Revenue cycle management (RCM) is critical to the financial viability of physician practices and is one of the top daily challenges practices face. A recent Advisory Board study found that even among high-performing healthcare organizations, days in A/R—the average number of days it takes for an organization to be paid the amount due—has gradually worsened since 2011. Outsourcing RCM may be a great option to help practices reduce their days in A/R with better end results. Here are some of the main reasons for outsourcing to a reputable medical billing company.
1. Better Patient Care
Healthcare revenue cycle management is complex and labor-intensive. An experienced RCM vendor stays up-to-date with industry changes and effectively manages your billing process. Outsourcing RCM allows physician practices to spend more time enhancing their patient care and experience. Your staff can focus on providing exceptional customer service without having to handle billing issues—resulting in happier patients, higher employee morale and better productivity. Ultimate Billing Revenue Cycle Management (Ultimate Billing RCM) provides advanced medical billing services and technologies that help you get paid, simplify work and improve the delivery of your patient services. Ultimate Billing RCM manages all your billing issues and lets you get to patient care faster.
2. Less Billing Errors
Medical billing is full of opportunities for errors, impacting everything from medical coding to claims denial management to payment posting. Billing mistakes hurt your practice’s bottom line. It’s crucial for practices to strive for clean claims, which contain no mistakes and are quickly processed by the payer. Hiring a certified professional coder helps ensure claims are clean and accurately submitted in a timely manner, which is crucial for achieving revenue integrity and speeding up payment times. Ultimate Billing RCM uses an experienced team of certified coders, along with comprehensive claims scrubbing rules. Ultimate Billing RCM can spot claims errors and omissions before claims are submitted and prompt staff for follow-up, helping you achieve extremely low denial rates. Ultimate Billing RCM regularly keeps up with coding updates and can provide education to physicians on the correct codes to support clean claims and speed up payments.
3. Cut Costs
Maintaining your RCM operations can be costly and require a lot of time and effort. You may also have to invest in ongoing training and maintain billing software & hardware. Outsourcing your revenue cycle to a dedicated team of experts saves you money and time associated with in-house billing—an experienced outsourced RCM team also guarantees maximum claim reimbursements. All this leads to lower overhead and office infrastructure costs, and more payments in the door. With Ultimate Billing RCM, you get high-quality revenue cycle services for lower cost. Ultimate Billing RCM’s professional team becomes an extension of your office staff to effectively manage your claims and boost your revenue. Ultimate Billing RCM helps you track revenue through its Revenue at Risk dashboard that shows appointments for which claims have not been posted in order to minimize financial loss. And Ultimate Billing RCM provides transparency and robust reporting capabilities to efficiently monitor your revenue cycle performance.
4. Improved Cash Flow
The old adage, “cash is king”, is never more true than for medical practices. And revenue cycle management is at the heart of a practice’s financial health—the faster your practice gets paid, the healthier your business operations. If your number of days in A/R is greater than 40, then you may want to consider improving this number. Payment delays directly impact your cash flow. Minimizing days in A/R and claim denials are key to maximizing your revenue. Ultimate Billing RCM specializes in cleaner claim submissions and shorter payment cycles so that practices get reimbursed as fast as possible. Ultimate Billing posts charges on a daily basis, denials are worked daily, and our professional coders follow up with payers each time a claim is submitted to ensure you get more money faster, increasing your cash flow.
5. Ensure Billing Compliance
One key to a practice’s enhanced revenue cycle performance is keeping pace with federal initiatives such as value-based purchasing, meaningful use and implementation of ICD-10. Practices also need to put in extra time and resources to maintain the training of their RCM staff on federal mandates. RCM outsourcing lets practices easily keep up with changing conditions, from industry regulations to payer policies. Partnering with Ultimate Billing RCM ensures that your practice maintains regulatory compliance while increasing its revenue. Ultimate Billing’s experienced billers and coders excel at working in industry-standard practice management and billing systems, giving practices optimal billing and first-time claim acceptance rates that average over 98%. Ultimate Billing RCM’s robust reporting capabilities help your practice meet its meaningful use reporting requirements in order to collect incentives and improve patient care.
