The two most important positions in the success of any healthcare practice when it comes to increasing revenue 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 are rocking their boat, others would say the AR is so out of control. This is certainly not acceptable, but the real question is why does this happen?
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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’s take a deeper look into your current billing arrangement and what to expect.
National Medical Billing Companies-
Almost all large national billing companies are chasing big wall street payouts. These private equity-backed companies are REQUIRED to hit growth and profitability targets 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, the 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. From 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, clean claims submission, or doing follow-up with the insurance to collect on outstanding bills. These are the 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. In the end, 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 homegrown billing companies are available to you locally and if you want to meet with them once or twice a month, that is not a problem. But apart from this, what do you really get? Honestly – not much more.
These set ups generally lack the expertise and the ability to scale up. So, it is not fair to expect them to leverage technology and domain expertise and optimize your billing to maximize revenue. Their lack of expertise should not stop you from expecting what is best for your practice. In fact, the whole reason you outsourced your billing was to get away from business of billing and focus on what you do best - patient care.
If this is your current arrangement and you believe you are losing money, this 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 cash flow 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. No one can really fault you if you fell for this 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; 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? Their main goal is to sell their software, so 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 want a software developer doing your coding and billing.
As a matter of fact, these companies sign the most of number of new clients in a year, yet they also lose the most number of clients each year once the physicians realize what they got themselves into and why it is not going to work.
Check out: 6 Top Medical Billing Mistakes That Cause Denials
In-house Billing –
You may be tempted to bring it all back in-house, but why did you outsource in the first place? Because you went to medical school to learn medicine; you were never taught how to code or how to be a biller and you do not want to be a biller, do you? The only things you can achieve by bringing it back in-house is adding a 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 focused 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 knows how 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. Obtain 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!