Every healthcare practice needs to grow, and they need patients for that, so they can treat them right, and set new goals by completing those already set. But, in most cases, this turns out to remain only a fantasy, for most of them fail to achieve the milestones, as a considerable proportion of their day gets invested into the revenue cycle management.
The RCM, as you may or may not already know, involves a series of steps and functions to generate, if not surplus, a break-even point, through which a healthcare practice may compensate its employees for their month or week-long efforts. However, it is usually the surplus, for a break-even point doesn’t count in the profit, but is itself a break-even.
To make you aware of the delicacy of the matter, day-long RCM operations start with gathering the patient’s insurance records with 100% a.ccuracy, for this is the most basic step, and if this goes wrong, it will disturb the whole revenue cycle. Anyways, followed by the documentation comes the verification of eligibility, which needs to be identified before a patient undergoes any treatment, one false move, and you have lost yourself a chunk of the overall revenue.
Later, there is the medical coding of the treatment a patient has received, which is the expertise of a medical coder, who needs to be diligent with their work ethics and extensively familiar with the ins and outs of their work area. It’s because a claim that’s coded right, submits, and collects right. However, the cycle goes on until the insurance provider reimburses you.
The point of telling all this is you lose focus on your patients while trying to be helpful, which neither lets you be a doctor nor your practice a true healthcare facility. This is the time you need to consider outsourcing the entire Revenue Cycle to a medical billing company like Clinicast, costing you nonetheless lesser than hosting an in-house team of billers and coders.
Benefits of Outsourcing Your Revenue Cycle to a Billing Company
When you outsource your revenue cycle management to a medical billing company, you and the company form a pact that they’ll let you focus on your patients and they’ll also ensure the finances keep coming your practice’s way. What you as a healthcare practice do is to hand them some time to understand what has been going on with the operations, so they can find the best strategy to make this all functional again.
They convey a sense of satisfaction that no matter what happens will happen to them, and you will be receiving the financials the way you want them to receive them, i.e., flawlessly. It’s just a theory, rest assured that nothing wrong would happen, for the professionals in medical billing companies are way proficient, with every bit of knowledge concerning the subtleties.
All in all, you make yourself a deal you should have made long ago, so all the patients you couldn’t satisfy amidst the tension of countering denied claims would have been the opposite. However, here’s more on the benefits and how you can improve your practice outcomes by outsourcing your revenue cycle management.
Exposure to New Relevant Insights
A medical billing company is more than just a place you go to get your financials right. They can also help you automate plenty of tasks you may find inspiring and time-saving while focusing on your patients, one of which is Patient Engagement. These companies are equipped with the best modern technologies that help you set your healthcare practice’s game right.
A few other examples of those tools include customizable templates, dashboards, EHRs, and many other patient-friendly features that would make your patients love your hospitality. Their experienced professionals can help you come up with new more enhanced solutions to synchronize their operations with those of your practice for exceptional results.
Risk-free Patient Care
Your patients can now brief you and your assistant for as long as they want. It is because there lies no fatigue in overseeing the RCM operations, for you don’t have one, but still getting paid for your services and without any delays. This hands you the chance to make the most of building your credibility and brand name by letting the patients talk their hearts out; so they don’t have any doubts remaining with their treatment, and you don’t risk their trust in you.
Last on this list, maintaining transparency is where most medical billing companies skip a beat. But unlike is the case with some and one mentioned in this guide, for they send you complete reports of whatever has been into the operations in the past year, month, and week, which lets you understand why and how much of the reimbursement you received.
You can keep a maintained record of everything from the start of your contract to the end of your relationship with the medical billing company, which won’t be the case if everything goes by the pre-decided terms. In the last, you must not be worried about if the data of your patients is secured or not, for all these medical billing companies are HIPAA compliant, which is a costly certification that can’t be risked for the world.
Not only we have mentioned in this guide, but there are also many more benefits that would amaze you when you sit down to discuss the possibilities with one of their representatives. They will tell you how they can help you maintain your AR balance to the minimum, reduce your denial rate, follow up on the claims, and yield faster reimbursements for those already submitted or claimed.
You’d experience a natural betterment and increase in the day-to-day cash inflows and outflows, which is what will make you happy the most, for you will have complete peace of mind that you are equipped with enough balance to practice new developments and counter the budget.
Also, if you are deliberating on what would happen to your old staff, you don’t have to worry about it. There are many possibilities to deal with that scenario, you could train them for a secondary task, reallocate them for something relevant, or ask the outsourced medical billing company to offer you a handful of choices with that. As we said, it’s a win-win situation.