Coronis Health, Hospitals
Coronis Health understands the challenges of Independent hospitals, and we are here to assist you.
Coronis Health can help take your mind off the concerns of billing, collections, reporting, process improvement, staffing of qualified revenue cycle employees, and more. This will allow you to focus on what is most important to the success of your hospital: quality care of your patients. To remain in business as an independent hospital in the world today, you must have the time and means to focus on patient care. We support independent hospitals and other hospital & surgery centers by taking care of your operational needs while you focus on your patients.
Big Hospital System vs. Independent Hospital Systems
Because of its size, ability to gain operating efficiencies across several hospitals, and larger revenue, large hospital systems are perceived to be more financially stable. However, there are still many independent hospital systems that continue to thrive while being resistant to merging or being acquired. To increase your profitability, check out our blog on how to avoid hospital claims denials.
Advantages of Independent Hospitals Systems
Revenue at independent hospital systems may grow at a faster pace compared to big, health-system-owned hospitals. Independent hospitals’ smaller scale means better managing costs (e.g., negotiating volume-driven discounts with suppliers) and more efficient operations. A smaller organization is always easier to manage because it provides more agility to change when necessary, effectively adapting to the healthcare industry’s demands. Specifically, independent hospitals are more agile due to the fewer approval levels required to bring about change in their facility.
Disadvantages of Independent Hospitals Systems
It is also because of its size and scope that independent hospital systems can struggle more because of hospitals’ capital-intensive nature and the competitive healthcare environment. Amassing enough capital and debt capacity will be a huge obstacle for independent hospitals. They will also have less access to resources compared to big hospital systems. Without funding and the support of a larger system, independent hospitals are more at risk of losing money. Patients are also most likely to choose long-term and more stable care facilities like nursing homes instead of the short-term care provided at independent hospitals.
What is Independent Hospital Medical Billing
Small and medium-sized hospitals, particularly those that are independent, may be susceptible to more challenges than their larger counterparts. Independent hospital medical billing and complete medical coding lay and build the groundwork for revenue cycle management, generating cash flow for hospitals. The process ensures that healthcare providers receive adequate and timely reimbursements for the services they provide. Since healthcare reforms constantly require changes, an independent hospital’s financial stability will depend on its billing efficiency.
What Makes Medical Billing / RCM different for Independent Hospitals
The processing of medical claims across medical facilities will have its differences. After all, medical billing is not a “one-size-fits-all” solution. Every facility and organization will have its own specific needs depending on its size and affiliations.
There are two different types of medical billing services –professional billing and institutional billing. Professional billing involves the billing of claims generated for services performed by physicians (for both outpatient and inpatient services), suppliers, and other non-institutional providers. Experienced medical billers are often required to know both billing and coding.
On the other hand, institutional billing refers to the billing of claims generated for work performed by hospitals, skilled nursing facilities, and other institutions (for outpatient and inpatient services). This also includes the use of equipment and supplies, laboratory or radiology services, and other charges. Because hospital coding is a lot more complex than physician coding, the coding for institutional claims is handled only by coders.
Whether categorized as professional or institutional billing, each will have its specific demands. However, all medical billing service requires trained professionals who can diligently keep abreast of new regulations and other changes.
Your Unique Challenges
One of the biggest challenges for independent hospital systems is keeping up with the changes in CMS requirements and government regulations. While most big hospitals have a dedicated staff whose main responsibility is to stay abreast of new payer requirements and current billing and coding regulations, most independent hospitals don’t have the budget and workforce to handle this duty. Another hurdle would be the lack of funding and revenue. Since smaller independent hospitals see fewer patients, these facilities are more likely to receive lower commercial rates since they have less bargaining leverage with commercial insurers. Declining populations and the migration to ambulatory care also contribute to lower patient volume, further affecting the revenue of the hospital.
Your Unique Opportunities
The current positioning of independent hospital systems provides several opportunities. Independent hospitals can generate revenue from other sources and diversify their income by building more creative relationships that can result in innovative joint ventures. Independent hospitals can choose to open doors to more collaborative opportunities that will welcome diverse potential partners and strategic players. With this team-based atmosphere, hospitals are collaborating on serving their market rather than competing.
