Does your medical practice have the resources to maintain a full-time staff to handle coding, billing, contracting and claim denials? Many small practices do not and try to get by with a limited and overworked staff. Depending on the size of your practice and the volume of patients seen, you may not be able to staff a billing department fully so that it can get claims out the door efficiently and deal with all the other details involved in a medical practice’s revenue cycle.
Revenue cycles have become increasingly complicated. To truly eliminate any risk of non-compliance, a medical practice can expect to hire and maintain a team of certified coders and billers as well as a knowledgeable staff, current on all government regulations and payer requirements. It can be done, but the cost, in time and money, may not be worth it.
By contracting a qualified billing and collection company, you are putting a team in place that you may not be able to hire as full-time staff. A good billing company makes efforts to stay current on government regulations as well as insurance company rules and requirements. You can expect properly coded claims to go out on time and error free, and claim denials to be appealed and followed up on. Outsourcing your billing can decrease your risk of non-compliance. A practice without the resources to maintain a billing staff fully trained on the latest regulations may expose itself to compliance issues that can seriously impact revenue.
Removing the burden of billing operations will allow your existing staff to shift their focus back to performing more pressing tasks that will make your office run at a higher efficiency. Furthermore, you can expect your practice’s collection rate to increase. Customers of ProMD’s billing services, for instance, enjoy collection rates as high as 98%.
Finally, a billing and collection company can offer a variety of financial performance reports that will help you to maximize your workflow and efficiency. With data rich reports on your practice’s performance, you will be able to recognize trends quickly and act when opportunities arise.
Not all billing companies are created equal. When researching a medical billing and collections company make sure they are offering a complete set of services that you would not be able to easily put in place in-house. Find out if they employ certified coders and whether provider enrollment, contracting and credentialing is included. A full service medical billing company should provide the following services:
ProMD Practice Management is happy to help with your billing assessment needs so you can maximize profits and increase patient satisfaction. To learn more about how ProMD can make your practice run like a well-oiled machine, call 888-622-7498 or fill out our online form to request a billing assessment.