A robust revenue cycle management strategy in the healthcare industry ensures that medical practices thrive financially. But how can you tell if your clients’ bottom lines are flourishing or floundering?
Revenue Cycle Management (RCM) is the lifeblood of any medical practice. RCM encompasses the entire financial process of patient care, from appointment scheduling and treatment to billing and payment collection.
Outsourced billing services use specialized technology to streamline processes, leading to faster claim processing and lower error rates. Practices often see a 95% claim acceptance rate when using experienced billing partners, a noticeable improvement over typical in-house statistics.
Despite its importance, managing the revenue cycle is challenging. Coding errors that cause claim denials and payment delays can significantly affect a medical practice’s finances.
In other words, billing mistakes can profoundly impact a practice’s bottom line. Studies show the average cost of a denied claim can exceed $25, along with the additional expenses of resubmitting those claims. For example, a small family practice with a 20% denial rate on 200 claims could lose over $10,000 annually just on denied claims alone.
Additionally, the ever-changing regulatory environment and the complexity of insurance policies add layers of difficulty. Therefore, practices often struggle with staying compliant and keeping up with the latest billing codes and regulations. Billing regulations can be complex. Thus, reliable outsourcing partners, like ebix, Inc., have experts who stay updated on changes. One of the key reasons medical practices choose to outsource is to minimize compliance risks through accurate billing.
Outsourcing medical billing can also be a game-changer for your client. Professional billing companies like ebix, Inc. can efficiently manage complex billing issues, leading to faster claim resolutions and better cash flow. Hence, the ebix, Inc. team can assist your clients in understanding healthcare regulations and compliance and keeping their practice current and compliant with guidelines. Outsourcing can save time, reduce stress, and lead to a flourishing bottom line.
Our comprehensive 10 Medical Chart FREE Audit will:
The complimentary opportunity to conduct ten medical chart audits is available to qualified independent medical practitioners not currently contracted with ebix, Inc.
Suppose your in-house department is no longer sufficient. You may want to consider outsourcing services if you’re starting or moving to a new location or have compliance issues with insurance contracts.
Schedule a consultation with ebix Inc. We help maximize revenue, minimize risk, maintain compliance, enhance enrollment, and more. Contact us today at sales@ebixinc.com / 877-991-6300 for a complimentary consultation.