The summer months are often a slow time across a wide range of providers. Patients are still working towards their deductibles, people are going on vacations, and schedules are changing for summer break. It does depend on your location and services, but typically the summertime is considered a low-volume time for healthcare. While urgent care, for example, may see an increase in patients due to injuries and heat issues. It could be the perfect time to reevaluate your medical billing and plan for the future.
In general, switching to outsourcing your billing may be the solution to a slow revenue cycle for many reasons.
Improve Overall Revenue
When you partner with ORI, you are paying an hourly fee that often ends up costing less than a salaried biller—especially during the slow months. Plus, you get the expertise of an entire team of billers to handle your claims, which results in less denials and a better follow through on unpaid bills. The ORI promise includes a guarantee on saving your clinic 15% overall, and our clients typically see results in six months from the go live date.
Fix Less Denials
The healthcare industry and coding regulations are changing constantly, so billers need to stay on top of updates. Falling behind on code changes or standards necessary to submit a claim causes a stall in the revenue cycle. The billers will have to go back to correct the claims, which takes more time and disrupts the process. Plus, billers have to also keep track of outstanding claims, which may need to be recovered. Overall, around 50-60% of denials are never worked on mainly because of a lack of time or knowledge in the billing team, according to MGMA.
Receive Administrative Aid
Processes are an essential part of every medical clinic, and they all intertwine with each other. If the front staff does not have the training and support to gather the right data for the billers, then that causes the process to fail. Our services also include evaluating your administrative processes to target other areas that may need help. We work with a large variety of EMR and EHR systems, and we can recommend the best one for your practice.
Outsource Receivables Inc. has experience serving specialty clinics across the country, and we have offices in Chicago, Minneapolis, and Boston. Give us a call to see how our team of billing experts can improve your billing process and revenue cycle.