The good news is that consumers are demanding the right to choose their own healthcare practices, practitioners and financing. The bad news is that this means that consumers must also be the sole decision-makers when problems arise. They are often on their own. However, a simple set of steps will help any consumer or small business to face up to a challenge and overcome it. Within the same paradigm of this model, providers operating as medical practices are increasingly finding it difficult to operate under decreased revenue and increased cost. Added to this, is the ever changing and dynamic coding and billing requirements. Practices find it easier to have a professional company handle the complexities of billing. The right billing company can make the billing process smooth, easy and a financial rewarding experience for health providers.
1.The following are some of the key reasons why practices need to consider hiring medical billing companies 2.Increasing complexity of reimbursement calls for specialized skills of coding 3.Reduced rate of reimbursement requires a professional to negotiate your contract. 4.Passing of benefits coverage to patient calls for additional steps in collecting patient balances. 5.Negotiating payer contract rates requires knowledge of the coding and billing process and reimbursements rates in the vicinity that is generally available with a professional billing company. 6. Staff turnover and absenteeism generally leads to disruption of cash 7.OIG requirements on medical billing practices calls for a professional billing and coding professional to oversee billing. 8. Ensure there are established policies and procedures for filing, follow-up etc which is generally difficult to accomplish in a small practice environment.
Needless to mention, these values can be only derived from professional and qualified Medical billing companies.Practices often fall prey to inexperienced medical billing companies resulting in revenue loss and cash flow disruption. Practices should check for proper references from reliable sources to ensure that the responsibility of the critically important revenue cycle management of the practice is bestowed in the hands of the right medical billing company.
Some clearly measurable benefits of using medical billing companies are:
1. No downtime due to staff turnover or staff absenteeism 2. No training and re-training, absenteeism 3. No employee benefits 4. No delay in cash flows during absenteeism 5. No computer hardware / software headaches or expense (i.e. upgrades, trouble shooting...) 6. Increased, more predictable cash-flow 7. Increased incentives (we work on a percentage of collections) 8. Most current coding & reimbursement techniques 9. Increase accountability 10.Full-time, professional attention to your cash flow 11.No office distraction 12.Increased office morale 13.Detailed management & negotiating reports 14.Pre-sorted mailing for quicker delivery (Claims & Statements) 15.Daily electronic filing 16.Increased patient satisfaction (due to prompt, accurate and professional filing - and their calls being answered within two rings!) 17.Free your office to do what you do best...Care for your patients!
Practices' feel they lose control over revenue, AR, write-offs and financials by engaging a billing company. Being in control of financials is an important of a business; this can be accomplished by engaging billing companies that use web-based software that is tightly integrated with their practices scheduling, electronic health record and reporting. Practices should be able to run real-time reports with key performance inductors that depict key financial matrixes. The alternative could also be asking billing companies to use their in-house software for billing purposes. The in-house software should be secure and web-enabled through pure web technology such as java, or asp; such that the productivity of the remote billing company is not affected due to application speed. Applications using Citrix, Microsoft remote desktop sharing, gotomypc etc are often found to be counterproductive accessing remotely due to speed issue.
To sum up, the value derived from a medical billing company can be tremendous, particularly for small and solo practices. These benefits can be reaped only through an effective collaborative partnership with the right medical billing service company.
To learn more about the PT billing software and PT documentation SOAP software, please follow this link http://www.practicesuite.com/Physical-Therapy-billing-software.html
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