It’s challenging to choose a new medical billing service or establish an outside billing partnership for the first time. Your choice of a new partner will impact everything from your employees’ daily levels of stress to your company’s overall financial stability.
The right revenue cycle management (RCM) partner will keep your organization profitable, compliant, and motivated to provide excellent patient care. A forward-thinking RCM partner can even help you make a positive transformation, like shifting from a fee-for-service to a value-based healthcare model.
As you make your decision, here are 4 important things to keep in mind about medical billing service partners.
Medical billing is a highly complex process involving much more than just the basics of managing patients’ amounts due. Billing is an ongoing opportunity to take proactive steps toward achieving consistent, profitable targeted revenue-enhancement.
Your billing partner should have the expertise to identify areas for improvement and bring them up for consideration. They should also have the skills it takes to consistently lower medical billing errors, conduct accurate billing, and relieve burdens on your staff.
Accomplishing all this takes extensive experience. Before signing on the dotted line to start a new partnership, inquire about experience and background with the precise types of medical billing services your organization needs.
As a billing partner, Altruis builds strong relationships with provider organizations through clear, consistent communication. As a result, billing processes are smooth and any issues are resolved quickly.
Your billing partner should have the skills and personnel to maintain strong communication at all times while looking for fresh revenue opportunities. For example, Altruis reviews the top reason for denials and rejections with our clients each month. We identify actions to be taken to address and eliminate them in the future by providing insights into system changes, training that may be required at the front desk or for the providers. This maximizes insurance collections enabling your healthcare organization to collect more from the average insurance reimbursement, strengthening your revenue.
Does your medical billing service partner use a comprehensive approach? A comprehensive approach to billing includes a variety of activities, all ultimately directed at improving billing efficiency and effectiveness for your healthcare company.
Hallmarks of a comprehensive approach to billing include:
A comprehensive approach prevents lapses in collections and stays ahead of the game in terms of pursuing the revenue your organization deserves for providing its services. This approach always claims every dollar possible and then goes one step further, looking for ways to claim more dollars in the future.
From standard back-office billing functions like medical credentialing to front-office strategies like creating value-based care assessments, your billing partner leads the way in streamlining your financial operations. They go beyond the basics to enhance your business.
Some billing partners focus only on the numbers and treat you as a commodity. They don’t see you as a true partner in the process, brushing you off and failing to meet your needs.
Instead, you need an ethical and trustworthy partner who always puts your needs first. This type of relationship is built on a foundation of trust and mutual respect. What do you expect from your best employees and colleagues? This is what you should expect from your medical billing service partner.
Choosing a new billing partner is similar to hiring a new CFO. You’ll select the right applicant and entrust aspects of your financial wellness to this skilled, knowledgeable expert. Make the right choice, and you’ll preserve your company’s stability and integrity as you move forward together into a brighter future.
For more information about making a change to your medical billing services, please schedule a call with Altruis. We understand what it takes to help you succeed in healthcare.