What does revenue cycle management success look like for you? Is it: an increase in accurate claims submission, a more streamlined process that results in lower operational costs, or an increase in your collections rate? Regardless of how revenue cycle success looks for you, the more important question is how will you achieve that success?
Developing and maintaining an effective revenue cycle process significantly contributes to your business’s future growth. After all, it plays a vital role in securing revenue for the company. That’s where outsourcing comes into play.
Revenue cycle outsourcing gives you access to a team of experts with years of experience that is almost impossible to hire on your own. Imagine having to pay the hiring costs, salaries, and benefits for a team of your own (not to mention the time it would take to find these individuals).
Before deciding if DME revenue cycle management outsourcing is the right choice for your company, consider its advantages.
Why DME Revenue Cycle Outsourcing is Worth Your Consideration
Your time is valuable, and we’ll get straight to the point. Proper revenue cycle management requires significant industry knowledge, time, and technical skills to streamline the process throughout your company. And, when done well, your revenue cycle can lead your business to new heights. So here are five reasons to contact us about outsourcing your revenue cycle management services.
The Experts Are Working for You
Owners often invest time and money to bring on a new team member, only for them to leave sooner than expected, and you’re left starting the hiring process over again. Instead of repeating the cycle, you can make the initial investment to outsource and then continue to have access to a team of experts without the additional work of internally managing the staff. Now you can rely on your DME billing partner to handle your revenue cycle management needs.
Maintain Claim Compliance in an Ever-Changing Industry
Between staying current on the latest regulations and daily responsibilities, some tasks can fall to the waste side. Your billing partner can review your claim paperwork before it’s officially submitted to ensure it’s compliant and reduces your chances of a denial.
At Medbill, our team takes on a unique approach to this process to ensure that nothing falls through the cracks. Our revenue cycle outsourcing team will:
- Review each order document individually and apply the payor’s policies and guidelines
- Provide your team will detailed feedback on any potential revisions
- Educate and teach your staff how they can increase their billing accuracy
Continually Monitoring Claims
Once your staff submits the claim, they can focus on other tasks while your outsourced team monitors the status of the claims. You can rest easy knowing we’ll notify you of updates as they arrive.
Depending on the update, we’ll help with any potential concerns that may arise, including:
- Denials – Review and understand why to reduce the same errors again
- AR – Will monitor your balances and address any AR problems
- Payor Policies – Make a note of any payor changes throughout the year
Once your revenue cycle is operating smoothly, your outsourcing company can continue to manage the process and look for ways to increase your collection rates.
Focus on What You Do Best
When you have an efficient system in place, you can put your time to better use by focusing on other business matters. And leave the billing processes to those who do it best, the DME billing experts.
Work Smarter. Be Productive. Achieve Your Goals.
Our team can assist you in meeting the latest regulations while minimizing billing errors so you can receive on-time payments. Contact us and ask how Medbill can help you achieve your revenue cycle management goals.