Every business wants to optimize profitability, and those in the healthcare industry are no exception. Collecting payments from insurance companies and patients can be time-consuming and complicated, adversely affecting your balance sheet. By outsourcing EMS medical billing services, you can extend your organization’s accounts receivable department, increase efficiency, focus on your core business strategies, and better your bottom line.
Emergency medical services are a vital component of overall public safety and care. At Coronis Health, our extensive experience working in the healthcare industry has allowed our partners to continue providing emergency care that often makes a lifesaving difference while generating additional revenue for their business with minimum effort on their part. Below, we share how outsourcing EMS medical billing services can help improve your organization’s cash flow.
1. Save Time and Money by Outsourcing Your EMS Medical Billing
Calling a patient to confirm their insurance coverage, training your staff, and relying on paper billing can prove to be costly and a waste of time. Cutting down on these tasks will lighten the burden on your current employees, giving them more time to focus on more important tasks for your facility. By partnering with a reliable medical billing company, the workflow becomes more efficient, the billing process becomes automated, and hiring and training staff for this purpose becomes unnecessary. By outsourcing your EMS medical billing, you can save time and money without cutting corners.
A medical billing company will also provide you the flexibility to choose which specific services you need, and the most affordable option and payment scheme suitable for your organization.
2. Streamline Your EMS Billing Process and Improve Cash Flow
The billing process involves handling documents ranging from patient documents to medical publications and other multimedia resources. A billing company will enable optimized search and retrieval tools, along with EMS medical billing software to be seamlessly integrated into your existing office system. Existing documents (including EOBs and other billing-related paperwork) can be scanned and organized into a secure system, where they can be accessed from mobile devices anywhere in your facility. With admin outsourced, you avoid billing errors while enabling your staff members to focus on providing outstanding patient care.
3. Reduce Accounting and Administrative Overhead Costs
A huge factor in ensuring good returns from your EMS services is cutting down on your expenses. Operational costs come with the territory of running a facility, but you want to keep them under control to ensure a healthy revenue stream. Many facilities do not see how they’re spending too much when it comes to the bigger picture of their operations. The following factors contribute to a higher operational expense for a facility that uses in-house medical billing:
- Hiring skilled, trained, and certified billers and coders
- Paying hourly wages (including taxes and employee benefits)
- Licensing for software (depending on the number of employees, you may be charged per license)
- Clearinghouse fees
- Statement fees and postage, including the cost of printing
- Potential for increased rejections and denials with a smaller, less productive in-house billing team
- Decreased collections and cash flow
- Increased patient debt
These factors impact your facility’s ability to maintain a reasonable rate of operational expenses. When the costs of the above are factored into the cost savings of outsourcing your EMS medical billing, you will discover that the increase in your revenue will surpass not only your previous operational expenses but the fee you pay for your outsourcing. You end up making more in the long run.
4. Increase Efficiency and Accuracy of Your EMS Billing Procedures
Billing errors can create a potentially large hit on your revenue. Errors include inefficient collection policies, incorrect coding for EMS medical billing, errors with patient registration and insurance verification, and lack of documentation with a claim. One mistake can result in a denied claim or delayed payment, which will ultimately result in costly results.
Medical billers specialize in many fields, from ambulatory services to primary care and surgery, so it’s important to outsource with the right company that understands the intricacies of your facility. This ensures that you see fewer mistakes with billing, which means your net collections increase, your denials decrease, and your operational costs are more than manageable.
Certified medical billers and coders are trained to apply coding that correlates correctly with clinical documentation and are consistently updated on any changes that apply to coding or billing procedures. Outsourcing your medical billing ensures that you are working with a team that focuses 100% of their time on EMS medical billing and coding. You will see an improvement in compliance with billing regulations as your outsourced billing is following the guidelines set forth by the government and CMS.
5. Maximize Reimbursements and Minimize Denials
Part of your revenue cycle is tied to your collection processes, and without a process for collecting on outstanding payments from insurance payers and patients, you will see a decline in your facility’s revenue. Streamlined billing services for your facility will ensure that you experience an increase in revenue, rather than a decline in the lifeblood of your facility’s operations. Specifically, the accurate, compliant, and timely return of your organization’s documentation will conveniently be expedited and in some cases, increase your revenue because coding denials will be minimal and claims will be cleaner, helping to maximize your reimbursements.
Since the pandemic, insurance carriers now scrutinize each claim due to various reasons such as chief complaints, insurance policy limitations and much more but due to our years of expertise and historical interactions with these carriers, Coronis is able to appeal and negotiate to receive higher reimbursements for our clients.
Questions About Outsourcing Your EMS Medical Billing Services? Contact Coronis Health Today to Learn More
Medical billing is a critical component of your facility’s revenue cycle, as it ensures that you are earning the reimbursements for the services you provide. If you are struggling with your accounts receivable, staffing, and an overall lower collection rate, it may be time to consider outsourcing your medical billing and coding for EMS. Are you ready to take a closer look? Contact Coronis Health for a free financial checkup.