The physician payment model is continually changing. Patients are increasingly responsible for a larger portion of their medical bill thanks to high-deductible health plans. As the industry moves to value-based healthcare, the fee-for-service model is slowly going away. And practices are now being reimbursed for Medicare patients via a quality structure that triggers year-end bonuses based on performance. Physicians are facing claim denials from commercial and government payers, as their staff tries to keep up with complex insurance and coding documentation, all while finding the time needed to rework any rejected claims.
Evaluate your practice’s efficiency
With all these things at play, it’s no wonder that many medical practices don’t have as firm a grasp on their operating margin and cash flow as they might like. Your collection methods should be changing as the industry changes. It’s important to understand your revenue cycle and practice efficiency so that you might improve reimbursement rates, lessen the days spent in accounts receivable, and reduce the time, effort, and money spent collecting payment.
Managing this can be overwhelming, which is why many practices are outsourcing revenue tasks to help them get paid faster. A revenue cycle management service will:
- Verify insurance coverage before the patient visit
- Ensure claims are coded accurately
- Prepare and submit claims
- Monitor insurance payment
- Fight denied claims
- Collect patient balances
- Provide and generate on-demand reports
- Answer patient and payer questions
- Stay current with industry changes
- Allow you to focus on patients
To conduct a financial health check, download this helpful tool that will compare your collection numbers to industry best practices. To discover if a medical billing service is right for you, call 1.888.491.7900.