In most industries, it makes perfect sense to keep billing in-house. Simple payroll software is available to help the smaller businesses, and most larger businesses can afford to pay for billing specialists. When it comes to a hospital or even a single-specialty medical practice, however, an in-house billing team may actually be a disservice. Here’s why it is more beneficial to hire a revenue cycle management team for your medical billing needs:
Balance The Workflow
It’s fair to say that most people who go into medicine don’t do so because they are excited about the billing process. In fact, we would wager that most physicians would gladly wash their hands of all billing responsibility if they could. Working with a professional revenue cycle management service provides that balance. Here at Compulink, we have the training and expertise to take on all the details of the medical billing cycle so you and your team can focus on your area of expertise: patient care. A professional revenue cycle management service frees up time and bandwidth so your team can focus on practicing medicine without worrying that billing details will fall through the cracks.
Get Paid Better and Faster
Between prior-authorization requirements, co-pays, labs, testing, equipment or material fees, and everything else that goes into patient care, there are a lot of elements to track for one patient’s bill. When you consider all that goes into a patient’s bill, it’s understandable why the medical billing process can take so long. Switching to a revenue cycle management service means having a dedicated team track every detail. The result is a more streamlined billing process, meaning you get paid faster.
It also means fewer details slip through the cracks. If you’ve been looking for a way to decrease your overhead, look to your billing process. A dedicated revenue cycle management team means all of the details for billing go through one source. Not only can we help you get paid faster through prompt billing submissions, but we can also help decrease losses that happen because of a scattered, disjointed billing process.
Better Experience, Less Training
Experience is one of the biggest pain points for many medical billing departments. The cost to train your team doesn’t stop after the initial training for each new hire; it also includes ongoing training to remain in compliance. Even turnover can cost your practice. When a new staff member needs to be trained, that inevitably slows down the rest of the billing process while the new hire is being trained.
Then, of course, there is the question of what to do about sick days and vacations for your billing staff. If you have a billing team of one, even a single day off can have a rippling effect that slows down billing processing for days or weeks — impacting your bottom line. Switching to a revenue cycle management service means you don’t have to worry about the costs associated with hiring, training, turnover, or time off. We have a team of experienced, dedicated staff so you won’t feel the impact if a billing specialist needs to take time off or undergo training.
Save on Billing Department Expenses
Maintaining an in-house billing team can quickly become costly. There are the basics, like the salaries for each member of that team, but there are additional, ongoing costs associated with keeping your billing in-house. Consider the office space, computer hardware and software, office supplies, and other sundries for each individual. Then there are ongoing expenses like annual coding and compliance education to keep your team in compliance. Also consider the time lost when your physicians have to handle any of the billing process. In those moments, you are essentially paying your physicians to be on the billing team. Save your practice the expense!
At Compulink, our revenue cycle management team uses our powerful, purposefully built platform to make the billing process run as smoothly as possible. Plus, we take on the other expenses like office space and benefits so you don’t have to. We will track each claims submission from start to finish, re-work denials, follow up on requests for more information, and process everything so all you need to worry about is starting the process.
No Costly Billing Software
Not only do we save you the expenses that come with an in-house billing staff, we provide our own billing software so you don’t have to contend with those fees. With Advantage RCM™, we track every claim from start to finish, down to every last detail. This gives us the power to keep your billing process running smoothly and minimizes billing errors — no matter how many claims need to be processed.
Better still, our revenue cycle management software is designed to work with our practice management software. We can provide you with detailed reports on demand, so you can better track your bottom line. More than that, our comprehensive software and service solution means better notes and an improved workflow for your practice as a whole — not just for your billing.
Are you ready to start saving on your billing needs? Connect with the Compulink team to learn more about our revenue cycle management services as well as the comprehensive EHR and practice management software solutions we provide. Between our revenue cycle management service and our specialty-specific software, we aim to improve your practice’s workflow all around. Give us a call or connect with us online to request a demo and experience the difference for yourself!