It is true that as a provider, your revenue cycle will depend on improving your billing collections with complete propriety. In 2016, patient copays made up almost 20% of the revenue of a doctor. A study in the Medical Group Management Association clearly states that physician practices collect a ridiculous 60% of copays!
It is a genuine problem today as the patients are going nowhere. Patients barely have two options; one will be to pay more out of pocket expenses as there will be lesser deductibles. The other truth will be larger copays. It is a significant factor that small practices with fewer budgets will not be able to handle in the long run with paltry medical billing efforts. Setting the benchmark with proven practice management is the roadmap ahead for all:
Risk Management in Medical Billing costs
Ensuring proper checks and balances with a clear strategy in verification of patient plan will help you save millions in the long run.
Reducing your billing costs will eventually depend on how you set the right priorities in your prior authorization process. In fact, any practice will tell you that every year countless hours of productivity that could have been utilized for patient care have been lost in getting first time PA approvals!
Hence, it will be a pertinent effort to use pivotal processes and evident technology, enabling you to sustain as an emerging practice in the paperless environment. As a provider, your first objective will be to render patient care without being harassed by pending accounts receivable.
Software that provides real-time support
A solution that is dynamic and gives your billing collections an increase with streamlined processes is the key. While there is a price tag involved with quality software in practice management, you must remember the automation it will bring by connecting all the aspects of the revenue cycle! Emerging platforms that are cost effective and offer breakthrough assistance is critical for your future viability.
♦ Saving both time and money on your resources will be a value addition that you cannot resist! Reducing your turn around time with reimbursements is a key asset that you have to strive for as a present day healthcare provider.
Today’s marketplace in billing platforms is competitive and offer outstanding support if you have a team expert with prominent platforms at present. A precise estimation of your present day operational requirements will help you avoid errors of omission and commission in the choice of the right one!
Find a trusted Revenue Cycle Management company
Using specialized skills of a prominent medical billing company with experience in handling multiple practices is an excellent idea. But we all know that there is an abundance of service players that are providing services at quite amazing rates, isn’t it!
Choose a vendor that offers competitive solutions with transparency and valid credentials!
Confidentiality of patient information and its reminiscence in medical claims is the ultimate reason why your insurance bills will be paid. Hence, as a practice beyond your own efforts in understanding claims adjudication guidelines, a partner that offers relevant case studies explaining their best practices will be incremental for your business returns.