Whether a rural hospital or a surgical center, any healthcare organization’s primary focus is quality patient care, but for your facility to achieve success, you must prioritize financial health too.
A healthy revenue cycle can help your facility grow and better serve patients. Outsourcing medical billing can help you achieve the most accurate and efficient billing process possible and enhance financial performance. But if you decide to outsource, how do you choose the right company?
With 100+ years of combined experience, Coronis Health knows the complexities of the healthcare system and the equally complicated revenue cycle management process that goes with it. We are fully aware of the numerous benefits of outsourcing medical billing, and we understand how shifting your facility’s necessary process off-site can be challenging. Below, we offer valuable information about why outsourcing medical billing may be your most important financial move, as well as tips for choosing the right medical billing company.
Why Outsourcing Might Be the Right Choice for You
Rural hospitals may be ideal candidates for medical billing outsourcing because they often struggle with organizational issues and have insufficient resources and workforce to meet those challenges. When you outsource medical billing, you can more easily prepare for the following situations.
- You are running a new or growing facility: Like other startup companies, you will need to wear many hats. This means you have to run billing processes yourself. If you have a growing organization, you need a skilled and experienced staff who can efficiently handle a growing volume of claims. Whether new or growing, your facility can benefit from a professional medical billing provider that can cost-effectively address your problems while helping you meet your financial objectives.
- You want to focus on your expertise: You studied and trained to become a healthcare provider and might not have sufficient experience on the business side. You want to spend more time focusing on your patients rather than on tedious paperwork. If you do not have the time and expertise to efficiently and accurately handle administrative tasks, it only makes sense to relieve yourself of those duties and let a professional medical biller do what they do best.
- You don’t have time to adapt to new regulations: Constant regulatory changes can put intense pressure on your facility. In effect, your medical billing process can suffer when your staff struggles to keep up with new regulations. You can avoid regulatory headaches by allowing medical billing providers to support your revenue cycle management, improving collections, and enabling you to focus on patient care.
5 Things to Look for in a Medical Billing Company
You have to outsource wisely, of course. Who you choose as a partner will significantly impact your financial health and independence. Here are five factors to consider when selecting a medical billing service provider:
1. HIPPA compliant
You have a direct responsibility to address healthcare privacy and security. By outsourcing to an experienced company with HIPAA (Health Insurance Portability and Accountability Act) compliance, you get peace of mind knowing that the company’s practices ensure the confidential handling of a patient’s health information as well as the protection of their legal rights. In addition to HIPPA, your outsourcing provider should uphold other laws, medical regulations, and guidelines. This helps you adhere to high standards of care, ethics, reduce exposure to fraud, and improve your revenue cycle overall.
In any type of business, you only partner with people you can trust. This is why reputation means everything and a complete and comprehensive background check is necessary. The first step is narrowing the playing field to find a suitable company, then begin doing your research. Ask trusted colleagues for referrals. Ask medical professionals because you are more likely to receive reliable information from a trusted source rather than anonymous consumer reviews online.
Even if you’ve already outsourced your medical billing process, you still want to know the status of your claims. It’s still your business, after all. Your billing specialist must provide you with regular and transparent reports that reflect what they’ve been handling on your behalf. This does not mean having to micromanage but instead overseeing the billing process to ensure efficiency.
You want billers with expertise in your specialty to ensure correct billing. Whether you are a big city hospital, a rural hospital or a private practice specializing in pediatrics or cardiovascular health, you will have billing and coding challenges unique to your facility and specialty. This means you will need someone who knows your facility’s coding, compliance, and documentation requirements. Otherwise, you may suffer from coding inaccuracies, claim denials, and low cash flow, defeating the purpose of outsourcing in the first place.
5. Measurable Results
By outsourcing medical billing, you can achieve a more controlled approach to revenue cycle management. This proves to be more sustainable because when your medical billing process is up to date, efficient, and free of human error, you can receive payments in a shorter amount of time. If you also have transparency from your medical biller, the comprehensive performance reports will keep you informed of critical financial numbers. This also means you maintain control of your revenue cycle management without having to perform the tasks yourself.
Why Coronis Health is the Best Option in Medical Billing Outsourcing
Coronis Health uses industry-leading technology combined with high-touch relationship-building to allow facilities to focus on patient care, maintain financial independence, and cultivate financial success. We offer specialized financial and medical billing service to all types of healthcare organizations, including rural hospitals, surgical centers, FQHCs, SNFs, and LTCs.
Not only do we take care of billing, but Coronis Health also works to improve every part of your revenue cycle. Our forward-thinking team of experts looks below the surface, identifying and helping you fix the workflow issues that negatively affect your reimbursements and provide tailored solutions to get you back on track and restore your bottom line. By going beyond the billing department, we can identify the source of cash leaks and work with your team to stop them at the source. Our revenue cycle/medical billing team stays up to date on medical coding rules and guidelines, so you don’t have to. We continually monitor claims for denials and compliance issues stemming from medical coding errors. We work to remove the burden of medical billing so you can enjoy a healthy cash flow that leads to the growth and expansion of patient services.
Let Our Medical Billing Service Empower Your Facility
Outsourcing your billing and coding is one of the most significant practice management decisions your facility will ever make. Coronis Health employs top medical billers in the country, pooling their global resources to bring customers the best in medical billing and revenue cycle management. We’ll work with you to build data-driven solutions that meet your specific needs, allowing you to get back to treating patients. To learn more, contact Coronis Health to request your free financial checkup.