How Modern RCM Experts Will Help Your Practice

Regardless of your decision to insource or outsource, it is vital that RCM experts play a role in helping you reach your goals. Thanks to modern technology, it is possible to lift many of the burdens associated with the revenue cycle process.

 Ask yourself the following questions:

• Are you getting paid for all the work you are doing?

• Is someone checking that you are getting paid the right amount?

• Do you have visibility into your data, and can you easily audit what is going on? 

• Is patient care getting delayed due to back-office issues?

If you are concerned about the way you answered any of these questions, it may be time to investigate how RCM experts like Orthos can help!

An example of how Orthos, a leading RCM provider, serves their clients include:

Benefit #1 – Cost Savings and Increased revenue

Outsourcing your revenue management saves costs and increases your collection rates. Just consider a hypothetical cost analysis presented by Physicians News Digest. Staff costs are one of the most significant expenses of running a practice. Having medical billing and coding staff in-house often costs far more than outsourcing physician billing and coding.

Medical billing services have certified coders and experienced billing staff who understand how to maximize your revenue and minimize rejections and denials. As a result, they reduce existing backlogs and bring the insurance AR up to date. They also offer tools to manage patient receivables, such as calling your patients rather than ship the balances to a collection agency.

Benefit #2 – Focus Your Time on Your Patients for Improved Patient Experience

Focusing on your patients and providing them with the best care possible is every provider’s ultimate goal. When you outsource your RCM, you have the chance to put all your focus on what you do best – provide patient care. Having your RCM handled by experts also improves the overall patient experience. Patients often complain about billing errors, and reducing those errors and claims denials offers patients a better experience and greater patient engagement. Taking the heavy administrative load off your staff also gives them (and you) more time to spend caring for patients.

Benefit #3 – Dedicated, Experienced Billing and Coding Staff

For smaller practices, staff members juggle different tasks. Multitasking means your staff isn’t as skilled in billing and coding as you’d like. Billing and coding practices change regularly, too, and staying up-to-date on the latest changes is key to reducing denials and costly errors. Outsourcing physician billing and coding to well-trained professionals minimize the chance of errors, denials, or even HIPAA violations due to inadequately trained staff. Meaningful use/MIPS/MACRA is generally handled for you when you outsource.

Benefit #4 – Enhanced Transparency and Consistency

When you outsource your RCM, your partner will be able to provide you with comprehensive performance reports and dashboards. These analytics let you keep track of your billing operations and performance without the need for micromanagement. The outsourced company is generally adept at performing services like coding, scrubbing, claims management, denials, appeals, timely follow-up, patient statements. You can count on consistent results when outsourcing these tasks.

Benefit #5 – Increase Efficiency and Accuracy

Ensuring your billing processes are efficient and accurate is critical to your practice’s sustainability. Past-due payment claims that have been disregarded, or incorrect coding practices leading to denials may negatively impact your practice’s cash flow. Outsourcing your revenue cycle management to a reputable company keeps your processes efficient and accurate, increasing your day-to-day cash flow.

Benefit #6 – Stop Constantly Retraining Your Staff to Handle Billing and Coding Changes

Keeping up with the latest rules and regulations from the government and other payers can be difficult because they’re constantly changing. This means you spend a lot of money retraining your staff members if you’re using in-house billing and coding professionals. Of course, failing to train your staff results in higher claim denials and a hit to your bottom line. Outsourcing your billing and collections ensures you don’t have to retrain your staff, saving extra time and work for other important clinic operations. Outsourcing to well-trained professionals ensures your billing and coding have less chance of errors and denials, boosting your practice’s revenue.

Benefit #7 – Enjoy a Higher Clean Claims Rate

Clean claims are those that are perfect – zero mistakes without the need for any extra information or corrections. These types of claims have no chance of being denied. If you want to boost your practice revenue, you need to ensure you have a higher clean claims rate. It is advantageous to outsource your medical billing to well-trained, qualified specialists who understand how critical it is to submit clean claims every time. You’ll reduce the occurrence of human error, enjoy a higher clean claims rate, and appreciate the boost in practice revenue as a result.

For more information, visit Orthos’ website to learn more