Though your practice is small or big, you likely to know that cash flow management are an essential for your practice’s long-term survival. You may not realize that improperly managed AR (Account Receivable) is one of the most common causes of less collection.
Many small practices struggle to collect payments from clients, while if you calculate there is a shocking percentage of practices have bills that are more than 90 days past due. Does your current billing service company proactively work with you and your team? Do they understand your business and then give you the resources needed in order to keep your AR moving and get collected? Many billing service companies are smart for controlling their own cost after landing new clients, focusing on the easy billing in order to keep their profit margin high. Because of this many healthcare providers are losing their money, and they have no idea why, how, or how much they are losing. Medisys Medical Billing Company has created to workflows to overcome these challenges and process should work seamless and excellent.
Timely claims submission to the correct insurance company is the key to get success. Also, this process involves verification that the claim was received and is being processes, then it also involves confirmation from the insurance company that the claim is being paid. There are numerous opportunities where claim could be diverted to different streams such as denials
The medical billing service companies should work in a right and proactive manner to know the source of each denial and delays in payment. The information and causes needs to be continually share with other areas of the business so that the root causes can be fixed. The more processes issues you have in your operations, the more chances to get denials in your AR, and the higher your over 90 days AR becomes. This means more delays instead of payments, so you can end up with lower paying AR and more billing resources required to work it all.
Many claims get paid timely and it requires some manual interaction with latest technology. This means billing services make most of their revenue with very little cost. So most of medical billing companies simply cut the cost out and skip AR work. With vague reporting, they have little accountability for actual results. Generally doing that extra work on denials is actually an incremental financial loss for the billing company.
At Medisys, our client’s previous billing service companies left between 20-50% of the potential revenue on the table. As for the claims that don’t get paid, the clients almost never really know what’s missing. The aging report of AR is only occasionally worked, and the source of the issues is rarely worked. Healthcare providers deserve more reimbursement so Medisys medical billing company is formed with aim to collect more revenue for physicians. We have an experienced billing team, and we work closely with our clients to make sure 100% of their bills get paid appropriately and timely.
Connect with our Medical Billing Manager to boost your collections.
We are a group of medical billing experts who offer comprehensive billing and coding services to doctors, physicians & hospitals. We provide end to end billing and coding solutions. Medisys Data Solutions RCM solutions ensures that the providers recover every $ they are entitled to. Our vision for the providers is “You Cure. We $ecure.”