You and your practice are ready to outsource your revenue cycle. Whether it was staff turn-over, claim denial rates, slow turn-around on reimbursements, or too much time spent on paperwork instead of patient care, we’re here to help you with the next steps.
Selecting a company to partner with when outsourcing revenue cycle management should not be taken lightly. There’s a significant amount of trust involved – after all, you’re trusting another with your revenue cycle, the lifeline of your practice. Before selecting the right company, become as informed as possible. Part of making an informed decision is doing your research and knowing what questions to ask. Remember the following red flags when searching for an outsourced billing company…
Outsourcing revenue cycle has developed into big business in recent years. As with any booming industry, there are plenty of new companies popping up. Remain cautious around newer companies; check to see if they’re in business to help clinics and practices or more focused on making money. A less-experienced company may still be establishing their management operations and business ethics.
Additionally, a newer business has yet to persevere through the many ups and downs of the healthcare industry. When the healthcare industry changes, through reform or legislation, your outsourcing company needs to keep your revenue cycle consistent and profitable.
Healthcare coding is guided by strict principles and mistakes will lead to denied claims, resubmissions, and wasted time. It is one area of the revenue cycle that can have the largest impact on your clinic’s bottom line. Proper coding practices are of upmost importance when lowering insurance claim denials.
Along with its strict guidelines, healthcare coding is constantly changing and evolving. Before partnering with a company, ensure they hold their coders to a high standard. Request experienced, certified coders who receive continued education and professional development.
Your practice cannot afford to lose money on uncollected bills and lost reimbursements. An outsourced billing company should offer you solid, statistical information proving their methods have worked in the past.
They should also demonstrate how those methods will work for you and your practice. A reputable company will keep track of their successes to act as proof when obtaining new business. A less-than-reputable company will hope you don’t ask.
Outsourcing revenue cycle management can be one of the best decisions for clinics and practices. Before choosing a company to partner with, take time to learn as much as possible. Make sure your needs and goals align with the company you’re outsourcing billing with.
Health Information Services (HIS) is a physician management company specializing in revenue cycle management and consulting services. With three decades of experience working with medical professionals, we’re dedicated to supporting the management side of your practice. If you’d like to learn more about outsourcing billing or see whether HIS is right for you, contact us.