing. They have experience in ensuring clean claim submissions the first time, as well as following up quickly with any appeals to get more of your total billed charges from payers. They help with streamlined, simple patient collections so your focus can be on building referral relationships and taking care of patients. Plus, you get full transparency into what’s happening so you can make good business decisions about how and when to grow your practice in the future.
Credentialing is an essential part of your business, but it can be impossible to keep up. Especially with the wide range of payers that you need to get credentialed with (the average for most providers is between 20 and 25), and all the different rules and regulations that go along with each payer when your staff are not credentialing experts. Outsourcing your credentialing services can prevent costly delays in the process that keep you from providing patient care and billing payers for those services. In addition, hiring a third party with expertise means you will always be up to date with any changes or new requirements, preventing future delays in re-credentialing.
Medical Revenue Cycle Management
Revenue cycle is more than just paying your bills and collecting on your accounts receivable. It’s the entire process from the moment a patient arrives for an appointment until you collect the full amount for that visit. Beyond billing services, it includes things like financial reporting and benchmarking to ensure that your practice is healthy and has adequate cash flow to continue to operate or to grow if desired.
Poor revenue cycle management (or none at all) can lead to thousands of dollars in lost revenue every month, and may even put your practice at risk. Outsourcing your RCM can help streamline the process, optimizing collections, and limiting bad debt write-offs. AdvancedMD partners with Onpoint Medical Solutions to provide you with complete revenue cycle management, medical billing, and credentialing services. Find out more about how it can benefit your practice by contacting them today.