4 Characteristics to Look for in Best Revenue Cycle Management Companies
Medical practitioners are more focused on providing quality care to their patients. But at the same time, they remain concerned about their financial matters. Because streamlined cash flow is crucial to meet their financial needs. Therefore, the trend of hiring the best revenue cycle management companies has become a rising trend across the world.
Outsourced RCM experts have a wide range of experience to maximize payment collections by streamlining the medical billing services. However, sometimes due to the limited resources and lack of financial automation tools, healthcare providers bound themselves to the orthodox methods to manage the revenue collections. Which results in claims denials, revenue loss, and disruption in cash flow respectively.
According to a report from Sage Growth Partners, healthcare providers have to face more than $10 million in bad debt annually. Unfortunately, the situation is worsening due to the high percentage of claim denials.
The major reason for this situation is the inefficiencies in the medical billing services. So, due to the increasing responsibilities, healthcare providers are looking for the best revenue cycle management companies to revamp and automate their revenue collection process.
Moreover, with the help of reliable revenue collection agencies, you can process the medical claims to get paid faster. Outsourced RCM specialists can increase clean claims as high as 99% and uplift their bottom line. They reduce your responsibilities and enable you to spend a considerable amount of time with your patients.
If you have decided to outsource medical billing services, then you should select the medical billing company carefully. Because a wrong decision in the selection can put your medical practice at risk. You should analyze the following characteristics while searching for a dependable revenue collections agency.
Extensive Industry Experience
Due to the recent changes in the healthcare industry, revenue collection management has become extremely complicated. Therefore, it is important for healthcare providers to join hands with rcm experts having extensive industry experience.
The long years of experience give them wisdom and understanding to deal with the complications in the medical billing process. Which is very important to streamline the cash flow of your medical practice. Moreover, they keep themselves updated with the constant evolutions as the medical billing landscape is always changing.
The experienced and best revenue cycle management companies are less prone to errors as compared to the newer companies. If you hire inexperienced medical billing experts, then you have to face a high rate of claim denials, which slows down the entire revenue collection management
So you should make a list of medical billing service providers and then analyze their past experience, number of years in the market, and more importantly their reputation.
In addition to this, you should make sure that the selected medical billing company understands the specific needs of your practice. Because your investment is useless if billing experts don’t offer specialty-specific tools and services to help your practice work at its best pace. Therefore, you should choose a revenue cycle management company that supports your specialty.
Advanced Technology
Gone are the days, when paper medical claims had to be submitted manually. In this modern world, technological advancements have caused a great enhancement in the medical billing process.
With the help of advanced billing tools, experts are capable of automatically tracking and integrating accounting functions such as accounts payable and accounts receivable. The electronic submission of claims has replaced the manual filing. Which decreases the chances of human errors.
So, in this fast-paced digital world, technology cannot be compromised at any cost. Because automation in every part of the revenue collections management has become a need of the hour.
Therefore, you should give preference to the best revenue cycle management companies, having access to the cutting-edge technology cloud-based practice management and billing software. Which increases the efficiency of healthcare revenue cycle management.
Expert Team of Billers
Another important factor that you should look for is the expert team of medical billers and coders. As we have already discussed that medical billing is a time-consuming and complicated process. Which requires special attention and expertise.
So when you choose an RCM company. Make sure that it holds a well-experienced and dedicated billing team. The expertise of the team working on your revenue collections management ensure efficiency in processing the medical claims.
The off-shore billing company must have multispecialty coders certified by AAPC. Because highly trained coders are crucial to avoid medical coding errors i.e. upcoding, unbundling, over coding, and other errors. So, before making any decision, it is essential to analyze the billing team’s qualification, certification, and experience.
Best revenue cycle management companies offer your practice an expert team of billers. They ensure the submission of error-free medical claims in a timely manner. However, if you are going to make a compromise on the qualification and experience of your partners for medical billing, then you may face dire consequences in terms of claims denials and financial well-being.
Outsourcing healthcare services can be an effective way for healthcare providers to manage their revenue cycle and reduce administrative burdens. By partnering with a reputable revenue cycle management company, healthcare providers can benefit from an expert team of billers who have the necessary qualifications and experience to submit error-free medical claims in a timely manner.
However, it is important for healthcare providers to choose their outsourcing partner carefully, as compromising on the quality of the partner can have dire consequences. For example, if the partner does not have a strong track record of success with medical billing, healthcare providers may face an increased risk of claims denials and financial instability.
In addition to expertise in medical billing, healthcare providers should also look for a partner that offers quality customer support. This is important because accessible customer support can help ensure that healthcare providers have the help they need, when they need it. With the right partner in place, healthcare providers can focus on delivering high-quality patient care, while their revenue cycle management needs are taken care of by experts in the field.
Furthermore, healthcare providers must choose a partner that also offers quality customer support. Because accessible customer support is necessary to make sure your staff has the help in needs, the moment it needs it.
Security and Transparency
Healthcare providers must carefully analyze the security policies of short-listed revenue cycle management companies. Because outsourcing is a big decision and you are going to share your confidential information with a third party.
So in order to safeguard your interest, you should hire an ISO-certified as well as HIPAA compliant medical billing agency. This gives you the peace of mind knowing that outsourced billing experts will protect health information from mismanagement, cyber attacks, and theft.
Moreover, you should look deeply into the transparency practices of the selected RCM agency. So you can have timely information about the complete financial data including collections, filed claims, denials, charges, and payment summary in real-time.
Are you searching for the best revenue cycle management companies in the United States? Medcare MSO is a multi-specialty medical billing company with over 12 years of experience. Our highly trained RCM experts help healthcare providers to stabilize their cash flow and increase profitability.