Whether you are a solo practitioner, physician group or hospital, medical billing demands the same level of importance and challenges for all.
Making the decision to outsource your medical billing can have impactful and far-reaching implications for your practice. Physicians may wonder when is the right time to outsource the processing of their insurance claims. Notice just a few advantages of improving your revenue cycle by outsourcing your medical billing and coding.
Which circumstances may lead to concerns about the revenue cycle at your practice?
· When your practice management (PM) system becomes outdated and requires replacement
· When you are struggling with credentialing
· When you experience constant changes with reimbursement models
· When your practice becomes weak in generating revenue and poor cash recoveries
If you are experiencing any of these scenarios in your practice, then outsourcing your billing is a wise course of action. With the goal of improving the care of patients and revenue cycle, notice some of the benefits outsourcing can have for your practice or hospital.
Improved Rate of Collections
At Medical Management Services, we focus completely on medical billing and coding. We have a much higher collection rate than physicians, clinics, and hospitals that try to keep their collections in-house.
Faster Revenue Collections
Your collection process needs to occur in a very timely manner. The quicker you collect your reimbursements, the more you will see the operations of your medical practice dramatically affected. When the maximum recommended time to receive reimbursements is 50 days, outsourcing your billing processes with MMS will reduce that time to less than 25 days. What will a faster turnaround in collections mean for your practice?
With the right set of software solutions and automation tools, time-consuming tasks such as data collection, insurance verifications, and coding, will take significantly less time compared to doing them manually.
Revenue Cycle Management (RCM) includes every step of the claim lifecycle. MMS studies all angles of your current billing processes to identify your practice’s opportunity for growth and then correcting any base causes of bottlenecks. We understand how medical billing and collections are critical to the survival and growth of your practice. We have seen how the constant changes in patient collections, especially with the COVID-19 Pandemic, has made billing a formidable task for many medical providers. We can work with you to create a process for a maximum collection rate at the front, middle and back end of the revenue cycle. MMS is equipped to help you manage various revenue cycle problems, no matter what you might be facing. Our revenue cycle management team will find lost revenue, lower your time spent on AR, close aged accounts and handle collections efficiently.
With the implementation of ICD-10 coding, there are now over 72,000 codes for 2022.
Ask yourself: How can I possibly keep up with all of the annual changes to ICD-10, CPT, Category II, Category III, HCPCS and ASA RVG? To successfully navigate the constantly growing changes in medical coding and billing, it is a viable and wise decision to outsource your medical billing process.
To make your in-house medical billing process effective, you need a highly trained team of Certified Coders and Billers, which results in increased overhead costs to your practice. However, by working with MMS, you reduce the high cost invested in hiring, recruiting and training because MMS already has these highly skilled team members in place for you. This results in significant costs savings upfront, along with achieving larger revenue generation in less time.
Improve Revenue Cycle
Outsourcing your billing will result in an increased and predictable cash inflow for your practice. MMS will act as your partner and work on your behalf to obtain more profits for your practice or hospital than ever before. Our focus on the billing allows you and your team to keep your focus on providing attentive medical care to your patients.
While outsourcing your medical billing services does include some fees, these are based on a percentage of net collections, providing incentive for MMS to collect the maximum amount for your practice. This partnership yields the result of improved care of patients and also your revenue stream. You will see your healthcare center growing and reaching better results all around in a very short time. For more than 34 years, MMS has provided a wide range of professional medical billing and practice management services.
Our commitment is to help you improve your medical billing process, so you can stay focused on what’s most important – your patients. If your practice is ready to move toward better billing practices, increased patient satisfaction, improved Revenue Cycle Management, and increased profits, visit our contact us page or call Mark Manning at 706.315.4660, to discuss the goals for your practice.
MMS is comprised of a team of certified and enthusiastic professionals…
with over 30 years of experience in the medical billing industry, information technology, and business consulting.
Our leadership team has served many anesthesia groups, pain management groups, hospitals, group clinics and even solo practices over the past 34 years.
Contact Us and let’s get started.
Call Mark Manning directly at 706.315.4660.