Outsourced Billing Services at Medical Auditing Solutions
Do you need to outsource your billing and revenue cycle processes? Do you have a billing company but still have a large percentage of claims denied? Does your billing company meet with you monthly? Does your billing company provide education and feedback on your claims data?
If these sound familiar issues, you may need a liaison to hold your billing company accountable. You may need to outsource the revenue cycle billing and we can provide those services. Keep in mind that just because they’re a billing company doesn’t mean they’re experts.
MAS Can Help with Outsourced Billing
Over 50% of our clients outsource billing to a revenue cycle company. Unfortunately, all too often a billing company can create more problems than they solve.
The vast majority of billing companies do not provide or review reports with practice owners. Many don’t even give the medical office access to run billing reports. This is unacceptable because it leaves the medical practice vulnerable to fraud! This is how medical offices end up in financial trouble.
Compounding the problem, medical and dental offices oftentimes don’t understand what they are paying the billing company to do for them. For example, are the responsibilities and liabilities listed in your contract? Do you even have a contract? Does the billing company offshore any part of the work related to your billing which contains Personal Healthcare Information?
You can find offshore billing companies that will only charge 2-3% of all the revenue they collect but the federal government frowns upon this because you have no recourse if there is a HIPAA breach. From our experience, offshore billing leads to bad outcomes.
If your billing company only bills from a super bill and does not perform billing and coding audits, this puts your company at risk for fraud and loss.
If your office is not monitoring adjustments, sometimes billing companies erroneously write off charges instead of working the denials or sending patient statements.
Many billing companies are focused on low-hanging fruit which are smaller claims that get paid the first time they are submitted. Many times billing companies do the minimal work required, which leaves your claims uncollected and causes lost revenue.
Managing your medical practice’s billing can be challenging but an effective and efficient revenue cycle is essential for the well-being of your business. We can be your liaison with the billing company to make sure your billing is done correctly.
The liability and indemnification clause in the billing/revenue cycle/managed services company contract is critically important to understand before signing. We will review what must be done within revenue cycle processes so you can determine what the billing company is doing and what your staff needs to do.
If you collaborate with MAS, you can focus on providing direct patient care, while we train your staff and leadership on how to manage your revenue cycle.
For an effective revenue cycle, the practice owner needs to perform monthly reviews of visits to billing, month-to-month and year-to-year charges, payments, write-offs, adjustments, and accounts receivable balances. We can help you with all these steps.
We can also:
- Analyze your charge master to your contracted rates to identify nonpayments.
- Analyze your allowed charges and compare them to your deposits to determine errors in payment.
- Help you bill clean claims which will result in faster and more accurate cash flow.
If you’re not happy with your billing company, we’re glad to provide referrals to billing partners that we trust. Most of these companies do Credentialing in-house as well.