Hospital and medical professionals acknowledge that the biggest issue they have are receiving payment for their services. Those in the medical field understand all too well the issue of delayed revenue and dormant collections. Though technology has improved the in-office process, the inadequate handling of the hugely important billing process can lead to a severe loss of revenue for medical practitioners and hospitals.
Issues that Cause Delays in Revenue Collection at Medical Practices:
There are a variety of common problems that cause delays in the collection of payments for medical practices. Here are a few issues your practice may be experiencing:
1. Lack of Properly Trained Staff
The use of untrained (or under-trained) billing staff creates a huge disadvantage in the collection of revenue. Using the wrong patient demographics or incorrect codes can lead to a major loss of billing collections.
2. Incorrect Billing Codes
The use of outdated medical billing codes can wreak havoc on billing and revenue. Codes are frequently updated and not having current Medical Billing Software can cause extreme delays in revenue collection.
3. Balance Collection
Once the patient has paid their co-pay and received services, it is often difficult to collect the remaining balance due. This is often due to incorrect bills or bills that are much larger than the patient expected.
4. Properly Checking Coverage and Pre-Authorization
— It is crucial to check the insurance coverage for each patient to insure they are indeed covered for services before they are performed. This will lead to less revenue loss and billing issues.
Benefits of Outsourcing Medical Billing:
If increasing revenue collections and giving your staff more time to take care of your other medical office tasks are important to your practice, the experienced team at Allzone Management Services can help. Here are some of the benefits of outsourcing medical billing service and revenue collections services that will make your practice more efficient, productive, and profitable:
Top 5 Benefits of Outsourcing Medical Billing:
1. Reduce Practice Operating Costs
Teaming with an experienced medical billing partner helps reduce the expenses of your medical practice. The cost of hiring and training practice staff for billing will be greatly reduced. In addition, there will no longer be a need for billing software and upgrades, which can be costly.
2. Claims Are Paid Faster
As medical office managers and owners, you understand the importance that the revenue cycle time regarding the practice’s bottom line. Partnering with a dedicated medical billing team insures timely payment by the insurer for your office. Having a team dedicated to your billing and claims will significantly reduce the claim turnaround as well as help with delays due to staffing issues.
3. Stay Up to Date on Regulation Changes
Keeping up with the ever-changing regulations of medical billing can be a challenge. Working with a dedicated billing company means you are always informed of the latest government regulations and the most recent industry billing trends. This means better compliance for your practice with fewer rejected claims.
4. Your Online Information is More Secure
System security is a huge concern in today’s online world. Rest assured knowing your information is safe and secure with a HIPAA compliant medical billing company. In addition, you will save a great deal of money on costly software needed to protect your practice from internet hackers and malicious ransomware.
5. Greater Control of Your Revenue
Although many medical practitioners have a fear that outsourcing medical billing will cause a loss of control on the practice’s revenue collections, the truth is, outsourcing medical billing actually offers you better control. The outsourced medical billing company will insure each claim is submitted electronically to minimize the chances of rejection, which offers greater tracking, accountability, and turnaround times on your revenue.
It is difficult to keep up with all the constantly changing rules, regulatory requirements, and technologies in the medical billing field. Finding the right company to outsource medical billing services and to partner with is crucial to running an efficient and profitable practice.
Prompt and accurate medical billing is the key to revenue generation for hospitals, clinics, nursing homes, and physicians. Allzone delivers quality and service that conforms to the highest standards. We have a documented and successful track record of increased collections for clients and would love the opportunity to work for you!
When choosing a medical billing company, it is important to consider the following factors:
Experience and expertise: The company should have a proven track record of success in the medical billing industry.
Security: The company should have strong security measures in place to protect patient data.
Customer service: The company should have a good reputation for providing excellent customer service.
Here are some best practices for outsourcing medical billing services:
Choose the right vendor: Take the time to compare different vendors and choose one that is a good fit for your needs.
Negotiate a contract: Be sure to negotiate a contract with the vendor that outlines the services to be provided, the pricing, and the termination terms.
Provide clear instructions: Once you have chosen a vendor, be sure to provide them with clear instructions on how to bill for your services.
Monitor the vendor’s performance: It is important to monitor the vendor’s performance on a regular basis to ensure that they are meeting your expectations.