Almost every physician and practice thrive towards adopting a Successful Healthcare Revenue Cycle Management Solutions, however handling both patient care and billing together might be distressing, affecting the quality of both areas and creating stress in the work environment. Outsourcing has proved to be the best practice to handle medical billing and coding successfully. While deciding to outsource most of them miss the mark in working towards the best interest of their practice and financial goals, in fear of losing control over the business.
Running a successful revenue cycle management requires you to spend quality time with your billing and coding team ensuring each and every claim is worked productively to reduce the denial percentage. However, as a physician whose core focus is on patient care and patient satisfaction, at times billing can take a back seat during your busy schedule with the patients.
Outsourcing revenue cycle management proves to be successful by increasing your overall billing and patient care experience as discussed below:
- Saves you a lot of time involved in the tedious process of medical billing.
- Takes care of your day to day billing and keep them intact even during your busy schedules.
- Provide continued service during tough times so your billing is not affected by staff absenteeism or attrition.
- Outsourcing also saves you from the time and cost involved in hiring and training billing and coding staffs.
The new era of medical billing is accustomed with outsourcing and its benefits; outsourcing does not only help you focus on patient care it also helps you tackle obstacles that impede the successful revenue cycle.
Benefits of Outsourcing Medical Billing
- Outsourcing produces greater cost savings
- Increases the overall productivity using a streamlined workflow
- Reduces workforce worries
- Provides the most experienced, trained and skilled staffs
- Reduces claim denials and increase Quality
- Increases reimbursement and monthly collections
- Keeps you updated on the billing and regulatory changes
- Keeping on top of the changes in fees schedule
- Adheres by HIPPA compliance and State regulations
- Provides you with a safe and secured billing experience
Outsourcing can effectively increase your overall billing experience, focusing on the core areas as discussed below:
Timely filing of claims
A medical billing company has an experienced team of billers and coders working for you, who are trained to handle every scope of service in a streamlined process and submit them within the given Turnaround Time (TAT) to ensure timely filing of claims, thereby avoiding denials due to late filing.
Denial Management
Denial Management process from an outsourcing company has expertise monitoring, tracking and handling denials effectively. Setting up a standardized process to minimize denial percentage and implement best practices to decrease denial, AR Follow up are essential steps to increase revenue.
Eligibility Verification and Prior Authorization
Missing on Insurance Eligibility Verification and not obtaining required Prior Authorization sums up the major part of denials. A medical billing company considers Insurance Eligibility Verification as the first and foremost step in the billing cycle to reduce the denial percentage. They have a separate team handling the verification process with experience on areas to be verified before claim submission.
Regular Audits and Training
Running regular audits on each scope of revenue cycle management is quintessential to maintain the billing quality. A well-established medical billing company has a dedicated audit team assigned to each scope of revenue cycle management. The audit team ensures to track and audit your billing and coding files regularly and share a consolidated report on root cause for claim denials to help curb the issue.
About MGSI
MGSI with over 25 years of experience in the industry provides successful healthcare revenue cycle management services to more than 600 physicians across US. MGSI has hands on experience working on various medical billing software and expertise handling several major specialties. Compliant with HIPPA, and certified by LIVE Compliance to protect its network security and PHI matters; MGSI ensures to offer you the best outsourcing experience. To know more about the benefits of outsourcing to MGSI log on to https://www.mgsionline.com/why-outsource.html