It can be difficult to decide if outsourcing your medical billing and revenue cycle management is the right thing to do. It can be especially difficult in our current state of the unknown. Many questions arise that keep you hesitant: Can I afford it? How can I be sure the job will be done right? Why should I give up that control? With everything happening in our society today, why should I risk a change?
These are valid questions, and now is the perfect time to visit the solutions.
If you currently have an in-house biller, there are several expenses that you encompass in order to be functional.
- The cost of the employee(s)
You have fixed salaries that must be paid out, and that may or may not include the additional cost of benefits, turn over and training.
- The cost of maintaining the billing-side of your business
Multiple costs come in under billing maintenance including supplies, furniture, software, maintenance, upgrades, certifications and more.
The expense of maintaining your in-house business does not change, regardless of the revenue you bring in. If a member of your staff goes out on vacation, sick leave, or leaves the job altogether, your incoming cash flow slows down but your cost still maintains. In our current time, your visits may be fewer and farther between, your revenue dipping, but costs continue to mount. By outsourcing your medical billing, you are charged a percentage of the reimbursement of claims, therefore it is less costly than what you would pay to continue in house.
When a practice utilizes in-house billing, it is very common for that biller to wear multiple hats. Prior authorizations, eligibility checks and patient calls monopolize a large majority of the day, leaving little time for proper coding, claim generation, and timely follow up. There are several areas that are streamlined when outsourcing.
- Quality and Training of Certified Coders
Dedicated coding teams that are up to speed on all guidelines and requirements expeditiously submit claims without delay, resulting in a reduction of denied and/or rejected claims as coding is their sole focus.
- HIPAA Compliance
The medical billing company is responsible for protecting all patient information and maintaining compliance. They are also responsible for investing their own money to ensure the possibility of a data breach is minimal.
- Access to Data and Trending
You will be provided all the trending information necessary to help you understand and grow the financial health of your practice. Information is customizable and will provide you the data to determine payer trends, CPT reimbursement averages, any challenges that need addressing and potential process changes/implementations.
Higher profit becomes attainable when overhead is reduced, claims are submitted timely and accurately, and consistent and appropriate follow up takes place.
- Dedicated Resources
Proper focus and attention are provided to each function of medical billing, creating an optimization of processes to maximize your incoming revenue. Exclusive service to patients for billing questions and payment collection ensures outstanding patient balances are collected.
- Technology Implementation
Outsourcing brings a level of technology to a practice that may not have been in the position to implement themselves. Aside from EHR platforms, outsourcing provides the ability to utilize state of the art billing software and a reasonable price, as well as additional communication and reporting tools. This minimizes the potential for misplaced encounters or claims and maximizes the ability to collect timely and properly.
Focus On Patients
Patients are the reason you went into business, but they are the ones suffering when you are preoccupied in running your business.
- Patient Retention
When your office staff is focused exclusively on patient care, patients feel valued and cared for. When a patient feels like they matter in your practice, they will not only show devotion to you as their provider but will encourage others to seek you. However, when your staff is over-extended and stressed, patients are left feeling undervalued, turning away to look for a practice that will show them the focus they expect.
One of the most sought-after qualities a patient is looking for is the provider’s ability to spend quality, focused time. When the distraction of running the financial side of your business is handed over to the experts, you are given that time to not only spend with your patients, but to truly focus on their care. Micro-managing gives way to attentive time for patient care.
Trying times cause us to reevaluate our current position in order to find the best way to not only maintain our business but to succeed with longevity. Right now, we have the opportunity to step away from the archaic ways we’ve become so accustomed to and move toward maximizing your revenue and minimizing your cost. We want you to focus on your patients, your support staff, and your success. Falling victim to the excuse of wanting to maintain the control of your financial health by keeping your billing in-house will cause more damage than good. We move you past maintaining control into having the power to expand and succeed by utilizing the experts to lessen the financial burden of fixed costs and partnering in your growth.
Contact Cosentus now to explore the opportunities to financially benefit your practice.
“Our collection has doubled from last year after switching to Cosentus. It is one of the best things we have done for our medical practice and surgery center.”
Sherman Tran, MD
Spine and Sports Surgery Center, San Jose, CA