Are you Happy with the Cash Flow?

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Are you Happy with the Cash Flow?
Is your skillset translating into equivalent cash
flow? Are you happy with the amount of money
youre making out your practice? Indeed, a
question worth pondering over when everything
seems alright on the face, but end results differ
drastically. Despite your best efforts,
customers are paying outside terms. You have
limited account receivable details and reel under
constant pressure to improve cash flow. Do you
realize that there are a host of factors creating
friction in your path to optimum revenue generatio
n? A challenging economic environment, radically
altered health care reforms,  Affordable Health
Care Act in force and shift in payment paradigms,
to name a few, have been playing catalysts in
continual fall in your cash flow.   One of the
options could be to downsize the scale of
operations. But, is it an option worth
considering? Of course, not.  The alternate
option could be to outsource a part or the whole
of your revenue collection management. Though
outsourcing your RCM process sounds viable, you
risk losing relatively close access over the
process, which is indeed a legitimate concern.
Another concern could be about the staff. Does
the potential benefit of outsourcing mean that
your well-trained staff lose their job? Of
course, not. If your concerns match, target or
partial outsourcing of the RCM process can also
be contemplated.
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Are you Happy with the Cash Flow?
Generally speaking, about 80 of the outstanding
balance at the end of the providers office
comprises of customers with small dues. Only 20
of the patients owe a large balance. Your
internal trained staff can focus on the 20 of
the prominent customers and you could outsource
the rest to a reliable medical billing service.
Outsourcing a part of your accounts
receivables would ensure that customers with
small outstanding due get the attention they
demand to pay in full and on time.   Also, as per
a reliable survey, the estimated denial claims
have increased to 18 over the last ten years!
Appealing denials are a part of the revenue cycle
process. A medical billing service proactively
helps to identify and resolve the causes of claim
denials and thus excusing you from merely
cribbing over the incidences.   According to Joy
Hicks, a medical office expert, outsourcing
medical billing helps providers offices save
thousands of dollars in annual salaries and
benefits office supplies and furniture and
purchasing, upgrading, and maintaining billing
software and computer equipment. A physician can
save thousands of dollars by not having to spend
on office supplies, computer equipment, and the
upgrading and maintaining of software for
billing.
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Are you Happy with the Cash Flow?
Outsourcing lets you focus on your practice. It
ensures that you provide excellent patient care
without worrying about the financial aspect. In
fact, as per the Black Book Rankings Survey
2014, 42 of small physician practices with
in-house medical billing staff are likely to
outsource in the next 12 months. Well-appointed
with software and technology,  trained, qualified
and experienced staff of medical billing services
ensure streamlined medical claim preparation,
shorter receivable cycles, cleaner medical claim
submissions, and quicker dispute settlements, all
contributing to increased cash flow. All your
payments and denials are followed up diligently,
plus miscoding does not cause claim rejections or
delayed payments. In short, outsourcing to any
extent most certainly may help in better cash
flow. Get in touch with us!