Our Medical Billing Services for Independent Hospitals
Medical billing features include:
- Comprehensive medical billing, coding, and collection services
- Credit balances processing
- Patient payment posting
- Charge entry
- A/R management and follow-up
- Insurance verification
- Denial management
Coronis Health partners with you to make sure your hospital is 100% compliant and can receive patients either in or out of network. We can go from contract to onboarding your systems in a matter of weeks, not months, and provide tailored solutions and high-touch relationships you won’t find at a “Big Box” medical billing company.
The benefits of choosing Coronis Health for the administrative needs of your independent hospital include:
- Staffing Solutions: With Coronis Health as your partner, you do not need to worry about dealing with the cost pressures and the inadequate supply of skilled medical billers. With our highly competent billers and advanced technology solutions, we can take that load off your shoulders and handle it for you.
- Billing Education: Our medical billing services give you 24/7 access to all financial reports. Our reports are clear and comprehensive, and we break them down to allow you to closely track your facility’s financial health and find ways to improve your revenue. Our staff stays abreast of the latest industry trends and the most advanced technologies while remaining fully compliant with all CMS requirements and HIPAA standards and regulations.
- Hospital Billing Software: At Coronis Health, we understand the value of automated processes. That’s why we utilize cutting-edge tools to our advantage to deliver cost-effective and efficient services to our clients. Depending on your preference, we can work with your current software. Our team of billing specialists is experienced in top facility billing systems, including Cerner, AllScripts, Epic, NextGen, MEDITECH, CPSI, and many others.
- Billing Backlog: Coronis Health is familiar with all significant platforms, maintains relationships with every primary insurance carrier, and helps clients navigate new revenue streams. Coronis Health can plug in and take over your backlog in a matter of days. Our track record on handling billing backlog shows we can successfully clear up internal processes, manage redundancies, and get your claims cleared and reimbursed, enabling you to provide quality care while growing your business.
- The Personal Touch: You will be assigned an experienced account manager, based here in the United States, who understands how to help your facility succeed. You aren’t just a number. You’re on a first-name basis, additional and a phone call away. With our transparency guarantee, you see what we see. We deliver clear and digestible reports that allow you to make the best decisions for your facility.
Your Coronis Health Medical Billing Journey
We can provide flexible solutions to meet the needs of your independent hospital, and our best of the best team is here to guide you every step of the way.
Our medical billing service specialists will help you navigate the healthcare industry’s competitive landscape and find opportunities that will allow you to achieve optimum reimbursement. As your partner, we will possess a perfectionist approach to execution, accuracy, follow-up, and timeliness. We will help you employ the best practices to ensure you reduce debt and unpaid bills while maximizing your profits.
By going beyond the billing department, we can also identify the source of cash leaks and then work with your team to stop them at the source. Our business is based on maximum collection –and that means every claim. In the unlikely event a claim is underpaid or denied, our team re-evaluates and checks every detail, then re-submits. We will always recover the maximum amount. That is our commitment to every one of our clients. Our service is unmatched in the industry. Furthermore, our transparency and extensive experience in inpatient and outpatient networks allow us to provide excellent medical billing services tailored to your specific needs, allowing you to focus on what you do best.
Why Choose Coronis Health For Your Independent Hospital
While there are unique challenges to independent hospitals, the right tools, strategies, and partners will help you overcome those hurdles. We truly admire the outstanding work that independent hospitals deliver. We recognize the tremendous need for your services and have made it our mission to assist facilities like yours in achieving your financial goals. We want you to remain healthy, viable, and independent while providing the best care for your patients.
With over 100+ years of combined experience, the Coronis Health team of experts knows medical billing and coding specific to independent hospitals. We are comprised of the top medical billers in the country, pooling their global resources to bring customers the best in medical billing and revenue cycle management. We are well-versed in independent hospital services and specialties. We are also technological innovators and are fully integrated with the latest software, so we input coding instantly and execute collections fast and efficiently. Our goal is to remove the burden of medical billing and make running your independent hospital more rewarding.
Contact Coronis Health Today
Ready to find out how Coronis can help? Contact us today, or request your free financial checkup to see exactly how much lost revenue Coronis can help you collect from the start.