The idea of a perfect practice isn’t a tough ask if you know the pertinent areas to address. The question before that ideally should be “Can financial excellence and quality measures be determined simultaneously? You must be tired of strategic models that will lead to conclusions. The challenges, we must admit are far more complex and you must make the right move!
The industry is dynamic and your objective should be simple! “I should look for the right healthcare business partner helping me identify the pain areas.”
It is true that there are a lot of options available with medical billing companies that will improve your claims submission process. Operation workload and freeing your in-house resources for important tasks is the key. Practice management experts will surely improve healthcare business administration for you!
The choice of a vendor that will help you improve denial management with consistency in billing is a great step. Excellent references with an understanding of claims adjudication and how the entire credentialing process works is the key!
Innovation is the road-map! The right partner will take pride in their team of billers & coders, analysts and subject matter expert helping you implement better account management methods. End to end analysis of your existing parameters; how you are presently managing recovery of your aging accounts with a third party intervention will be immensely useful!
Also, how a possible vendor is executing their billing process with a streamlined prior authorization is going to reduce AR days consequently. It will be an excellent outlook if you find a vendor that uses smart automation reducing TAT in your payables.
Insurance companies are looking for specific priority areas! Management of patient information in confidence that complies with HIPAA will optimize medical billing! It will be the top prerogative that you must look for in a partner that has an extensive understanding of the payer adjudication requisites.
Vendors with significant partnerships with TPA’s, MSO’s and also working with different specialty practices help you diagnose loopholes that you have overlooked! They will work as an extension of your operations helping you demystify better opportunities!