It’s important to understand how the changing dynamics of the healthcare industry are affecting the claim reimbursement for providers and what solutions a medical billing company have to offer to address these issues. Reetu Singh CEO & Co-Founder Medphine is an industry expert and has been observing the changing landscape closely, and here are the five key takeaways that billing companies like Medphine have to offer.
(PRUnderground) December 10th, 2020
A swift billing process is a vital part of running a successful practice. Providers consider all the available options when deciding on practice’s billing operations – ease of control, autonomy, transparency, and awareness about all administrative expenses are some of the deciding factors when they make this choice.
It’s important to understand how the changing dynamics of the healthcare industry are affecting the claim reimbursement for providers and what solutions a medical billing company have to offer to address these issues. Reetu Singh CEO & Co-Founder Medphine.com is an industry expert and has been observing the changing landscape closely, and here are the five key takeaways that billing companies like Medphine have to offer.
Better Reach to Resources:
COVID-19 has disrupted lives globally. Providers are testing patients on various levels to identify the affected population and technology such as telemedicine is widely getting used to ensure quality care without leaving the safety of home. A lot of treatments are in a trial which increases the complexity of billing these claims.
Medical billing companies have enough bandwidth to absorb the added pressure and learn new guidelines which help them stay compliant while billing your claims, this ensures you get paid for all the testings, telemedicine, and other related services, which would otherwise be risked as uncompensated care due to lack of proper billing infrastructure/resources.
Technology Driven Processes:
Medical Billing and Practice Management Companies along with leading EMR/EHR players, on the other hand, have RCM as their core business and thus invest heavily in developing AI-driven technology, bots to automate repetitive tasks and data-driven analysis to identify the loopholes in their billing process. They can easily detect underpayments integrating advanced tools that otherwise will go unnoticed so working with a capable billing company like Medphine ensures that you get the best return on investment.
Superior Training Methodologies and Experience:
Billing Companies comprises experienced leaders who have worked with clients in multiple specialties and states. They have task-specific training programs and also have subject matter experts on various topics. Their quality analysis checks not only measure productivity but also the standard of your billables. They have advanced certifications from AAPC & AHIMA and their regulatory officers ensure HIPAA and other billing compliances. These organizations also attend specialty-specific conferences and webinars to keep up with all the latest trends.
Cost Containment Benefits:
Medical Billing Companies work with large teams which translates into economy of scale and help you contain your billing administrative costs. There are various factors that may affect the price difference between in-house billing versus outsourced services, however, it can easily range from 20% on direct saving to a whopping 50% with improved performance. This is probably the best return on investment and especially when you are virtually investing nothing.
Transparency without Involvement:
Yes, you don’t lose transparency and control after you outsource your billing. You can ask your vendor to work from your practice management system so you are in full control of your claims and check them anywhere from the click of a button. You can ask your billing company to provide you with detailed dashboards and weekly, monthly reports so you can see the trend and follow the money as it grows.
Nowadays as we are learning to do things differently we need to look at outsourcing with a fresh perspective as it’s probably the best way to deal with added billing complexities.
Medphine.com is a comprehensive revenue cycle management service, and medical billing and coding service provider, that has been helping healthcare practices, multi specialties, or independent facilities across the USA, and strengthen their financial standing to operate profitably.
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