When practices are experiencing time-consuming regulatory hurdles, increasing technical operating costs, insurance denials and declining reimbursement what can an administrator do? Administrators need to stay focused on performance of the overall practice and consider shifting the strain on your practice’s revenue cycle management operations to an outsourcing solution.
When you review your options consider outsourcing your business office. A question administrators need to ask is whether their clinic has the culture to outsource the business office. There is always resistance to change in every clinic, whether it is a new doctor or manager or a new EHR or practice management system. Some clinic staff will deal with change effectively and others will resist. (more…)
For many mid-sized independent practices the idea of implementing a new Electronic Medical Records (EMR) system that meets the standards of meaningful use for Electronic Health Records (EHR) – and meets the standards of their staff, physicians and patients – can give one an overwhelming feeling. The solution for many practices is to wait on the side and watch as others take the plunge. But that strategy is only effective for so long and with more and more industry changes on the horizon, serious planning and budgeting for a new practice EMR/EHR is no longer optional.
Once a practice accepts that a new EMR/EHR is the right choice there are several important considerations from ORI as a billing service provider. One is cash flow during implementation. In choosing an EMR the system must be easy to transition and utilize with your current charting and workflow. Having staff and providers befuddled for weeks or months can create a cash flow disaster. (more…)
Outsource Receivables focuses on mid-sized independent practices as it’s core outsourcing business. Independent practices need to stay competitive in today’s changing market with corporate mergers and large clinic systems dominating the market in some geographic areas. It is ORI’s goal to bring a full team of experts to clinics in the area of technology, customer service, reimbursement, and strategic leadership to manage independent practice medical billing. Additionally, we want to provide this expertise in a cost effective, seamless manner with an “in-it-to-win-it” approach for mid-sized practices. ORI can do this all within a competitive pricing structure by bringing together multiple clinics into a single business office. The advantage for practices is the ability to focus on providing medical care and leave the business office to ORI while saving significantly on overhead expenses.
Independent practices must keep up with an ever expanding complexity to stay viable. To this end, ORI is continually focused on keeping clients competitive through process development, workflow improvement and providing supporting technology and expertise. Whether in the areas of technology and training or best practices for a front desk, insurance verification or collections, ORI is continually working towards the highest quality and productivity revenue management cycle possible. (more…)
Outsource Receivables provides revenue cycle management expertise to a variety of surgical, family practice, specialty clinics, therapy offices, and mental health clinics throughout the Upper Midwest. Through our years of experience, ORI knows that managing practice expenses is a key task for administrators. Reducing costs and raising compensation for physicians and employees are drivers for a successful practice. Most clinics will spend half of their revenue on support staff so it is a common place to look for savings. However, you need to optimize processes and technology before deciding to reduce staff or it may cost you more than expected in your revenue cycle management processes.
According to MGMA, primary care focused physician-owned multi-specialty groups have the following average costs:
The first quarter is typically the largest ‘self-pay’ quarter of the entire year because most patient deductibles are re-setting. In reality however, more and more of a medical clinic’s total billing is going under the self-pay column. Insurance is covering less and deductibles are set higher. Learning how to efficiently ask for and accept more self-pay in your office is a must for your medical billing strategies.
Outsource Receivables provides online payment tools to efficiently collect and record cash, check and credit card payments. iPayX hosts the technology for an efficient payment and reporting portal called MedBizBillPay.com. The employee facing portal can be setup to manage multiple clinic sites, online website payments, electronic payments from patient statements and payments through your offsite billing office. The web payment portal is driven by patient statements which provide a clinic code and patient IDs for posting. There is also the option for employer payments for occupational health services. The suite of payment portal tools are managed by ORI, not your clinic, which helps medical offices focus on collecting patient self-pay at the time of the visit.
iPayX is a web-based credit card payment portal that can be accessed by your employees on any networked computer in the office. The low processing fee and the online nature of this portal make it very easy for your office to implement and use.
Some of the benefits for your office include:
iPayX is also used for collecting and processing payments that are mailed in, called in and also payments that are made online, including insurance virtual credit cards.
Having as many medical billing strategies for your patient payments on the front desk and in the billing office after services have been rendered are key to keeping your accounts receivables in good health and your patients happy! Outsource Receivables Inc. (ORI) works with a variety of independent mid-size medical practices across the Midwest in Minnesota, Iowa, and Wisconsin to implement best practices that save time and boost cash flow. Give us a call or fill out the contact form to find out about the options available for your practice.