A healthy revenue cycle is key to any healthcare organization’s success. And the key to obtaining a healthy revenue cycle is staying on top of revenue cycle management (RCM) practices.
Without automated processes, medical providers face tremendous challenges in their daily routines as a lot of manual work is involved. To attain optimized revenue cycle management (RCM), the entire process should be outsourced to medical billing experts. A great time to outsource is when you are looking for a competitive edge for your organization.
We recommend outsourcing medical RCM so you can stay focused on your profession and leave billing and other administrative aspects to others. Medcare MSO is committed to providing the most reliable medical billing and best customer service in the industry.
If you aren’t convinced yet, here are five more reasons to outsource your medical billing and RCM.
RCM operations require a significant investment of time and money to achieve productive results. Billing software is required, and keeping an updated version is necessary, but can become a large expense.
In addition to paying biller salaries, ongoing training is required to keep up with the current changes. Outsourcing medical billing eliminates these costs for the business. In-house billers also need space to work, computers and other hardware, furniture, employee benefits, etc., all of which add to business overhead expenses.
We at Medcare MSO understand that no two medical businesses are exactly alike, so we provide tailor-made solutions to your requirements. You will never have to pay for bundled services that you don’t need.
Relief from Worry About the Latest Codes and Procedures
Staying up to date with the latest medical billing news is critical because many federal regulations are involved. Additionally, both private and government insurers make regular changes in their procedures and requirements which means you have to keep up with all of them as well, if you do your own billing.
Outsourcing your medical billing services to Medcare MSO will relieve you of this demanding task and keep your billing up to date with industry regulations and payer policies—which in turn helps you avoid claim denials due to recently outdated codes.
Focused Patient Care
Patients are of the utmost importance for every practice, and not being able to give them your full attention will result in loss of patients and revenue. Outsourcing your medical billing services to Medcare MSO will help you stay in step with the evolving healthcare industry standards of being patient-centric.
Having your time and attention free of billing concerns will help you improve your patient experience as well as boost productivity.
Highest Security Standards
Partnering with Medcare MSO gets you the highest level security available. Keeping your data safe and applying stringent safety protocols to the entire revenue cycle is a priority. All security systems are under the supervision of experienced professionals on the information technology team, which ensures no unauthorized intervention occurs.
We operate with platforms and tools that are compliant with HIPAA standards. Our IT structure is protected with a complete disaster recovery solution to ensure that your data will be safe and not lost under any circumstances.
We are also an ISO 9001:2015 certified company, continuously working on providing services with quality and consistency.
Reduced Billing Errors and Claim Denials
The above reasons to outsource medical billing are all beneficial, but the most important factor for providers, when it comes to their billing, is increasing revenue. This is where Medcare MSO’s expertise really stands out.
Even the smallest billing mistakes result in claim rejections and denials—and therefore revenue loss. By using the latest software and providing ongoing training in coding, insurer requirements and billing, we are able to ensure that our average denial rate remains at or below 5%.
Our team also keeps our clients informed of the solutions to any recurring denials on a weekly basis, so that any coding errors or problems on their end get resolved as soon as possible.
Outsourcing your medical billing helps reduce the number of claims that must be appealed. Our process for producing error-free claims not only gets you paid faster, but it also results in increased cash flow.
We provide our clients with transparent reporting that lets you know the status of all your key performance indicators that relate to your billing. Our reports not only give you important insights into your metrics, but also demonstrate how well our system is working for you.
Making use of Medcare MSO’s medical billing services lets you efficiently utilize your resources as you enjoy higher levels of profitability. In addition to medical billing, we offer a full suite of revenue cycle management services. Give us a call today at 800-640-6409 to discuss how we can help you keep your focus on providing excellent patient care, while we work on maximizing your revenue.