Getting Ready for Revenue Cycle Challenges in 2023
In a recent Revenue Cycle Management Virtual Summit, c-suite executives, revenue cycle directors, and other leaders from healthcare organizations discussed the most significant challenges and opportunities in revenue cycle management. These RCM experts pinpointed key revenue cycle challenges like patient financial experience, medical coding, and payroll expenses. We will discuss how outsourcing your medical billing services can help you get ready for revenue cycle challenges in 2023.
Improving Patient Financial Experience
With more and more patients choosing high deductible health plans (HDHP) patient responsibility is increasing exponentially. Healthcare providers are aware of this trend and have been working on aligning their billing and collection workflows to account for such a dramatic increase in patient financial responsibility. But while collecting patient responsibility, providing excellent patient financial experience ensures better customer satisfaction. Rather than looking at every patient interaction as an opportunity to collect, look at an opportunity to provide excellent patient financial experience.
Most practices are not sure whether they are allowed to collect patient responsibility as it depends upon payer contracts and state laws. When you outsource your billing services to us, we share patient coverage reports with an accurate patient responsibility portion. With an insurance coverage report and accurate patient responsibility portion, your front desk team can collect this amount with higher patient satisfaction. You can also share patients’ insurance coverage reports prior to their visit and discuss them over a call about patient responsibility. You can also available a mode of payment so that patient will be well prepared and you can also collect the maximum portion at the time of service only. Educating patients on their insurance and benefits coverage helps in better customer engagement.
Improving Medical Coding
Accurate medical coding ensures a higher collection of insurance reimbursements. If coding goes in cleanly and accurately, then a healthcare organization’s chances of recouping payment from claim denials are higher. When healthcare practices rely on their physicians and other clinicians to do medical coding then it becomes really difficult to collect denied amounts. Healthcare providers should actively monitor coding performance but they should not be doing coding all by themselves. It’s quite common for healthcare practices to bill a fixed set of procedure codes for their patient visits.
When you outsource your medical billing to us, our certified coders along with years of specialty-wise experience ensure the accurate selection of procedure codes. Our coders constantly stay updated on payer-wise guidelines, state-specific policies, and specialty-wise regulations. Our team is well versed with coding guidelines for commercial as well as government payers. We work together with the provider’s office to ensure an accurate selection of procedures and diagnosis codes. When you outsource, you can save various costs like office space, supplies, and costs associated with hiring, training, supervising, licensing, and insurance.
Reducing Payroll Expenses
According to the American Academy of Professional Coders (AAPC), the average salary for a medical coder is $52,411 annually. Apart from payroll, practices have to bear employer-paid taxes and benefits like health insurance, retirement benefits and paid time off. As a practice owner, you will also have expenses such as office space and supplies and intangible costs like those associated with hiring, training, supervising, licensing, and insurance. You also need to consider the opportunity costs for the time you’ll spend hiring, training, managing, and otherwise investing in your internal coding team.
When you outsource your medical billing services to us, you don’t have to worry about such high payroll and other workforce expenses. Based on your billing and coding requirements, we will assign expert billers and coders for your account. As per your business requirements, you can even hire full-time resources also. Our expert billers and coders have great experience in billing for your medical specialty and are aware of payer reimbursement policies for your state. Plus you don’t have to worry about workload management as we have a pool of trained RCM experts. As per your billing requirements can add or remove resources dedicated to your account.
Legion Healthcare Solutions is a leading medical billing company providing complete billing and coding services. Our billing services could help you in getting ready for revenue cycle challenges in 2023. To know more about our billing and coding services, contact us at 727-475-1834 or email us at email@example.com
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