The two most important positions in the success of any healthcare practice is the physician and the medical biller. While the physicians work hard to provide the best care to the patient it is expected of the biller to ensure optimal reimbursement for the physicians. We keep talking to independent physician practices and we are often told their practice is losing money all the time! Some would say too many claim denials is rocking their boat, others would say the AR is so out of control. This is not acceptable alright, but the real question is why does this happen?
Well, it all comes down to what kind of medical billing company are you working with. If the goals of your billing arrangement are not aligned with your healthcare practice’s financial goals, chances are you will not be able to meet your goals and eventually will run into a cash flow issue. Cash flow is the lifeline of any business and your medical practice is no different. So, if you are losing money let us take a deeper look into what is your current billing arrangement and what to expect.
National Medical Billing Companies-
Almost all large national billing companies are chasing big wall street payout. These private equity backed companies are REQUIRED to hit growth and profitability target or the C-suite gets replaced. This has created a highly competitive environment triggering a race to the bottom on Price to hit growth expectations. As a result, majority of these set ups are now just working like a middleman, their sales team will reach out and show you a really rosy picture, offer you prices that will be hard to resist and once you sign on the dotted line the whole work will be outsourced to someone else at cheap prices. That point on you will just keep chasing them and will never get the effective billing service you were once promised. These billing companies have just one focus, that is to improve their EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) they are not worried about optimizing your coding or clean claims submission or doing followup with the insurance to collect on outstanding bills. These are things that are totally missing from their agenda and part of the other set up that really does your work. But the real set up doing your work is not paid well enough by the middleman causing a severe breakdown in quality and service. So, their goals are met but yours are not!
Now if this is your arrangement, think again do you really deserve this?
Local “Mom and Pop” Shop –
These local billing companies are available to you locally and if you want to meet with them once of twice a month, that is not a problem, but apart from this what do you really get? Not much I am sure.
These set up generally lack the expertise and the ability to scale up. So, it is not even fair to expect them to leverage technology and domain expertise and optimize your billing to maximize revenue. But them lacking in expertise should not stop you from expecting what is best for your practice. Infact the whole reason you outsourced your billing was to get away from billing and focus on what you do best, patient care.
If this is your current arrangement and you believe you are losing money, that is not a trend that is going to stop anytime soon. You would have felt this yourself and now you need to make a great decision and move on to improve your cashflow and inject some much-needed life into your practice before it is too late.
Software Companies Pretending To Be Medical Billing Service –
This is a new trend that has developed in the last 5 years or so. And no one can really fault you, if you fell for the trap. There are hundreds like you who have made the same mistake. You can find these folks everywhere, you go to a seminar they will have the biggest booths, you are online you will see their ads a dozen times, it is quite difficult to miss them. They will offer you great billing rates and why so, because their main goal is to sell their software and they will pick up your billing on the side. Again, they are not the ones who really do the billing, the billing is often done elsewhere, and the same cost prohibition applies and creates a similar lack of service and quality, resulting in your practice losing money. True their software may be good enough and they may also have the right technology but at the end of a day you do not a software developer doing your coding and billing.
Also, as a matter of fact these companies sign the most of number of clients in a year and also lose the max number of clients each year once the physicians realize what they just got themselves into and why it is not going to work.
In-house Billing –
You may also be tempted to bring it back in house but why did you outsource in the first place, because you went to the medical school to learn medicine and you were never taught how to code or how to be a biller and you don’t want to be a biller, do you? The only things you can achieve by bringing it back in house is adding huge human resource headache and all the similar issues as a “mom & pop”. You definitely deserve better than that.
Why should You Create a Partnership with Cosentus !
To ensure you give the best chance for your medical practice to succeed you need to create a true partnership with an experienced and trusted team with the ability to provide a highly optimized and customized solution. A partner who is willing to align their focus with your goals. Someone with deep domain expertise and technology to optimize your billing in a big way and demonstrate sustained results. Moreover, a partner that is free from the influence of venture capital to align incentives. Choose Cosentus!
We are the most effective revenue cycle operation in the nation with two decades of deep domain expertise, with focus on quality, execution, consistency and transparency. Tight interdepartmental integration ensures quality of service never becomes cost prohibitive for us. We own your goals and deliver beyond your expectations because we put people to your account, people that are highly qualified, trained and skillful. Here is what you can expect in terms of results:
- 48 hours service to submission
- 99% clean claims submission
- 100% payer contract enforcement
- 80:20 Model, our 80% effort goes into resolving 20% of claims that do not get paid automatically and that one else really cares about anymore
- 100% AR touch every 30 days
- Denial Tracking and Preventive Denial Management
- Client service that will delight you, we always answer your call, no voicemail business
- We are a different kind of billing company because we never leave money, your money on the table, we continuously keep striving to drive your revenue up
- Documentation improvement support for physicians
If you want to stop losing money and increase your revenue by 20-30%, choose a billing partner that knows what they are doing and only knows to do it the best way.
Choose Well Choose Cosentus!
We offer a FREE comprehensive analysis of your billing and coding, no obligations! We do this, so you can see for yourself where your healthcare revenue cycle stand at this present and what improvements can be made. We provide you with a road-map to improve your revenue be it with us or the partner of your choice. Avail your free analysis today, if nothing else you will know what to ask your Medical Billing Company about and how to demand performance! And again, it is truly FREE and with no obligations!
Why Settle When More Awaits!