With a growing number of medical billing agencies, it is vital to carefully choose the one that will boost your profits, reduce overheads, and offer streamlined RCM. It is very important to choose the right medical billing service provider, but before that, it is equally important to consider what kind of Outsource medical billing company you are looking for based on your needs.
Choosing the right medical billing service provider is important for several reasons, including:
- Providing efficient, correct, and fast claims.
- Increasing collections by improving the cash flow.
- The administrative burden is reduced by taking care of the billing process.
- Budget friendly
- Regular reports and reliable billing service.
- Data security (HIPAA regulations)
The top healthcare providers need:
- Healthcare cost savings are a top priority.
- Visible revenue cycle continuum.
- An RCM provider who can work with existing teams and EHR
- RCM technology and services enable in-house staff and the workforce.
- Revenue cycle partners who offer flexible and tech-enabled services, which can blend well with the current work atmosphere.
- RCM, which combines a revenue management operation with value-based care objects.
- Hospitals that are looking to completely outsource their revenue cycle operations.
The basic criteria for pricing architecture are:
- A well-planned and defined pricing structure.
- Value metrics are taken into consideration for the price variation.
- Understanding the buyer and the benefits they get from the package they prefer.
Revenue Cycle Management:
Co-managed revenue cycle service is the model that works wonders in medical billing. It is a process of submitting claims to an insurance company where the company takes care of your entire billing procedure from start to finish.
There are medical billing companies that charge from 3–6% to 8–12% for the total collections. The top EMR/ EHR software users pay between 3-6% for the RCM service provided by the EHR vendor. The only limitation is that end-to-end services are not provided, and there is a minimum fee for certain practises like mental health, physical practises, and ophthalmology, for which you seek a third-party RCM vendor. The providers are charged for claims that have been submitted with the help of the agency
It is very convenient to share the same work space for an efficient and effective working atmosphere. Employees too love to work as a team, as it boosts motivation, and offers a stress-free working environment. Hence, having an in-house medical biller in the same work space marks an added advantage. It has become important to outsource RCM operations due to the growing complexity and the constant changing of regulations. This has led to making the medical billers a part of the medical organisation without having to pay heavy salaries or include a tedious hiring process. An FTE model covers claims submissions, payment posting, denials, accounts receivables and coding. An effective FTE package includes:
- Effective hiring process.
- Uninterrupted workflow management.
- Offer affordable support to cut overheads.
With an FTE model, you can benefit from quality audits, weekly meetings, daily monitoring and keeping track of productivity.
End to End Support:
- The end-to-end support in RCM not only helps for better patient service but also eases physicians from the tedium of documentation.
- Relief the top management staff from receiving cloudy reports that are time consuming and difficult to focus.
- Relief for healthcare providers from the fear of overbilling and undercoding.
Choosing the right medical billing company with either the FTE or percentage model should assist your practice in the following areas –
- Maintain and secure patient records and accounts.
- Filing claims with the insurance company.
- Increase in revenue.
- Reduce the denial rate.
- Ensure the submission of an error-free and clean claim.
- Optimise the revenue cycle.
- Speed up the payment cycle.
- A healthy work atmosphere leads to effective working.
Info Hub Consultancy (ICS) Services, a leading medical billing company In India , offers both models. Choose the one that best suits your needs. Our pricing models ensure maximum profits to our clients, while our cutting edge technologies and workflow process automation offer flawless billing and coding. Contact ICS today to learn more about how we can help you streamline your medical billing and coding processes, reduce denials, and maximize your profits.