The physician revenue cycle is so complex that getting reimbursed per your contract is virtually impossible with traditional methods. In order to collect 100% of your contracted rate, a practice must implement a health care revenue cycle management solution that effectively incorporates people, process, and technology.
Each day physicians battle an increasingly difficult reimbursement system. When you combine that with the complications associated with managing billing personnel who often lack motivation for aggressively pursuing your revenue, it can result in lost revenue. The good news is there are options.
Considering the complications and potential revenue pitfalls, it might feel like the best move a physician could make would be to move all claims management to a reputable billing company. MedCo Data recommends you carefully think that option through before making a decision.
There are certainly circumstances where outsourced billing simply makes more sense than managing it on your own. Perhaps you have limited staffing space, or you travel between many offices where you lease temporary space. We understand those needs and have a standard billing solution to help. For those who are already billing in house and are suffering frustrations, or those who are currently outsourced and are not satisfied, MedCo Data may have the answer.
MedCo Data specializes in assisting medical facilities with the transition away from outsourced billing to an in-house, managed claims department. With the progression of electronic practice management systems and electronic health records, coding and claims submission can easily be done in house. MedCo Data has pioneered the space of improved EMR implementations based on existing workflow. The next step is improved practice revenue and control through Managed In-House Billing.
The mechanical processes of establishing your electronic claims provider can easily be accomplished through your PM/EHR solution. MedCo Data maps out the Medicare, Medicaid and commercial transfer steps to make certain nothing falls through the cracks. From there it's all about the staffing, training, reporting, reviewing and management of roles and expectations. With a performance based compensation structure and a periodic benchmarking assessment, your new Managed In-House Billing department can be expected to maintain tight accounts receivable rates with a 95 to 98% net collection rate. Are you ready to cut out the 5-7% split of collections most physicians are paying for Billing Services?
The Evolution of Claims Submission
MedCo Data has grown our lines of healthcare business through hands on support and consulting. Our entrenchment in the industry poises us for market awareness. The tides are changing. Revenue cycle management is organically blending with the integration of software, providing natural pathways for physicians to control their own claims submission. Something as important and personal as your revenue should be kept close. MedCo Data would like the opportunity to discuss your options and demonstrate how our Managed In-House Billing platform can put you in control of your own revenue. Schedule your no obligation revenue consultation today. (888) 633-2632
