Running a medical practice is a complicated process that involves overseeing employees, caring for patients, and keeping an eye on overhead costs and your bottom line. Business Process Outsourcing (BPO) is an excellent way to cut overhead costs and increase customer satisfaction. Healthcare referral coordination, insurance verification, and collection assistance are just three examples of the ways in which Healthcare BPO can be an asset to a medical practice of any size.
Help potential patients get the assistance they need as quickly as possible
How much time does your practice spend speaking to potential patients you end up referring to other specialists? Wouldn’t your practice run more smoothly if you only worked with patients who actually needed your specific services? Healthcare referral coordination helps make this a reality.
When a potential patient calls in for help they can be pre-screened. If their needs are a match for your services then an appointment can be made. If they’re looking for services beyond your scope, then they can be referred to the proper physician. This is a win-win for both you and the potential patient: the time and resources of your staff are reserved for the patients you need to see and the patient can quickly get the help they need from the appropriate physician.
Reduce your accounts receivable cycle and boost revenue with insurance verification
It’s no surprise to you that 75% of all health care claims that are denied are denied because the patient in question isn’t eligible for the services their insurer is billed for. This may be due to termination or modification of the patient’s policy, which is why it’s essential to verify their insurance before proceeding with treatment.
When you hire a company to outsource insurance verification, you can reduce denial of payment due to ineligibility, and boost the number of claims sent to the insurer that are both complete and applicable to patients eligible for benefits. Pre-approval and insurance verification can prevent:
Insurance verification isn’t just for your benefit – the patient also benefits by becoming aware of their coverage and options before seeking treatment from your office.
Reduce the time your practice spends on billing and collections
If your practice is like many others, your employees spend a significant amount of time handling billing and collection services. Depending on the size of your practice, you may feel you’re left with two options: hire a full-time accounting professional who has the expertise to handle these services, but comes at a significant price, or hire an office assistant who is capable of handling most of these tasks but is not specialized enough to give you the peace of mind that zero billing mistakes are made and the most effective collection process are in place.
There is a third option: outsourcing your billing and collection services. There are numerous ways in which your practice will benefit, including:
The key is to turn to a company who understands the discretion needed in your industry. You do want to be paid the money that’s owed to your company, but you don’t want to alienate patients from the get-go. Professional revenue management and collection processors know the best way to make first, second, and third requests for payments. Your practice can focus on your patients with total confidence that your A/R needs are being expertly handled.
Bonus: Reduce billing errors and work with experts who stay up to date on regulations
According to industry estimates, as many as 80% of medical bills have some type of billing error. You know that insurance companies are extremely strict when it comes to billing and coding, and even the most minor mistake can result in a rejection. Outsource your billing, collections, authorization and verification needs and you’ll never have to worry about these issues again.
Likewise, billing rules and regulations are constantly changing. Physicians are put in the frustrating position of spending both time and money on constantly educating themselves and their staff, and updating their billing software and procedures accordingly, which can have a significant impact on cash flow and profits. Once again, the answer to this frustrating issue is to work with a dedicated outsourcing company that can handle these needs.