Is your medical billing service the main reason for revenue loss? Then, probably you should look to shift your billing services to one of the best revenue cycle management companies that boosts your revenue without any hassle.
Once healthcare professionals replace their medical billing services with best revenue cycle management companies, there’s no doubt that their revenue will soar. But the very important aspect is, how do they do it without losing their revenue?
Simultaneously, healthcare professionals should be prepared to changes after shifting to the best revenue cycle management companies and situations when older medical billing services can’t do the best in generating the revenue, shifting to best revenue cycle management companies would turn into jackpot to reap benefits.
Let’s find out how healthcare companies can change their medical billing services to best revenue cycle management companies without revenue loss.
1.Find the best revenue cycle management companies:
- When healthcare professionals are stuck at a place and wanted to get rid of current billing services, it’s common that they find many other services attractive. But don’t fall for that.
- Easy belief can make things much worse and push healthcare professionals’ revenue generation deep where the revenue halt can be experienced.
- The first thing healthcare professionals should find out when their revenue is at risk is to research on the best revenue cycle management companies that can fix all the errors made by previous billing services.
- To discover new and best revenue cycle management companies, due diligence and research on variety of medical billing services is essential.
- Find out the services missing in the present billing services and look for best medical billing companies that would help fill all the pit holes.
- The main services that any best revenue cycle management companies should be capable to render are :
- Patient Demographic entry
- Denial Management
- Insurance Eligibility
- Medical billing/Medical coding
- AR analysis and follow up
- Demo and Charge Entry
- Appeals Processing
- Returned mail processing
- Old AR Aged AR
- Payment Posting
2.Decide on what can be done with Old AR:
- It’s up to healthcare professionals to determine whether to handle their old AR to best revenue cycle management companies and clear them all.
- If no, they can leave it and start fresh from the new medical billing companies.
- If healthcare professionals’ new medical billing company is not willing to clear up old AR, then shifting to other medical billing services doesn’t make any sense.
- Look for best revenue cycle management companies which have experts in dealing with old AR and clearing them up.
- Healthcare professionals must consider how they ended up with old AR and make sure they don’t repeat the same mistake once again.
- If the new medical billing company is the best revenue cycle management companies in the market, but internal staff doesn’t obtain required information from patients, then it doesn’t matter at all.
- There are few things to be fixed internally to avoid old AR :
- Internal staff of healthcare provider’s office must have better relationship with the best medical billing companies.
- They have to collect copays/deductibles or coinsurance.
- Should be capable of obtaining proper pre-authorization.
- Patient demographic details are essential. They include patient’s phone number, address, ID number, email address.
- The new best revenue cycle management companies that healthcare professionals have chosen should have the capacity to obtain proper information required for a medical billing process from the internal staff.
- Successful collection of necessary information and payments will lead to no revenue loss and results in flow of revenue accompanied by growth.
3.Acquire and participate in the training:
- Even though healthcare professionals handle all of their medical billing work to the best revenue cycle management companies, they will have to implement the process and training that’s associated with switching the billing practice.
- While shifting to best revenue cycle management companies, it’s essential to consider implementation of new services as well as the resources available for taking it further.
- While switching to new billing services, healthcare professionals should find out the new services provided and have to inquire about the training on new processes.
- Reveal the expectations to the best revenue cycle management companies chosen, so that they will have an idea of what are the services and how it has to be properly rendered without any difficulties.
- If the best revenue cycle management companies have revealed about their expertise in the processes and healthcare professionals should believe it with an open mind following their processes to increase revenue reimbursements.
4.Check if the medical billing services chosen would render the services needed:
- Normally, medical billing services of various medical billing companies vary from each other in terms of quality, features, price as well as customer support.
- In fact most of them focus on the processes that will benefit healthcare professionals financially.
- When switching to new medical billing and coding companies, healthcare professionals must consider the resources available for the practice at present and move forward.
- Few questions to ask while shifting to best revenue cycle management companies which would help in fulfilling the goal of healthcare providers.
- Who will serve as main point of contact for the account?
- Does the new medical billing company specialize in EHR?
- How can it help optimize present EHR for better revenue cycle management process?
- Will there be regular meetings to enhance financial status of the practice?
- The time that company would to take to resolve any issue?
- Does the company offer any web portals for support?
- What kind of training is provided for customers?
- Comparing, assessing and evaluating new medical billing companies or best revenue cycle management companies’ healthcare professionals choose can be overwhelming initially. But, once they start to stop upgrading themselves according to their medical billing process, the transitions can be too expensive.
- Be cautious and alert while shifting or choosing best revenue cycle management companies for successful revenue payments.
Hope you got the information on shifting to best revenue cycle management companies. For suggestions, please comment below. We will surely consider them if relevant. For more queries and updates on healthcare, please subscribe to our blog.