6. No Staffing Issues
Managing an RCM team is an ongoing challenge as many practices struggle with resource limitations and having to hire, train and retrain staff. There is also a shortage of certified coders and high competition for coders across the healthcare industry. And certified coders need to be able to maintain their certifications. Physician practices experiencing low coder productivity & qualifications and ineffective patient payment collections should consider partnering with an RCM vendor. The partner’s supplemental staff can fill in gaps where resources or expertise are lacking. Engaging an experienced partner like Ultimate Billing solves all your staffing issues. Ultimate Billing RCM works with your practice to provide experienced resources for all revenue cycle engagements—you can fully outsource your RCM team or choose to have an Ultimate Billing team working alongside your internal RCM team. And Ultimate Billing’s staff works with your practice to maintain your RCM workflow when your coders are absent or you are experiencing coding backlogs.
7. Lower Claim Denial Rate
One of the hardest problems a practice faces is filing clean claims with insurance carriers—navigating insurance companies and their ever-changing requirements. Outsourcing RCM is a great way to achieve fewer denied claims so that your practice gets paid faster. An expert billing company can take the weight off your practice’s shoulders by identifying commonalities in the types of denials received and correcting their root causes to accelerate your reimbursements. Ultimate Billing RCM works denials on a daily basis and is diligent in appealing denials with payers. Ultimate Billing RCM’s certified coders are fluent in all coding guidelines and insurer requirements, ensuring that your practice submits accurate and thorough claims that will be accepted the first time.
8. Better Security
SecurityGreat RCM outsourcing companies have HIPAA compliant and secure medical billing processes in place for data protection. They invest in strong security systems and regularly keep pace with the latest updates. Ultimate Billing RCM ensures the security of your data and integrity of information transmitted. All Ultimate Billing platforms maintain a multi-layered security program that utilizes leading commercial technology to provide defense against both external and internal attacks. Ultimate Billing maintains a full-time staff of certified information security professionals to manage its security program. Ultimate Billing operates an ISO 27001, SSAE 16 and HIPAA compliant data center with a hardened exterior sitting on dual power grids, employing generator backup and 24/7/365 closed circuit and manned monitoring. Ultimate Billing uses the latest backup methodologies with a comprehensive disaster recovery program.
9. Increase Revenue without Disrupting Your Existing Workflows
Changing technologies is a major event for most businesses. And having to change practice management or EHR systems seems monumental for a busy medical practice: Ultimate Billing RCM is easy to use and implement, AND you don’t need to change your existing systems! Ultimate Billing interfaces to your existing practice management and EHR platforms—there’s no new software to learn, no conversions to make. Ultimate Billing offers Open RCM which means you don’t have to change your current platforms if you don’t want to, while using our RCM services. Ultimate Billing can manage your revenue cycle on your existing platforms, OR we can supply billing technologies interfaced to your clinical EHR system, OR we can supply all the systems your practice needs for successful administrative and clinical operations. Whichever path works for your practice, Open RCM gives you the flexibility to quickly improve your revenue cycle management without disrupting your practice.
10. Achieve Timely & Accurate Billing
The kiss of death for a practice is not filing claims on time or getting claims rejected by insurance companies. It always leads to getting paid less! Often this is because their current billing service doesn’t work hard or their existing billing staff is costly and lacks the expertise to perform billing in an accurate and timely manner. Ultimate Billing is recognized as a leader by KLAS for our billing services. Ultimate Billing has a proven track record of getting results and performing many functions other billing services do not, including complete claims preparation and submission, denial management and A/R management.
Physician practices that don’t have internal expertise with coding, billing, or working denials can increase revenue by outsourcing to a reputable RCM company. The outsourced company has the knowledge and resources to submit your claims faster and with fewer errors so that you get payments from payers in the shortest amount of time. Your reimbursements are maximized and your business profitability increases while the outsourced RCM company does the heavy lifting for your practice.