What to look for in a Revenue Cycle Management Company?
With the advanced complexities of billing, more and more physicians are looking for alternative sources to increase billing revenue. With this increase we have also seen an increase of companies offering billing services. This trend has brought on a new set of challenges as new companies may not have the experienced staff required to keep up with the advanced billing challenges. On the flip side a good company can be a financial benefit to your practice. It can decrease staff frustration and increase patient satisfaction as staff members can spend more time focusing on the patient encounter. So how do you find a good revenue cycle management company?
Do your homework, verify that the companies you look at have certified coders. Look at the number of years of coding experience the company has on staff. Do the coders have experience in your specialty? Having coding experience in your specialty assures you that they understand your industry and helps to ensure your claims are processed accurately. Does the company provide a dedicated account manager? This is key as you build a relationship with your account manager and have a single point of contact. Does the company provide detailed reporting and set meetings to review the stats? The key to a smooth billing process is staying current and knowing exactly where you are all of the time. You should select a company that offers a complete solution, meaning they offer end to end billing solutions, from eligibility to collections and everything in between.
Lastly, what should you expect from a good revenue cycle management company? You should see your billing related costs decrease, generally by 10%-20%. You should see a reduction in AR days, a reputable company can decrease your AR days by 15%-30% in six months. You should expect an increase in collections of 5%-10%. You should also expect an improved success with appeals and first time claims acceptance. The billing company will keep up with the regulatory changes alleviating the burden from your staff. They will work all denials and even verify that you are being paid at the negotiated rates per insurance company. So in your search for an advanced billing solution take everything you need into consideration, verify the company you select offers all of the services you need. Make sure that the company has certified coders in your specialty to ensure accurate billing and increased collections.
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