Many medical practices of all sizes and specialties struggle with getting paid for their services - everything from denials to patient collections to payer collections. Honestly, it’s really unfortunate that practices have to jump through hoops with insurance companies, wait for long periods of time (weeks, sometimes months), and chase down patients just to get paid.
As a doctor, yes, you took an oath to put a patient’s health first - however, in order to continue to help your patients and others, you have to keep the doors of your practice open. I mean, how can you continue to help your patients alleviate the pain that they’re feeling if your practice shuts down due to not making enough revenue?
At the end of the day, you practice is a business, so you need to run it as such. And one of the ways to ensure that your cash flow doesn’t dry up is to reduce your billing inefficiencies.
Are you ready to plug your revenue cycle leaks? Our end-to-end RCM services help medical practices (like yours) increase revenue and reduce billing inefficiencies. Keep reading to learn more!
What Are Your Biggest Medical Billing Pain Points?
Below are a few of the top pain points that practices usually struggle with:
Are your denials decreasing your cash flow?
Did you know that around 30 percent of claims are either denied, lost, or ignored the first time they’re being submitted? Denials can really hurt your bottom line. And if your practice is like most practices, when it comes to denials, you don’t really have the luxury of time. Plus, even your staff members are buried under tons of billing and administrative work. However, here's the good news - most denials are preventable; you just have to take the proper steps to prevent them.
Are medical billing errors draining your bottom line?
The more errors that you commit, the more costly it gets for your practice. In fact, your medical practice may be losing more than a quarter of its income just because of billing errors. Over 25 to 30 percent of all medical practice income gets lost due to incorrect coding or missed/never submitted charges. There is no surefire way to totally prevent medical billing mistakes. However, it's important to create preventive measures to reduce medical billing errors and ensure your practice isn’t part of the 25-30 percent mentioned above.
Are slow insurance payments killing your cash flow?
Even if you're the best practice in town, you'll struggle if you can’t collect payments for the services you’ve rendered. Waiting for your money is literally costing you money because around 200 million medical claims get denied each year. For that very reason, an A/R follow-up plan is vital.
Are poor patient collections costing you revenue?
Since 2015, patient healthcare costs have increased by almost 30 percent. In fact, 40 percent of physicians fail to collect over $31,713 a year from their patients because getting high-deductible patients to pay is a big challenge. Because of this, many providers lose out on a large amount of money every year.
If any of the pain points mentioned above hit close to home, it may be time for you to seek backup and consider outsourcing some (or all) of your medical billing. Below are a few of the services that our team of certified billers and coders can provide to your medical practice.
We offer end-to-end revenue cycle management services that help medical practices of all specialties and sizes reduce denials, decrease billing inefficiencies, and increase revenues.
#1 Charge Entry
We’ll help you secure your reimbursements by processing the first step of your revenue cycle accurately. Our team of billing experts will post charges that follow proper coding to ensure that your bills are complete and accurate. Our goal is to make sure that you start your revenue cycle off right.
#2 Medical Coding
Every single year, doctors in America lose approximately $125 billion because of poor medical billing processes and errors. It’s a no brainer that billing mistakes can have a huge impact on your bottom line. That’s the very reason that we help doctors all over the country. By partnering with our team of certified coders, you can say goodbye to billing errors, frequent denials, and lost revenue.
#3 Payment Posting
Can’t sleep at night because you're stressing over whether you’ll get paid or not? Say goodbye to sleepless nights because our team will accurately record the payments, fees, and reimbursements that your medical practice receives. Our staff members are trained to be very keen with details to ensure that they’ll post the complete and exact payment information in your EHRs. Our payment posting services will help streamline your billing process to avoid payment posting errors and enhance your general financial performance.
#4 Denial and Appeals Management
We can decrease your denial backlog and reduce denial rates for good. In addition to that, we can formulate an appeal strategy and compose an effective appeal letter on your behalf. Most medical practices can attest that medical claim denials are a nuisance. That’s why our team can work your accounts, identify the reasons for your denied claims, and work hand-in-hand with your staff to implement strategies that can ensure that you get paid in a timely manner.
#5 Accounts Receivable Follow-Up
Through our excellent services and proficiency in healthcare IT, we can automate your accounts receivable management. We can handle rejected claims, statements, eligibility, and even follow-ups. We can help you with patient collections, minimize the time for outstanding accounts, and recover overdue payments.
Don’t have the time to monitor your income? We can monitor them for you by providing you with detailed, customizable, and timely revenue cycle reports. We can generate daily, weekly, monthly, quarterly, or yearly reports - whatever you want! We will also intensively review your billing information so that the details of the patient statement remain accurate and free from errors. Because of our transparency, you can easily keep an eye on your revenue through detailed reports without having to do all the work. Say goodbye to losing money!
Who Have We Helped?
Here are a few of our clients that we’ve helped.
Dr. Gregory Wickern from Asthma and Allergy of Idaho and Nevada:
Our certified billers helped Dr. Wickern’s allergy and asthma practice get some of their accounts receivables identified and rectified their problems with submitting clean claims. Watch the video below to hear from Dr. Wickern.
Dr. Sanjeev Jain from Columbia Allergy and Asthma Clinic:
Dr. Jain chose DrCatalyst to help with rectifying the billing and collections processes at his practice. As a result, Dr. Jain has experienced significant improvement in his practice’s billing and collections. Watch the video below to hear from Dr. Jain.
What’s the Best Solution?
One way to relieve your medical billing pain points is by outsourcing. Whether you are struggling with managing denials or recurring billing errors, when you partner with an experienced billing partner, like DrCatalyst, you’ll be provided with the much-needed relief that you seek. Outsourcing your medical billing can save you time, money, and a lot (I mean, a whole lot) of headaches.