REVENUE CYCLE MANAGEMENT
Revenue cycle management is not for the faint of heart. Processing claims, imputing thousands of codes for thousands of medical services, dealing with denied claims, and keeping insurance companies up-to-date on patient insurance information is demanding and challenging. Furthermore, having medical codes change regularly as well as medical laws (both federal and state) is a lot to keep up with. Revivify Revenue Cycle Consulting (RRCC) are experts in medical billing and coding. With decades of experience in handling insurance claims and utilizing technology to improve our processes while providing our clients with valuable date they need to improve their medical practices, RRCC is the best revenue cycle management company.
Many physicians and other medical professionals prefer to keep their medical billing in-house for a variety of reasons: more control over the entire revenue cycle process, more control over patient experience, and no extra upfront costs to the medical practice. However, RRCC believes the benefits of hiring a medical billing service far outweighs the negatives. The key is hiring the right medical billing practice. RRCC always begins the process of hiring a medical billing company with a consultation. This gives us a chance to get to know the potential client, what the client specializes in, and what specifics the client is seeking in medical billing services. We believe there are two main reasons to outsource medical billing services.
TWO MAIN REASONS TO OUTSOURCE MEDICAL BILLING SERVICES
- Change in laws. With the passage of Health Insurance Portability and Accountability Act of 1996 (HIPAA), many medical practices have clamped down on who has access to patients’ health records. Still, medical practices are targets of hackers due to the fact all the information about a person is found in one place. HIPAA affects medical billing in terms of the national standards for electronic healthcare transactions and national identifiers for providers, health insurance plans, and employers. Medical coding and billing changes constantly, as do the laws regarding the healthcare industry. A professional medical billing company keeps up on all of these changes, relieving your in house staff and ensuring compliance with all healthcare laws, which, in the long run, prevents any fines from the federal and/or state governments.
- Employee retention. This is an often overlooked reason for outsourcing medical billing. Let’s face it, the front office staff of your medical practice work hard. They answer the phones and patiently answer any questions patients may have. They check in patients and collect their medical information and copays if applicable or any other upfront payments. They manage physician’s schedules, check patients out, sign HIPAA forms, and perform a host of other duties that vary throughout the day. Adding on medical billing to their already busy schedules can be enough to have your staff looking elsewhere for a job. With the thousands of codes, changes in codes, and changes in the healthcare laws, medical coding and billing can be extremely frustrating and not for everyone. Having the pressure and responsibility of the financial viability of your medical practice on the shoulders of your front office staff can be stressful, demanding, and counter-productive to all the other tasks. Hiring a medical billing services company can relieve the burden and the heavy responsibility of ensuring the practice gets paid from the shoulders of your front office staff, so they can focus on patient care.
Medical billing companies are professionals in all aspects of revenue cycle management. From processing claims to speaking to insurance companies to dealing with denials, medical billing specialists are efficient and compliant. Revenue cycle management is detailed and can require hours and hours of employee training. Let the professionals relieve your staff and ensure compliance. Contact Revivify Revenue Cycle Consulting (RRCC) today for your free medical billing consultation!
We Eliminate the Challenges of In-House Billing
For many care providers, collecting and processing payments is one of their least favorite things to do. Why? Because billing is almost as complex as their patients’ bodies. It takes years of education and experience to keep medical billing systems compliant, correct, and trouble-free. It’s just the nature of the system. Here are just a few of the challenges that can stop your team in its tracks.
- Claims denials
- Prior authorization and benefit verification requirements
- Ever-changing regulations
- Complex insurance plans and accountable care organizations (ACOs)
- Hospital and government reporting standards
- Patient balances
- Payer reimbursements and relationships
However inscrutable it may be, medical billing is the lifeblood of your practice. If you aren’t billing your patients and their insurance plans, your practice won’t stay in business very long. Instead of trying to make it work on your own, turn to our ethical, experienced team. Schedule a free consultation to learn more!