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Healthcare Revenue Cycle Management
Healthcare Revenue Cycle Management
In the present state of affairs, the medical billing companies have been facing
anomalous issues due to constant technical and software up-gradation, initiation of
novel medical reforms and a multitude of insurance carrier policy changes. Medical
billing can be very demanding and challenging for many medical firms which lack
skilled manpower to perform the tasks efficiently. And thus to alleviate such concerns
Outsourcing comes into picture.
The various features which makes Outsourcing stand apart from the traditional
methods includes:
Cost: The total capital involved in Outsourcing includes solely the partnering
cost which is thin on the ground compared to the labour cost, claim
processing costs and hardware and software cost that are intricate in In-
House Medical Billing. An average company spends about 30-40% of their
collections on Medical Billing, and this could be saved through Outsourcing
where the capital spent on training and updating software could be avoided.
Claim Denials is one of the primary knots to be untied periodically and to have
a closer shave on it on a regular basis a highly qualified staff is necessitated.
A competent pool of staff pinpoints the root cause of claim denials and
dissects it to identify the problem area for the claim rejection and
subsequently works on it to correct them and refill the claims without any
further delay. Also necessary steps are taken to avoid the denials with similar
patterns arising by-and-by.
Timely follow-up is an utmost requisite for any firm that has direct linkage with
the customers. And thus a good Accounts Receivable (AR) Team with a
functional and logical plan will keep a constant trace on the logged claims and
makes sure that the dues are settled within the stipulated time of 30 days
thereby ensuring no underpayment or over-payment.
A good rapport with the customers paves the way for a smooth functioning of
the financial section and thus it is highly mandated to maintain a good
relationship with the patients so as to avoid any delay in the payments. And a
level-headed medical billing company keeps a constant follow-up with the
patients through emails and phone calls, which makes it easier to receive the
dues within the given duration.
Auditing provides efficiency and profitability to any firm or organization. Such
frequent audit helps in maintaining the transparency, provides assurance to
the end users and also helps in learning the areas of improvement. The report
thus generated includes AR Reports, Outstanding Payments Reports, etc.
These reports thereby help the Medical Billing Companies to achieve the
objective in discharging the functions.
Profitable Revenue
The primary goal of all Medical Billing Companies is to earn profit, not only for
themselves but also for the patients. But in the current scenario, these companies
face huge revenue loss due to multiple areas of governance which includes hours of
investment in medical coding services and digging ways to get back the mislaid
money on denied money claims.
Medical Billing
In a pool of competitors all around, any organization for the matter of fact needs to
validate its stand in the market. And if it isn’t able to make it to the top 10 list, it’s high
time to check for the alternate proceedings that would help attain the top spot.
Medical Outsourcing is one important modification that needs to be undertaken for
an exponential Revenue growth. Not only does a physician or hospital provider need
to provide optimal patient care, but they must also translate that quality care into
complete documentation and subsequent accurate codes to survive and facilitate
accurate reimbursement. Outsourcing renders an added coign of vantage. It
includes:
Trust is the most important business and brand asset one can manage,
especially in relationships with customers, clients, employees, or customers.
The challenge with trust is that one cannot buy it or force customers to believe
one’s organization is trustworthy. The company must work to earn trust
through its services. E-Rad, an offshore medical billing company streamlines
its services and strives to accomplish and retain the trust by working efficiently
and delivers the aforementioned output with exceptional accuracy in the given
window. Thus, it leaves no room for any revenue loss but instead helps the
company grow substantially thereby retaining the Brand Value.
Outsourcing medical coding services to India helps to save on time, effort and
resources. Moreover, the added benefit of Outsourcing to Indian Companies
is that the Indian coders are professional, skilled and well-versed in
International Coding practises. Also, the Indian companies constantly develop
and refine internal compliances of contract to meet the requirements of the
customers. e-Rad has a professional and well-trained team of proficient
medical coders with relevant experience in delivering high- quality medical
coding services within the stipulated TAT. The benefit doesn’t terminate here
but instead opens door to several added merits. It includes:
Indian Time Zone falls under Indian Standard Time (IST) which is 9 hours and
30 minutes ahead of the US Time Zone (GMT -4), this would avail an added
advantage of outsourcing if provided to Indian vendors, as the medical billing
and coding services could be delivered 12 hours prior.
Outsourcing the billing processes to a third party vendor is truly safe as they
have a HIPAA- compliant and offer 100% security to safeguard against any
hacking attempts and ensure that the data breaches are completely avoided.
Thereby, the personal details and private health information of all patients are
protected.