Your revenue cycle is what keeps the lights on at your pediatric therapy clinic. You provide care, submit claims, and get paid. It’s a bit more complex than that, but those are the basics of the revenue model. And optimizing those steps are essential in order for your practice to thrive.
In the last post, we looked at the pros and cons of handling your revenue management in-house, outsourcing it, or using a hybrid model. The hybrid model gives you the best of both worlds, as you hand off the part of the process that requires the most expertise and is most prone to mistakes and errors: billing.
Let’s look at the impact a hybrid model can make on your accounts receivable. You may be surprised just how much you can improve your practice’s profitability using a hybrid model.
1. Optimize Your Processes
Professional billing services have a streamlined process that they’ve honed by experience. When you partner with a good billing service, you can have confidence that your billing will be done right. A hybrid model that includes outsourcing your billing gives you the ability to focus on optimizing your other processes while the billing service handles the billing process.
2. Reduce Errors
Because a professional billing service thoroughly knows the ins and outs of medical billing, errors are reduced. Billing is complex, and best practices are constantly changing. Beyond this, each payer has its own requirements. A billing service handles so many accounts and manages so many payers that they’ve seen it all and have the experience necessary to ensure that forms are filled correctly.
3. Improve Claims Approval Rates
Revenue takes a hit when claims are denied. Payers may deny a claim for myriad reasons. Only if you understand the ins and outs of medical billing can you ensure your claims are approved. As we just noted, it’s challenging to keep up with the constantly-changing rules that vary among payers, and a billing service can stay up-to-date for you. Handing off the claims process to a highly experienced billing service will boost approval rates and also reduce delays.
4. Improve Cash Flow
One of the results of improved claims approval rates is better cash flow. You’ll be reimbursed faster, giving you money in the bank that you can use to grow your practice. Having an outsourced team also means you won’t have to wait for claims to be submitted while your internal biller is on vacation or out sick.
When each of your team members can focus on what they do best, productivity improves. People are more efficient with tasks they enjoy. And if your team can focus on their primary tasks without distraction, they won’t be wasting time on the tasks (like billing) that they aren’t fully equipped to handle.
5. Increase Patient Satisfaction
One of those tasks that your team can focus on when outsourcing part of the revenue cycle is patient care. When your team members aren’t stressed or overwhelmed, they can pay better attention to each patient’s needs. It’s also easier to have a positive outlook when you’re focused on the tasks that you’re good at, so your staff will be happier — which will carry over into the patient experience.
A Hybrid Model = a Healthier Practice
Using a hybrid model offers you a flexible way to improve your clinic’s well-being and long-term sustainability as you experience all of the benefits described above. You’ll improve your practice’s financials while being able to focus on providing the best possible care.
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In-House Billing Kit
We've put together some resources to help you bring billing in-house. This In-House Billing Kit includes:
A Verification Questionnaire to use when calling payers to verify coverage
A 50% off coupon for our billing course, The Essentials of Insurance Billing for Therapy
A Billing & Collections Checklist to guide you as you interact with caregivers
A Payment Policy Generator to help you set expectations for caregivers
7 Tips to Help with Billing & Collections handout
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