Finding affordable solutions for the top challenges in revenue cycle management for small and mid-sized medical practices may not be as difficult as you think. Efficiency and profitability should always be at the top of mind. Finding that sweet spot is an essential ingredient in running a successful medical practice.
The Difference Between Thriving and Surviving
Most small practices are drowning in paperwork. Unfortunately, the paper consists of insurance denials, incomplete invoices, returned claims, and patient collections, to name just a few. We certainly don’t have to tell you what keeps you from a thriving practice. You live it every day.
Your practice’s success relies on how accurately you bill and how much of your billed services you can collect. It sounds pretty simple, yet it is hardly that simple. So, what is holding you back?
Common Issues in Revenue Cycle Management
It might be one or a combination of the following.
Limitation of Resources and Budget Constraints
This affects many parts of your practice, starting with staff limits. The result is that you play “musical tasks” with staff members who must juggle multiple roles. This not only leaves you shorthanded on many days, but it also makes others deal with unfamiliar duties as they pick up the slack. In turn, this can lead to inefficiencies and lost money.
Budget constraints limit an investment in RCM software or a specialized billing service like Newland Medical Billing and Management with a team of billing experts. Don’t automatically assume this is beyond your reach. Contact them for an estimate..
Training Issues and a High Error Rate
If your staff is not adequately trained on billing procedures while using manual data entry, it can lead to errors and claim denials. Consider instituting a denial tracking system and audits to look for errors before sending claims.
Billing Complexities
Delayed payments and denials become more frequent unless staff is familiar with and applies accurate billing codes.
Patient Collections
With more high-deductible insurance plans, practices must face the challenge of collecting payments from individual patients. An online patient portal that allows patients to make payments at any time can make this easier.
Affordable Solutions for a Thriving Practice
There are multiple pitfalls when everything is performed in-house. Some can be eliminated by better training of billing staff, audits on collections, or better software.
Benefits of Outsourcing Medical Billing
Another solution that can jump-start your practice is outsourcing your billing needs to Newland Medical Billing and Management so you can gain the following advantages:
- An expert group of billing professionals who know all the complexities of medical billing
- You will be kept up to date with billing guidelines and compliance, leading to reduced risk of denials
- Efficient management of claim denials with claim scrubbing to identify potential denials before submission
- You will save money on salaries, taxes, and insurance by forgoing in-house billing.
- You will have access to sophisticated software without dealing with the yearly maintenance costs and the IT infrastructure needed to run the system.
- Clean claims increased up to 97%
- Enhanced RCM = consistent cash flow
Contact Newland Medical Billing and Management at 947-210-5612 to increase revenue through revenue cycle management, efficiency, fewer administrative tasks, and the freedom to focus on your core mission of prioritizing patient care and satisfaction.
Sources:
(3) 10 Reasons to Outsource Your Medical Billing and Reclaim Focus on Patient Care | LinkedIn
