Collection shortfalls, high claims rejections, lack of follow-up—all can become chronic problems at practices still handling their own medical billing. According to the Healthcare Business Management Association, “most physicians are working harder and taking home less due to declining reimbursements and the high cost of collecting on a claim.”
To ensure profitability and compliance with government regulations, billing must be a full-time priority—not the sort of thing you squeeze in between seeing patients and scheduling appointments. HBMA cites four reasons why partnering with a Revenue Cycle Management (RCM) organization is an idea that can actually pay for itself.
1. Regulation and education. For billing managers, keeping up with ever-changing regulations is a full-time job—one that can hinder timely billing and collection follow-up. Working with an RCM company relieves that pressure so your staff can do more of what they were hired to do: provide patient care.
2. Cost management. An RCM company offers a dedicated team of trained and certified billing representatives who use state-of-the-art technology to proactively manage your billing so you get paid faster and in full. Many practices collect just 30 cents on every dollar owed. An RCM company focuses on billing 100 percent of the time, resulting in cleaner claims, reduced billing errors and fewer denials.
3. Business management. Every practice has its own internal staffing challenges and budgetary limitations. An RCM company can work with you to customize services that improve your existing workflows and processes. A major problem facing many practices is poor follow-up on unpaid claims, inevitably leading to lost revenue. RCM companies conduct regular follow-ups, and if there’s an issue with a bill, a dedicated account manager does the grunt work.
4. A compliant and competent workforce. The price of recruiting, hiring and training a single new employee can exceed $4,000—plus benefits, payroll, paid vacation time and other related costs. Then, if the person leaves, you have to start all over again. Partnering with an RCM company dramatically reduces these costs and keeps the entire revenue-cycle processes moving 52 weeks a year. “One of the most frequently asked questions is, ‘What will happen with my employees?’” says Greg Cutrona, AssurancMD’s president and CEO. “My answer is always the same: I assure them that we will empower them to better perform the work they were hired to do.”
One of the best reasons for outsourcing medical billing may be the most obvious: You’ll have more time to focus on your patients. We welcome every opportunity to speak with physicians interested in learning how Revenue Cycle Management services can positively impact a practice and increase revenue. Their questions reveal a lot about their passion for medicine, their integrity and their frustration with the billing process.
Resourcing is what we do AssuranceMD—and it’s what makes us different. We empower physicians and their staffs to better serve patients, while providing useful tools to improve performance, training and support. And AssuranceMD’s services are guaranteed to pay for themselves. Click here to read more about resourcing your medical billing.
Looking for a way to increase revenue, accelerate cash flow, and improve efficiency and productivity at your medical practice? This short video shows how you can maximize profitability, freeing you up to focus more on your patients.
*Source: HBMA, 1/22/16, “Why Doctors Should Outsource Their Billing, Dave Jakielo