A Billing Solution That Works For Your Practice
The essence of the profitability of any medical practice lies in the efficacy of it’s billing. Long delays in payment due to insurance denials and payment cycles means that days outstanding can sometimes exceed 120 days.
In any business, cash flow matters and any interruptions to cash flow can have a significant impact on the business. Utilizing our Medical Billing service will see an immediate boost to your cash flow. Easing the financial burden on your practice means that you can focus better on what you do best, being a physician.
Our solution provides a complete turn key solution that includes as many facets of revenue management as your practice needs. This allows the practice to fully focus on the healthcare of the patients and optimizes a rapid return on services with superior coding and collections.
What Is Involved?
Your practice can be assessed in every aspect of running a medical business to look for opportunities to improve profitability and efficiencies. We drill down into the fine details and look for areas for improvement. Results include lower rejection rates, increased billing, easier operation and quicker payments.
Our billing service provides complete revenue cycle management including billing, collections and claims management. Your billing solution includes patient monthly billing statements, analysis of KPIs, reduced days for AR, optimized insurance collections, denials flagged and reviewed, expertise in coding and billing and much more. Remote, cloud and paper-based systems available.
Our solution provides a further 3 levels of practice management to enable your practice to select the services it can benefit from most if desired. These include:
- Accounting: can include bookkeeping, accounting, payroll and purchasing.
- Administration: provides verification of benefits, prior authorization, utilization management, patient information, entry and payment and patient schedule.
- Practice: includes medical coding, accounts receivable collections, accreditation and regulatory compliance, credentialing and contracting.
This combination of services helps physicians regain control of their practice and alleviates many of the pressures of practice ownership and administration. Physicians feel happier and better able to focus on their patients.
Our successes include an average rejection rate of less than 1%. Increase in cash flow also means the ability to pay down high interest debt and to grow your business.
How Does It Work?
A thorough practice assessment is performed at no cost to the practice and addresses your KPIs including net and gross collection rate, patient collection rate, revenue realization, days in AR and the AR balance as well as other key areas of concern.
Dependent on your practice preferences a method of working is selected:
Remote access can be done via remote login to the practice software. This is well suited to practices that like their existing software and want to continue to work with it.
Cloud based means both the practice staff and billing company staff can work in the cloud based software.
Paper based systems can be migrated to a cloud based software after manual input by billing company.
Current billing practices can be migrated almost immediately.
A rapid increase in business cash can be anticipated almost immediately along with improved efficiencies in current billing, coding and revenue cycle management. Physicians can better focus on the business of medicine by alleviating the problems that financial stress can cause at a personal and business level.
Start Up and Implementation
1) An introductory call is scheduled
2) A practice analysis is completed and a report compiled
3) Follow up call to discuss findings from analysis
4) Determine a solution fit and begin practice on boarding
To find out more on how you can improve the business efficiencies of your practice contact us below.