It may feel safer to keep as much in-house at your private practice as possible to ensure you have control and transparency over all of your financial responsibilities. However, you’re limited by what your staff has time for as well as what they’re experts in when it comes to day-to-day operations. This is where a reliable medical billing company can help expand your team and grow your revenue, all while reducing labor costs and giving your team more room to focus on what matters most: patient care.
1. Better Patient Care
With the tedious nature of filing payor claims and completing the billing process, it consumes a large part of your team members’ days, preventing them from using their focus and energy on enhancing the patient experience. Plus, unless you have found the rare people who genuinely enjoy the medical billing process, you’ll improve overall morale by having an outsourced RCM team complete the process and handle all communications with patients and insurance companies. All this adds up to more opportunities to provide above-average and memorable care, no matter your industry.
2. Fewer Billing Errors
Handling billing and claims in-house often means you rely on just a few people to keep track of all the changes in coding across multiple insurers, as well as issues such as federal or state policies and the ever-changing healthcare landscape. With our team of experts and custom automations handling your billing process, we can ensure compliance with the latest changes while reducing errors that result in denials or missed costs.
3. Lower Costs
You may be thinking about outsourcing RCM as an added cost, but in reality it can save your practice money. First, the labor savings alone mean that RCM partners often pay for themselves quickly, but also no longer needing to invest in specific software or hardware and training for those systems also cut your practice’s costs. This lowering of overhead makes it easier for your practice to be financially healthy, and can give you the freedom to grow and scale.
4. Healthier Cash Flow
Do you know how long amounts sit in your accounts receivable? Statistics show that the average days in A/R a given bill sits can top 40 for many medical practices. This number should be unacceptable, but many practices don’t have the resources to push it lower with quicker referrals and follow-ups. With PayrHealth’s RCM team handling the entire process, we can improve this statistic and maximize your cash on hand to more accurately reflect the reimbursement you’re owed each month.
5. Centralized Reporting
Depending on which systems you use for EMR, billing, and claims submission, you could have multiple softwares or locations to check to find out the status of certain amounts in your books. With PayrHealth, we provide regular updates and transparent reports of the whole picture of your revenue cycle, giving you new insight to your practice’s financial health and ensuring your trust when handing the reins over to our team.
6. Faster Billing Cycles
Finally, our RCM team speeds your revenue cycle so you get paid what you owe on time, all the time. You continue to use the systems you want in-house while our team augments your capabilities with additional labor capacity and automated workflows that makes submitting claims and tracking down bills that much faster.
Revenue Cycle Management to Help Your Practice Grow
If you’re struggling to track down amounts owed by your payors or are looking for a way to decrease the denial rates of your claims, PayrHealth can help. Our complete revenue cycle management solution gives your team expert advice and real results that helps you boost revenue and get paid more quickly than you’re used to. Learn more about how we can help you solidify your revenue cycle by calling us or contacting us online today.