Would you be passive when your bills are delayed and denied frequently? It ain’t simple for a healthcare to manage medical billing simultaneously. If you haven’t considered the productivity of healthcare BPO so far,then we would recommend to heed the below.
10 ways healthcare BPO helps hospitals:
- Coding and Billing
- Compliance Standards
- Systematic financial policy
- Maintain constant revenue flow
- Data analytics
- Concentrating on better health service
- Maintain low average AR days
- Regular follow-ups
- No delay or denials
- Staff training.
- Medical billing and coding is an important component of RCM. It involves the whole process from submitting the claims to follow-up on the denials.
- By collaborating with healthcare BPO, it acquires less investment. Medical billers will be associated with updates on medical code changes, modifiers and subsets.
- The bills are claimed within short period of time and faster payments are processed.
- Instead of choosing personal staff for billing, RCM company is cost efficient with sufficient staff to claim and submit the bills in a systematic order.
- Improve patient engagement and satisfaction rates.
- It is important to protect the patient’s information from privacy violation.
- Health-care BPO works together with Health-care Information Portability and Accountability Act 1966 (HIPAA).
- Privacy breach and fraudulent laws would result in penalties and disturb hospital reputation.
- Health-are BPO amends by the rules and regulations of HIPAA and never takes the risk of privacy violation of the patients.
- As a health-are provider, safeguarding the privacy, security and confidentiality of Protected Health Information (PHI) of patients is very essential.
- RCM companies hold a strong grip by charging honestly and sticking to all the mandate protocols of HIPAA.
3.Systematic Financial Policy:
- In healthcare BPO, systematic financial policies are extremely essential. Therefore have to be documented and evaluated with utmost attention.
- Healthcare providers must be aware of the financial status of their patients as it helps in depicting the unclaimed bills of patients.
- RCM companies will have a thorough verification on the pre-authorization report submitted by the patient and evaluate any unclaimed bills.
4.Maintain Constant Revenue Flow:
- Hospitals or healthcare providers would not find it easy to make payments feasibly and assistance for post payments which also increases the revenue is required.
- The healthcare BPO is streamlined to submit the claims faster and receive payments without any difficulty.
- It also maintains a constant and seamless flow of payments and promise the hospitals for a better revenue growth.
- Every submitted claim is aimed for a post payment in smaller duration of time.
- Errors are noticed and team would work efficiently to attain better progress.
- Data analytics play a major role in the health-care industry. It optimizes healthcare provider’s time, cash flow and health information.
- Most of the health facilities fail to capture the primary potential of data analytics.
- They still rely on the outdated applications, inexperienced vendors and unskilled staff.
- It’s important for a healthcare provider to use updated software technology and skilled staff to avoid inaccurate data collection.
- Healthcare BPO helps in maintaining accurate data and efficient staff to provide better revenue cycle management to the hospital.
- The highly developed software technology enables the RCM company to excel in whole process by supporting an equivalent to the expectations of the client.
6.Concentrating on Better Health Service:
- To maintain constant revenue growth, better patient care is required. As a healthcare provider, concentrating or focusing on their patients is vital.
- Services of Healthcare BPO improves productivity and boost employee utilization.
- Therefore, healthcare provider can spend time and effort on patients and not on the struggles to diminish the loss in hospital’s RCM.
- Better patient-care would add value to the position and take health-care center’s reputation to next level.
- Ensure not to delay the patient care to avoid their refusal towards your service.
- Optimizing the claim submission process is one of the crucial ways to improve health-care revenue cycle management.
- Lower the A/R days, faster the payments. It can maximize the targets that health-care is entitled to.
- Maintaining low A/R days reduces denials and increases post payments.
- A/R days should be less than 50 to maintain constant revenue flow and avoid payment delay.
- If it exceeds 90 or 120, follow up on unpaid claims is required.
- Days in A/R: 30 days or less for a high performing medical billing company.
- 4045 days for an average performance and 60 days or more would result in below average medical billing company.
- Health-care BPO systematically maintains low A/R days and also attempt for a post payment quickly without any delay.
- An expert RCM team is required to have regular follow up with the insurance companies.
- All the rejected claims would keep on mounting when regular follow ups on submitted claims don’t happen.
- When there’s a regular follow up with the insurance, identifying the gaps between submitted claims becomes easy.
- Health-care BPO will further help you recognize different ways to improve revenue growth with frequent follow up team.
- Considering the difference between date of service and date billed, cancellations and no- shows, denial management will push the submitted claims for a faster reimbursements.
- The purpose of denial management is to evaluate unpaid claims and carry forward for the successful payments.
- Preventing claims from denials ease the complications but denial management appears to be strenuous for the health-care providers.
- Claims are often denied because of common billing errors or missing the accurate information based on patient’s coverage.
- Healthcare BPO file corrected claims electronically with no errors. Certain tools are used to avoid denials and increase payments.
- Medical billing specialists are involved in submitting the claims and responsible for monitoring denials from insurance companies and working towards post payments.
- Unskilled staff is one of the most important challenges in health-care center.
- Training the hospital staff may not save time and cost.
- As a health-care provider, it’s not an easy task to engage with regular practice and training sessions.
- Collaborating with the Revenue Cycle Management companies will save a lot of time and resources.
- Health-care BPO reduces operational costs and streamlines RCM at the same time.
Hence with all these benefits from healthcare BPO, the hospitals can have a smooth flow of revenue growth and can handle the hurdles with no complications by focusing more on patient responsibility.