Outsourcing your billing and revenue cycle is a decision that medical service providers may have to make at one point or another. While you might be concerned about extra costs in partnering with a third-party or a perceived loss of control, when all is said and done, the advantages usually outweigh the perceived drawbacks. The key is to look for a revenue cycle management partner with experience and knowledge in the field. Through improper coding, write-off policies, etc. your practice may be losing potential revenue. A high-quality and dependable manager of your billing and revenue cycle can uncover these lost revenues, increasing profits for your company.
Here are three important things to consider when outsourcing your billing:
One area of the revenue cycle that can have the greatest impact on your bottom line is in coding. Coders have the important task of applying the correct billing codes correlating with the provider's documentation. Often times, a physician can submit information with missing codes, procedures, or incomplete documentation. A close one-on-one relationship between the coder and physician is essential to identifying, correcting and over-time eliminating these errors to ensure that no procedure is missed and revenue is not lost.
At Healthcare Information Services, we only use certified coders with extensive training and experience. Our coders also stay up-to-date on industry standards and protocols as they change. Your business will never be left behind if you consider the impact that expert coders can have on your bottom line.
Another important area in which medical service providers lose out on revenues is denied claims. All too often, claims are denied because of a small clerical error, and never appealed. With a high-quality revenue cycle management provider, this should not happen. Healthcare Information Services has a policy of appealing all denied claims. With our automated software, we never miss one. As a result, many of your denied claims will be accepted on appeal, increasing your revenues without you having to deal with the extensive follow up and time that a denied claim can require. Denials are just one more thing to consider when you decide to outsource your billing to a revenue cycle management company.
One major area that a revenue cycle management firm can help you increase revenues is in delinquent collections. If you are like most medical service providers, you don't have the time to chase after patients who just won't pay. Your best option is to partner with a business that has a strategic plan for collecting outstanding patient responsible payments. Healthcare Information Services uses software that automatically calls outstanding accounts, maximizing the chances of collection. In addition, we automatically flag payments that are short, ensuring that they do not slip through the cracks and become quietly forgotten.