outsource

29
Aug
2013

SHOULD A MASSACHUSETTS MEDICAL PRACTICE OUTSOURCE ITS BILLING

Many practice managers and medical providers do not like to hear the work “outsource” when it comes to their medical billing. One of the main concerns with outsourcing is about losing control and having to let practice staff go. However, many medical practices find themselves overwhelmed with their day to day operations and experience issues with their billing and patient collections. In cases where the medical practices is not receiving the reimbursements they should be receiving from the insurance companies and are falling behind with their collections, outsourcing their medical billing may be the way to go.

With today’s advances in technology, outsourcing does not mean losing any control over the practice billing. Medical billing companies can offer medical practices real time access to their practice management systems providing a practice managers and medical providers instant access to their data. Medical billing companies can also use the medical practice’s EMR billing module to do the billing for the practice.

At Vitruvian MedPro, a Massachusetts medical billing company and practice management consulting company, we offer a cloud based solution that allows medical practices real time access to their data from any computer with internet access. At the same time, we partner with our clients and maintain constant communication with the daily activities related to medical claim submission and patient collection.

Medical practices that outsource their billing can focus their time on providing top notch patient care and on growing the practice. Also, by outsourcing practices do not have to worry about costs associated with maintain a practice management system and dealing with the technology issues associated with running a billing department.

A recent Medical Group Management Association survey showed that medical practices that outsource their billing to medical billing companies typically see improved performance across multiple dimensions. The survey focused on practices that outsource their medical billing functions. The survey reported the following results for practices that switched from doing their medical billing in-house billing to outsourcing to a medical billing company:

– 73% saw a reduction in their A/R
– 73% realized higher collections
– 59% decreased the volume of lost/denied claims
– 59% enjoyed significantly better reporting and practice performance insights
– 46% achieved higher staff productivity

The breadth of the performance improvements uncovered by the MGMA survey (with three-quarters of all practices seeing sizable performance improvements) adds fact-based credibility to the notion that a well-selected and highly-qualified medical billing company provides substantial performance improvement for medical practices. Our average clients enjoy a 15 to 25 percent increase in collections while noticing that their A/R time drops below 35 days.

A copy of this survey is available from the MGMA’s website at www.mgma.com

At Vitruvian MedPro Consulting, we are more than medical billers. We are certified medical reimbursement specialists by the American Medical Billing Association. We can help medical practices at any stage of the revenue cycle management process. Our goal is to help medical practices improve cash flow and focus on patient care.

Please visit our medical billing page to learn more about our services at: Medical Billing Services

We are currently offering a free practice analysis to help medical practitioners determine whether it makes sense to outsource their billing. Gives us a call at 781-454-7406 and schedule your free demo.

At Vitruvian MedPro, a Brookline, Massachusetts medical billing and practice management company, we work with independently owned medical practices on any aspect of their revenue cycle management. Besides medical billing, we help medical practices with their coding, account receivables and HIPAA compliance. We make sure that practices receive the highest reimbursements from the insurance companies.

30
Jul
2013

Medical Billing Optimizing Revenue Generation

On a day to day basis a medical practice is busy with taking care of patients and running the back end operations. The staff is busy scheduling patients, seeing the daily inflow of patients, calling insurance companies to request authorizations or follow up on claims, etc. In such a dynamic and hectic environment it is not uncommon to see mistakes being made that result in the reducing revenue and increasing expenses.

Whether the practice does its billing in house or it outsources this function, mistakes can be avoided by putting processes in place that will help the practice staff be more efficient while optimizing revenue generation for the practice. Following are five recommendations that medical practices can implement in order to improve their day to day processes:

1. Make a copy of patients insurance cards

An office policy must, is to always make photocopies of patients insurance id cards. Insurance cards can be scanned directly into the practices EMR or can be copied and scanned into the EMR system. Insurance ID cards should be copied or scanned on both sides as they provide important information that is required to submit a claim. The practice must educate its patients on bringing in their newest insurance card every time they come for an appointment even if they claim that the information has not changed. There are instances when the patient is not the primary policy holder of the insurance and is not aware of any changes to the insurance policy. Also, employers may change insurance companies or change plans requiring the practice to update the insurance information in its system.

2. Putting in place a system to submit claims on time

Filing medical claims in a timely manner is vital to a medical practice financial success. The sooner a medical claim is filed, the sooner the practice will get paid. Most insurance companies have time frame limits for a practice to submit a claim from the date of service. Claims that are submitted even a day late from the insurance time frame limit requirements will be denied and the practice will not get paid. Claims that are filed outside of the time limit set forth by the insurance companies will not get paid. Insurance companies time filing limits vary from company to company, the medical practice must be aware of the time filing limits of every insurance company the practice files claims with.

