Why Should You Outsource RCM and Billing?
There is a lot to consider when making the decision to outsource your revenue cycle management (RCM) and billing. The undeniable benefits include having access to experts that can best meet your billing needs, faster, more accurate claim processing, and most importantly, outsourcing medical billing services frees up time for you to focus on delivering quality patient care!
In fact, any therapy and rehab practice dealing with growing pains will ultimately need to determine if these cash flow benefits outweigh their concerns. For many physical therapists, it’s less a matter of “if” and more a matter of “when.”
When Should You Outsource Physical Therapy Billing?
To pinpoint when it’s time to seriously consider if you should outsource your physical therapy medical billing, you should take a step back and look at the impact that in-house billing currently has on your resources. Here are some signs to watch out for:
Billing Staff Blues
Medical billing is a revolving door of changes, especially when it comes to coding. Ensuring your billing staff is up-to-date and fully trained on the latest medical coding changes, new types of services, as well as modifications to insurance coverages can eat away time, money, and more importantly, patience. If you’re seeing a high turnover rate, especially for billing personnel, it’s time to lessen the strain on your staff and start outsourcing services!
Delayed Payments
Organizing patient payments can be messy, and sending outstanding balances to collections can be even messier. While there are many proven ways to improve patient payment collection, at the end of the day, non-payment means that your practice is not receiving full compensation, which can easily snowball into difficulties with hiring, upgrading equipment, and even getting employees paid on time!
Claim Denials
Whether from a missed ICD 10 code, an incorrect modifier, or simply a typo, determining the reason for a denied claim is a massive stressor in more ways than one. It could mean scraping together an emergency staff training session or even a sign that more denied claims are to come! But one thing is for certain: A denied claim always means delayed or even lost reimbursement.
Transitioning to Outsourced Medical Billing and Revenue Cycle Management
If you’ve determined that it’s time to address the pain points of your in-house RCM and billing processes, the next step is to ensure that the medical billing company you choose directly resolves those issues and more.
Reduce PT Burnout
Outsourcing physical therapy billing services considerably lightens the load for office personnel and reduces the cost of training staff on new medical billing changes as well as the cost of hiring staff to keep up with high turnover rates. As a physical therapy practice owner, know that by entrusting your revenue management with billing experts you can eliminate the strain on your employees and dedicate your time to what matters most – delivering quality patient care.
Improve Payment Collections
Billing and collections management can be an emotionally taxing duty, but it is a very necessary one. Choosing to outsource your medical billing passes the job onto highly trained billing specialists who excel at working with your patients to establish attainable payment plans as well as reduce unpaid balances for your practice. With more on-time and in-full payments, third-party billing services can help bring in consistent revenue faster than ever!
Increase Clean Claims
When you employ the services of a vendor that makes billing their business, you reap the benefits of not only their billing expertise but their resources and specialized tools as well! Addressing denied claims with the help of certified billing experts can significantly expedite the appeals process as well as identify areas of opportunity to avoid future claim denials. From real-time claim tracking to an arsenal of up-to-date medical billing rules, outsourcing medical billing services can ensure increased clean claims, reduced operational costs, and faster collection rates.
How Do I Choose an RCM Service?
One of the biggest hurdles to overcome with a third-party medical billing service is compatibility with existing systems and software. Here at Raintree, interoperability is our bread and butter! Our RCM and billing tools seamlessly integrate with your existing practice management software, ensuring a fluid transition into your new medical billing management.
When you choose Raintree, you not only choose automated workflows, real-time claim monitoring, and interactive reporting but you also choose…
- Comprehensive patient engagement tools
- Optimized clinical documentation
- Scalable business intelligence technology
- …and much more!
Some might ask: Why offer your RCM and billing software independently from your EMR? The answer is easy: We simply believe that every therapy and rehab practice should have the tools they need to succeed!
Ready to learn more? Schedule a discovery call with one of our experts to explore how our outsourced RCM and billing services can transform your practice today!
