The widespread perception is that most physicians go into medicine with a desire to help people. While those more altruistic motives are why so many stay in their chosen profession, it’s important to remember that healthcare is also a business. And, for any practice not using a revenue cycle management service, the business side of things is likely suffering. When it comes to an in-house billing department versus a medical billing service, it seems like keeping everything in-house is the most beneficial way to operate. But, as technology improves, that’s becoming less and less the case. For those on the fence about revenue cycle management, consider these big benefits.
Improving Billing and Collection Cycles
The biggest upfront benefit to using a revenue cycle management service is that your billing will get the attention it needs. Here at Compulink our RCM handles the billing cycle from start to finish, which helps to streamline the billing process as a whole. Our dedicated staff will submit authorization requests, follow up on appeals and requests for more information, and ensure all the details are covered so you can get paid faster — and that fewer claims fall through the cracks, so you’ll often get paid more, as well.
Improving Patient Experience
Patient experience can be affected weeks or months after care, when the confusion of their bills hits. Using an RCM service means that the billing process is streamlined for patients, not just for your staff. That makes it easier for patients to understand what’s going on with their billing individually. When there is less confusion, that also helps reduce payment times, helping you to get paid faster by both insurance providers and patients. In addition, with an option like the integrated healthcare software solution we offer here at Compulink, our secure patient portal makes it easier to send reminders to patients, boost patient engagement, and help with more timely billing.
In so many cases, your staff is responsible for more than just billing and claims. The more stretched a billing department is, the slower the billing process is likely to be — and the more time your physicians and medical staff will inevitably spend on handling billing concerns. Without dedicated billing staff, it takes longer to initiate claims, follow up when insurance companies need additional information, and process billing for each patient. It’s also more likely that claims from different departments would be processed at different times, creating more work and slowing down the billing process. Working with an RCM frees up the time spent on billing by physicians and non-billing staff and letting them focus on patient care. It also lets your administrative staff focus on all of the other details of their duties and speeds along the billing and claims process by providing each case with a dedicated, knowledgeable RCM staff member who can give it the attention necessary to follow through with expediency.
Keeping Better Records
One of the biggest benefits of the Compulink AdvantageRCM™ billing service in particular is that our services work in conjunction with our practice management software. When all of the various systems integrate seamlessly, we can help keep patients’ records up to date easily. Working from one unified system means a faster claims process and fewer denials or hold-ups due to insufficient records. It means we can also provide swift updates on claims submissions to you and your patients through a secure, HIPAA-compliant patient portal. With this information, patients can understand what they are responsible for with their bill and pay more quickly.
The other element of better records keeping, of course, are the records you use to plan for future expenses. Get detailed, on-demand reports to provide you with all the statistics you might need to plan for staffing needs and other operating expenses. The better you can plan, the more potential you have to cut out unnecessary expenditures and reduce your overhead costs.
Saving On Training And Supplies
With an in-house billing team, it’s up to your practice to keep them up to date on training and compliance regulations. Every time additional training is needed, that’s not just an expense for you to undertake, it’s also time taken away from billing and claims submissions. Not only does it backlog the billing process in a way that can be difficult to catch up on, but it’s also going to affect how quickly bills are paid.
Training isn’t the only impact, either. So are sick days, vacations, and the time necessary to onboard new billing staff. Moving to an RCM means you don’t feel the brunt of those days off, you don’t have to worry about onboarding new staff, and you don’t have to handle the time and expense of training. We keep our team up to date, in compliance, and ready to take on your billing needs without even worrying about gaps in coverage for vacations.
Experience The Ease
At Compulink, our aim is to help improve processes so you can focus on what matters most: providing patient care. Learn more about our RCM services and our healthcare software. Connect with the Compulink team today to request a demo!