All types of organizations rely on receiving accurate and timely payments for their services, and this applies just as much to medical practices.
The difference between other types of business and medical practices is the detailed coding and working with Medicare, Medicaid, and countless insurance companies that require nothing less than perfection. This is a lot of responsibility to place on medical professionals who are trying to keep their focus on serving patients but who also need to ensure their practice is generating a profit.
This is where Coronis Health can help. We’ve brought together the best of the best in healthcare revenue cycle management and medical billing professionals who combined have more than 100 years of experience supporting medical practices and other healthcare facilities. Coronis Health goes after the last dollar so your practice can remain independent and focused on patient care. Handing billing over to an outside group can feel intimidating, but our clients quickly experience the benefits of doing so.
Should a Medical Practice Outsource its Medical Billing?
When you think about the daily operations of your medical practice, do things run smoothly, as they should? What is a typical day for you and your staff like? Are your patients receiving the care and attention you want to provide? Are the medical billing and collections going as planned? Are collections efficient and the cash flow healthy?
If your answer to most of these questions is “no,” it is time to look at where things are going south. It may also be time to consider medical billing and collections outsourcing.
There are many factors to be considered when you choose a medical billing company. Remember that medical billing, collections, and revenue management outsourcing can address several headaches in your practice. However, billing companies vary in claims processing and overall efficiency. So, if you outsource medical billing and other tasks to a professional company, remember to check their experience, accuracy, and references, among other things.
The medical billing company’s staff should have the latest knowledge of all medical billing codes, especially your specialty, as well as a strong understanding of Medicare and Worker’s Compensation regulations.
Speed and Accuracy
Both accuracy and speed are critical in medical billing and claims processing. Skilled and experienced medical billing companies can submit correct claims in a more timely manner than your in-house staff, and they will be paid more quickly and efficiently.
The medical billing company should have experienced medical billers and coders who can follow up on any pending or denied claims. This is where many medical practices lose a great deal of revenue since in-house staff is often not able to keep up with denied claims and accounts receivable. A trusted professional medical billing company is able to develop unique relationships with the practices they work with. Check whether the company you are considering is able to provide you customized services based on the needs of your practice.
Coronis Health remains at the cutting edge of not just revenue cycle management and billing technologies, but also laws and best practices. We can assist you in many other areas such as:
- Verification of Eligibility
- System Integration
- Patient Access Management
- EMR/Technology Integration
Can a Medical Billing Company Increase Collection Rates?
If you manage a medical practice, you would know that a professional medical billing company can handle many billing and collections related tasks for your practice, allowing you and your staff more time to focus on your patients.
A trusted, experienced medical billing company can help your practice become more organized and efficient, reduce billing and coding errors, and increase patient and employee satisfaction.
Another benefit of the services provided by a good medical billing company is increased collection rates for your practice.
Medical billing and collections are critical to the survival and growth of a medical practice. A skilled medical biller is able to efficiently increase collections and reduce the revenue lost due to denials. In addition, a reputed medical billing company can also help reduce the burden of collections.
Medical billing is a complex process where a number of things could go wrong. From coding errors and processing delays to dealing with insurance companies and tracking unpaid patient accounts, your in-house billing staff has to juggle many tasks and also manage patient care.
Hiring a professional medical billing company can reduce many of these time-consuming tasks for you and your staff so you can focus more on patient care. The billing company will manage denials and appeals and use proven billing and collection strategies to reduce outstanding accounts receivables and optimize collection results.
Contact Coronis Health Today
If you’d like to stop worrying about correct coding, billing, denied claims, and more, contact Coronis Health today. You can also schedule your free financial check-up, in which Coronis Health finds missing revenue in 95% of our reviews.