Few things have a more profound impact on your practice’s bottom line than your cash flow’s reimbursement rates. Consider estimates by Management and Business Academy Key Metrics which show approximately 67 percent of income from exams comes from third-party payers, underscoring how critical accurate, timely billing is for maintaining cash flow.
If your income metrics – and revenue cycle – are falling short of your goals, below are some considerations for reviving your practice’s bottom line.
• Avoid draining revenue with unnecessary expenses
Two big drains on revenues that can cost practices money occur when the in-house billing staff has trouble keeping up with the ever-changing coding and billing regulations. Bills may be sent late, with errors or worse, overlooked. Then there’s the cost of all those expensive but necessary billing and practice management software upgrades.
Outsourced medical billing can save practices money on equipment and software as well as lost billing time in the revenue cycle due to employee illness or an unplanned departure. Having professional claims processors in charge of your coding and billing also means fewer errors or overlooked claims, with faster reimbursements and better control over your revenue cycle.
• ·Higher reimbursement rates equal improved income
When claims are delayed in submission or must be resubmitted, reimbursement time is lost in that billing cycle with more money lost in wasted time, payroll costs, and less productivity. Your billing department’s “first-pass rate” claims resolution goal should be at least 90 percent; a significantly lower figure means trouble.
As stated above, an experienced medical billing service can bring those important numbers up – and keep them there, ensuring your claims are submitted and your reimbursements are received in a timely manner.
• Reduce the number of unpaid claims sitting in Accounts Receivables
This brings us to Accounts Receivables (A/R) and tracking the length of time it takes to be paid. When was the last time you had an audit performed for your A/R? Could your office be writing off too many accounts that should have been collectable? The longer a claim sits, the more likely it will have to be written off, costing you money.
A medical billing service that offers practice management assistance can not only get bills out the door faster with improved accuracy but can help pinpoint through auditing where money leaks are happening. The result is fewer write¬¬-offs for your practice with more collectable accounts. Whether considering medical billing companies in Houston or nearby medical billing in Katy, health care providers have more choices for outsourced medical billing than ever.
• Where should you turn for help with improving cash flow?
A thorough assessment of your A/R, expenses, and other factors is the first step in getting control of revenue cycle management. Having a complete audit of your accounts and practice assessment can help evaluate your practice’s strengths and which areas, such as compliance or just streamlining workflow, need more attention.
About Right Medical Billing
If your practice is looking to revitalize its fading cash flow, consider lowering costs and improving revenues with an outsourced medical billing service such as Right Medical Billing. With more than 30 years of combined experience, RMB’s staff members have the knowledge, experience, skillset and dedication to provide you with the quality medical coding and billing you need. RMB takes the time to learn about your practice’s specific needs. Right Medical Billing offers much more than certified coding: We partner with our clients, providing training for staff members and patient billing support. Our ultimate goal is to improve your overall billing practices and insurance claim acceptance rate to increase your revenue. If you wish to improve the workflow and revenue of your practice today, contact Right Medical Billing and speak with one of your specialist to see how we can help you and your practice improve.