What services do we offer to medical practices?
AssuranceMD is a full service revenue cycle management company that utilizes our collection expertise, state of the art technology and best practices to produce a better recovery of revenue for medical practices. Our services include medical billing & collections, insurance follow up & collections, patient billing, EDI services, cloud-based hosted practice management (PM) and electronic health record (EHR) applications, practice profitability analysis, credentialing and MACRA assistance. Our solutions are geared to meet the needs of any practice looking to improve their revenue performance and to boost the efficiency of their medical back office processes.
We offer three different service levels of engagement, each designed to manage the entire revenue process.
Our Core Services provide a powerful and extensive revenue cycle management (RCM) service utilizing your existing practice management application. Through dedicated account management, our medical billing experts help practices maximize reimbursements and revenue collections and minimize the time and effort doing so.
AssuranceMD Plus Services provides a complete RCM solution and includes a certified cloud based practice management application to interface with your existing EMR to help maximize practice revenues, accelerate cash flow and provide more control of your practice costs. Cloud Hosting services offer storage, built-in disaster recovery solutions, 24/7 security and state-of-the-art backups.
The most comprehensive solution is our Enhanced Services geared towards practices looking to gain billing & collections assistance while utilizing cloud-based technology built to meet all requirements of the practice. Cloud services provide a virtual data center that is highly scalable and secure. Revenue cycle management tools combine business management intelligence with turnkey healthcare analytics. Dashboards provide benchmarking using key performance indicators (KPIs) as a proven method of driving operation performance and increase efficiencies.
What are the benefits of using these services?
AssuranceMD’s RCM services will improve the entire revenue cycle resulting in faster payments, increased revenue and more time to focus on patient care. Our certified professionals use state-of-art efficient back office tools to improve and manage the claims process from submission to payment posting to denial management and accounts receivable follow-up. The result is better cash flow, fewer denials, reduced days in a/r and improved profitability. As a practice relinquishes the tedious tasks of the revenue cycle, they will gain more time to focus on what they were hired to do – care for patients.
Why you would choose to outsource?
Choosing to outsource your medical billing process will save you money, add value to your practice, improve your overall cash flow and contribute to higher employee satisfaction. In fact, it may even pay for itself. With the evolving medical landscape, medical billing and coding has become increasingly time-consuming and very complicated. Outsourcing the billing process ensures a dedicated specialist is focused on your billing 100% of the time while the rest of the practice can focus on patient care. Outsourcing allows medical practices to take advantage of existing workflows and processes at a much lower cost than developing them on their own.
Who should consider outsourced billing & collection services?
Any physician or administrator looking to improve profitability and overcome the barriers associated with revenue collection should consider the cost effective benefits of outsourcing medical billing and collections. On average, most doctors collect between $.24-.32 on every dollar. We work to identify and then bridge the financial gaps between expected dollars and actual dollars collected. If you are earning less than you did last year, outsourcing will boost your practice productivity and improve your revenue performance. Ultimately, that means putting more revenue back into your practice and improving the bottom line.
How to evaluate your existing billing & collection services?
Revenue reporting and practice analysis are essential tools to maintain a profitable practice. We believe a Practice Profitability Portfolio is the most effective way to evaluate the financial health of your practice, identify revenue opportunities, and guide you towards better financial performance. Benchmarking and data analytics allow for meaningful measurement against industry indices and trends and help to establish a baseline for financial performance.
What is the process for setting up services?
The AssuranceMD onboarding process is guided by a dedicated account manager who will welcome you, and provide training & support. With every new client engagement, our top priorities are data security, HIPAA compliance and smooth implementation with the least amount of disruption to your practice. Set up varies depending on the level of engagement or customization.
Schedule a consultation call today!