Medical Billing, Credentialing and Consulting | CPa Medical Billing https://www.cpamedicalbilling.com Outsourced Medical Billing And Coding Thu, 15 Oct 2020 17:15:14 +0000 en-US hourly 1 https://wordpress.org/?v=5.5.1 https://www.cpamedicalbilling.com/wp-content/uploads/2020/06/cropped-cpa-favicon-32x32.jpeg Medical Billing, Credentialing and Consulting | CPa Medical Billing https://www.cpamedicalbilling.com 32 32 8 Benefits Of Hiring A Medical Billing Company For Your Healthcare Facility https://www.cpamedicalbilling.com/8-benefits-of-hiring-a-medical-billing-company-for-your-healthcare-facility/ https://www.cpamedicalbilling.com/8-benefits-of-hiring-a-medical-billing-company-for-your-healthcare-facility/#respond Thu, 15 Oct 2020 17:06:29 +0000 https://www.cpamedicalbilling.com/?p=647 How does outsourcing medical billing services lead to an excellent return on investment? There is never a dull moment inside most healthcare facilities. Everyone is always busy, most employees wear multiple hats, and all hands are on deck to get essential tasks completed.  Aside from dealing with patients, staff is dealing with patients’ families, verifying…

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How does outsourcing medical billing services lead to an excellent return on investment?

There is never a dull moment inside most healthcare facilities. Everyone is always busy, most employees wear multiple hats, and all hands are on deck to get essential tasks completed. 

Aside from dealing with patients, staff is dealing with patients’ families, verifying insurance eligibility/deductibles and reviewing and/or documenting medical records.  Healthcare facility staffs are also responsible for performing medical billing, handling audits, reviewing fee schedules and providing oversight for coding and charge reviews to ensure the financial health for their practice.

To be done the right way, medical billing requires complete focus and expertise, which is why countless healthcare leaders are choosing to outsource their revenue cycle to specialists at a medical billing company such as CPa Medical Billing. If your practice has trouble finding, retaining, and training medical billers and certified coders, then you’re not alone.

Below are many factors you should consider when it comes to outsourcing the medical billing services for your facility. 

Here Are Eight Benefits Of Hiring A Medical Billing Company:

1. It eliminates all pain points associated with medical billing

There are thousands of medical billing codes, along with ever-changing policies and procedures pushed down from the insurance payors. Working with a medical billing services partner will save your facility a significant amount of time and effort. Passing these responsibilities to dedicated medical billing and coding experts makes sense, as they will be held completely accountable for getting the job done every day.

2. It significantly increases your net collections

The best medical billing services must always be able to increase the net collections for their client. These increases typically fall between 5-50%, depending on how many deficiencies are found within your existing revenue cycle. These increased net collections are an immediate profit boost that will more than cover the billing fees charged by the outsourced medical billing company.

Most clients have extra profits that get allocated to growing their practice or increasing staff bonuses.

3. It allows for predictable cash flows and speeds up collections

What happens when you have complete focus on medical billing? Good medical billing services use certified professional coders that scrub claims before sending off to payors. This leads to faster claim processing, less rejections and subsequently a reduction in your outstanding AR days.

The goal should be to have your outstanding days in AR less than 30 days. Reducing your outstanding AR days will always provide a more reliable and predictable cash flow.

4. No excuses, single point of contact accepting 100% accountability

Most practices are forgiving of shortcomings in medical billing as they understand their billing team gets pulled in many directions, mostly related to patient care, which leads to stakeholders accepting excuses and tolerating mediocre billing results. With an experienced medical billing company there are no interruptions, and therefore no excuses as the only goal is collecting as much as possible in the shortest amount of time.

One account manager is your single point of contact and accepts 100% accountability for achieving optimal results, and these responsibilities translate into excellent returns on investment. 

5. It reduces overhead costs

Partnering with a tried and tested medical billing company reduces overhead costs by changing your cost structure from a fixed departmental expense to a variable cost that is directly tied to the net revenue collected.

Having medical billing department expenses directly associated with net collections is simply a good idea, because the billing fees decrease or increase in conjunction with how well the practice is doing in terms of patient visit volume and collecting net receipts. When patient visits and reimbursements are down so are your medical billing fees, and when patient visits and reimbursements are up it justifies paying higher fees for higher volume.

This relationship works especially well during times of uncertain patient volume, which is what most practices are experiencing today.

6. It offers better efficiency, reporting and accountability

A medical billing service for your facility will automate the entire process, and what’s even better is that all of this takes place behind the scenes without needing your time, training, management, etc. Your staff will now have extra time to dedicate to patient care and satisfaction, as well as growing the practice.

The outsourced billing service takes full accountability for the results of performing the entire revenue cycle, as billing experts are assigned to each component of the revenue cycle. Financial reports are shared to demonstrate excellent returns on investment.

