Is your medical billing service the main reason for revenue loss? If so, then you should probably 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 the best revenue cycle management companies, there's no doubt that their revenue will soar. But the important aspect is: How do they do it without losing their revenue?
Simultaneously, healthcare professionals should be prepared for changes after shifting to the best revenue cycle management companies when older medical billing services can't do the best in generating the revenue. Shifting to the best revenue cycle management companies would turn into a jackpot by reaping benefits.
Let's find out how healthcare companies can change their medical billing services to the 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 wanting 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 into a revenue halt.
- The first thing healthcare professionals should do when they find out their revenue is at risk is research 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 a variety of medical billing services is essential.
- Find out what services are missing in the present billing services and look for the best medical billing companies that would help fill all the pit holes.
- The main services that any revenue cycle management company should be capable to render include:
- Patient demographic entry
- Denial management
- Insurance eligibility
- Pre-authorization
- Medical billing/coding
- Accounts receivable (AR) analysis and follow up
- Demo and charge entry
- Appeals processing
- Returned mail processing
- Old/aged AR
- Payment posting
2. Decide on what can be done with old AR:
- It's up to healthcare professionals to decide to hand their old AR to best revenue cycle management companies and clear them all.
- If not, they can leave it and start fresh with the new medical billing companies.
- If healthcare professionals' new medical billing company is not willing to clear up old AR, then shifting to their medical billing services doesn't make any sense.
- Look for the best revenue cycle management companies that 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 again.
- If the new medical billing company is the best revenue cycle management company in the market, but internal staff doesn't obtain required information from patients, then it doesn't matter at all.
- There are a few things to be fixed internally to avoid old AR:
- Internal staff of the healthcare provider's office must have a better relationship with the medical billing company.
- Staff must collect copays/deductibles or coinsurance.
- Staff should be capable of obtaining proper pre-authorization.
- Patient demographic details are essential. They include patient's phone number, address, ID number, and email address.
- The 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 hand 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 inquire about the training on new processes.
- Reveal the expectations to the selected revenue cycle management companies, so they will know the services and how they need to be properly rendered without any difficulties.
- The best revenue cycle management companies will demonstrate their expertise in the RCM processes, and as a result, healthcare professionals will understand their processes that in turn increase revenue reimbursements.
4. Check if the chosen medical billing services would render the services needed:
- Normally, medical billing services of various medical billing companies vary from each other in terms of quality, features, and 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.
- Questions to ask revenue cycle management companies that would help in fulfilling the goal of healthcare providers:
- Who will serve as the main point of contact for the account?
- Does the new medical billing company specialize in EHR?
- How can it help optimize the present EHR for a better revenue cycle management process?
- Will there be regular meetings to enhance financial status of the practice?
- What is the timeframe for the company in resolving any issues?
- Does the company offer any web portals for support?
- What kind of training is provided for customers?
- In comparing, assessing, and evaluating new medical billing companies or the best revenue cycle management companies, healthcare professionals can initially feel overwhelmed.
But, once medical billing companies stop upgrading their processes, requiring a quick switch, the transitions can be quite costly.
Be cautious and alert while shifting to or choosing the best revenue cycle management companies for successful revenue payments.
QWay Healthcare provides Revenue Cycle Management services and solutions that address billing challenges of the U.S. healthcare industry. With a prompt and seamless flow of payments, and no day-to-day billing issues, you can focus more on expanding the client base, add new healthcare specialties and treatment options, and acquire new business.