3. Reviewing the practices coding practices

Medical coding translates what took place during a patient visit and determine the level of payment that a medical practice will receive. It is important for medical practices to review their coding practices on a regular basis to make sure that the practice is not under-coding or over-coding. The person doing the coding should be the provider diagnosing the patient or a certified professional coder that can translate what was documented during the patient’s visit into the proper diagnosis and procedure codes. When hiring a certified professional coder, medical practitioners should provide detailed encounter documentation so that the coder can assign the correct diagnosis and procedure codes to the visit.

4. Reviewing clearinghouse reports

Most medical practices today submit their medical claims electronically through a clearing house. Clearinghouses provide a report after a claim has been submitted with information regarding the submission. Some claims will pass through the clearinghouse and get submitted directly to the payer while some claims get rejected and are sent back to the sender for review. Reviewing clearing house reports on a daily basis will ensure that those claims that get rejected at the clearinghouse level get reviewed, fixed and re-submitted on a timely manner. Not reviewing clearinghouse rejected claims on time can result in late time filing submissions which result in the practice not getting paid. Some claims that are rejected at the clearinghouse level can be easily fixed and re-submitted.

5. Follow up on claims and obtaining aging reports

Practices must make it a standard operating procedure to run aging reports on a regular basis. Aging reports will help the practice follow up and take action on the outstanding claims that have not been paid. Not following up on aging reports can cost the practice a lot of money. The hectic day to day operations of a medical practice may prevent the staff from regularly checking the status of the practice claims until someone notices that cash flow levels are down. Regularly running aging reports and follow up of the reports will help reduce insurance denials and rejections.

Please visit our medical billing page to learn more about our iClaim services at: Medical Billing Services

We are currently offering a free practice analysis to help medical practitioners determine whether it makes sense to outsource their billing. Gives us a call at 781-454-7406 and schedule your free demo.

At Vitruvian MedPro we work with medical practices of all sizes with any aspect of their revenue cycle management. Besides billing, we can help practices with their coding, account receivables and make sure that practices receive the highest reimbursements from the insurance companies.

17
Jul
2013

outsource to Massachusetts medical billing company

The medical billing and revenue cycle management aspects of a medical practice are keys to its success. Medical billing is among the most important processes within a medical practice. At the end of the day, the cash flow levels of a medical practice depend on how the billing is done. Medical practitioners have to decide whether they want to do the billing themselves or whether they want to outsource the billing functions to a medical billing company. In order to determine what makes the most sense medical practitioners need to take into account the size of the practice, its costs and the volume of patients that flow through the practice on a daily basis.

Some medical practices are reluctant to outsource their medical billing because they fear that they will lose control over the financial aspect of their practices. It is easy and convenient for some physicians to have direct access to their medical billing team in order to address any issues that arise. At the same time, some doctors that have developed an in house team to do the billing have invested a lot of time and money on their practice management software and team of medical billers. However, medical practitioners have to realize that running an in house billing team will cost a significant amount of money. Other than the costs of the costs to install and maintain a practice management system, practices will have to pay additional salaries and benefits to their employees. Not to mention, employee retention is an issue that can cost the practice a significant amount when considering the delay in submitting and following up on claims if the practice’s biller quits, is out sick, or takes time off.

At Vitruvian MedPro, we help medical practices increase cash flow by providing medical billing and revenue cycle management services. By outsourcing to our Massachusetts based medical billing company, medical practitioners can focus on providing care and do not have to worry about the set up and daily operations of a billing department. We provide the transparency our clients need so that they can stay in control of the revenue cycle management of their organization. Our software solutions are web based and can be accessed 24/7 from any computer with internet access. At the same time, our vast number of reports provide medical practices with a real time snapshot of their finances. At Vitruvian MedPro we focus on doing medical billing and stay on top of all aspect of the medical claim process such as constant follow ups on submitted claims and appealing denials.

Please visit our medical billing page to learn more about our iClaim services at: Medical Billing Services

We are currently offering a free practice analysis to help medical practitioners determine whether it makes sense to outsource their billing.

At Vitruvian MedPro we work with medical practices of all sizes with any aspect of their revenue cycle management. Besides billing, we can help practices with their coding, account receivables and make sure that practices receive the highest reimbursements from the insurance companies.