7. It’s easy to use

You don’t have to worry about learning anything new when using a medical billing service, and your outsourcing partner will make the transitions seamless.

In fact, your facility will quickly realize optimal results as the billing service experts have little to zero learning curves working on your account.

8. It increases your clinical space

By outsourcing your medical billing, administrative space can be converted into revenue generating space, such as exam rooms or an on-site lab. This shift can potentially generate hundreds of thousands in additional revenue that couldn’t be realized before due to space constraints.

Reach Out To The Experts At CPa Medical Billing To Learn How Our Team Can Support Your Healthcare Facility

The primary benefits of working with a medical billing partner for your facility are clear.

If you’re looking to collaborate with a professional medical billing company, reach out to us online or call 844-631-9088 to see how we can help!

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Why Outsourcing Your Medical Billing Just Makes Good Financial Sense Right Now https://www.cpamedicalbilling.com/why-outsourcing-your-medical-billing-just-makes-good-financial-sense-right-now/ https://www.cpamedicalbilling.com/why-outsourcing-your-medical-billing-just-makes-good-financial-sense-right-now/#respond Wed, 17 Jun 2020 22:37:00 +0000 https://www.cpamedicalbilling.com/?p=485 Revenue losses derived from a decrease in patient visits drive the need for outsourced medical billing. Executive summary: Today’s healthcare teams must lower overhead costs as much as possible because patient volumes have severely decreased, and predicting exactly when they will return to higher levels is not possible. The experts at CPa Medical Billing are…

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Revenue losses derived from a decrease in patient visits drive the need for outsourced medical billing.

Executive summary: Today’s healthcare teams must lower overhead costs as much as possible because patient volumes have severely decreased, and predicting exactly when they will return to higher levels is not possible. The experts at CPa Medical Billing are just what the financial doctor ordered: outsourced medical billing and credentialing provides an array of immediate benefits to boost your practice’s cash flow and days of cash on hand.

The entire world is celebrating the efforts of our medical heroes, but for those healthcare financial executives not on the front lines, the current health crisis has seriously impacted their facilities’ financial pictures.

If you were ever part of starting up a practice or health center you would never forget the early days and how unpredictable it was to gauge countless factors like patient visits and revenue. There was lots of fixed cost uncertainty attached to establishing your medical practice, including medical billing. Today, just about every practice is in some sort of start-up mode.

Rebound from your revenue slump with outsourced medical billing, your “low hanging fruit”

As social distancing requires slow reopenings, practices previously booking four or more visits per hour per provider could now be reduced to just two visits per hour – and that’s if patient demand is enough to fill 2 visits per hour. A recent survey shows practices have reported a 55 percent decrease in revenue, and a 60 percent decrease in patient volume on average since April.

Reducing costs and administrative duties while increasing cash flow

The four major benefits of outsourcing your medical billing are decreased practice costs, decreased daily staff duties, increased cash flow and converting admin space to revenue generating space. Medical billers are constantly adjusting for medical coding changes and new technology platforms. Tele-health is yet another new layer of complexity to consider, and billing guidelines are constantly changing – sometimes daily.

Cutting costs is difficult, and we are here to help.

Budget cuts are typically tough, but we can make a very strong case to cut your billing department and pivot to outsourcing medical billing.

The following are a few key factors to consider:

  • Immediate reduction to expenses: Cutting salary, benefits and all other associated overhead.
  • Increased focus on patient care: Practices and facilities perform best when they focus all their efforts on patient care, including the patient experience.
  • Gain revenue generating space: Removing admin billing staff opens up the opportunity to convert to revenue-generating space (i.e. exam rooms, in-house labs, or pharmacy).
  • Deferred labor payments: Outsourcing allows deferred labor payments as billing fees are not due until 30 days after you collect your receipts – this provides an average of 45 extra days of free cash flow.
  • Free cash flow increases days of cash on hand: Extra days of cash on hand is always a good thing, even more so when patient volume is unknown.
  • Receive up to 90% increases in net collections: Our health center clients gained an average increase of 45% in net receipts, and our private practices gained an average of 20% in net receipts. Why? Simply put, CPa Medical Billing brings an expert staff of billers and certified coders that perform better than most in-house billing departments.

Improving patient satisfaction

Our outsourced billing services also include a patient statement call center, which takes the burden off your front desk staff so they can focus on providing more time and attention to your patients.

Extra time, care, precautions and empathy are all needed during this difficult time, and removing patient statement calls will give the practice more time to focus on patient care and the patient experience.

The CPa Medical Billing team is here to support you as much as we possibly can throughout these difficult times and beyond, so contact us today to get in touch with our team to find out how our industry-leading services can support you and your practice.

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