Here’s why outsourcing your Revenue Cycle Management might be the right move.
Operating a medical practice becomes more complex with every passing year due to extensive regulations, coding updates, changes to payer rules, performance and quality measures to track that can significantly affect reimbursement. Partnering with a company to manage the billing streamlines the physician’s administrative process to run their practice and provides a significant return on investment. If this sounds like your practice, this might be a good time to find a partner.
“Physicians are providing care, documenting their services, and are often coding the claim. A person doing the billing and follow up in most physician offices are the lowest paid person in the practice who’s performing many tasks to run the business including managing all of the money. This lack of focus often means the staff have no time to do more than wait for a response from the payer and reacting to denied claims. It’s a terribly risky proposition to not have focus.
Our team of dedicated revenue cycle and coding experts turn things upside down by applying the best in class knowledge, analytics and technology to fix problems before claims are submit rather than reacting as much as 30 days after they occur. This focus on the front end of the revenue cycle includes using a daily engagement strategy where our experts find and fix problems on the front end the same day they happen, this approach provides big returns for most practices.” – Carmen Concepcion, Director of Revenue Cycle Management
Top Reasons to Outsource
On time accurate claim submission – Inmediata combines expert coding with enabling technology and analytics to achieve the fastest possible claim submission times. Whether we’re coding fee-for-service or encounters for a capitated visit, we work with our customers to reduce waist and rework in the revenue cycle process. We ensure coding compliance through supporting clinical documentation, a process that creates integrity in the claim submission process.
High first pass payment rates – Our best in class claim rules engine is leveraged to find errors before the claim is submitted. This ensures the highest possible first pass payment rate.
Payment posting and denial follow up – Automated payment posting ensures balances for clean claims are closed quickly and follow up efforts are focused on denied claims. Inmediata leverages business intelligence to identify the best solution for a defect that will result in payment. This combination of automation, business intelligence, and effective work force management ensures that denials are worked timely, efficiently, and outstanding balances are closed.
We measure what matters – Inmediata makes a service level commitment for each step in the revenue cycle and we continuously measure performance against that commitment to ensure our customers have maximum visibility into their revenue cycle. We believe you should always know the status of every claim and what is being done to close the balance. Accounts Receivable Days is the gold standard in any revenue cycle management service and we strive to achieve the lowest possible AR Days. Whether its submission lag, first pass payment rate, payment posting lag, denial follow up success, or overall collection rate, we show you exactly how we’re performing at every step of the way.
We’re your partner for success – We understand the importance of earning your trust before we begin servicing your revenue cycle. This starts with an assessment of your practice to ensure we are successful together. Inmediata has developed a proven method for optimizing revenue cycle and this must be matched against your current practices. Our experienced implementation team will identify any gaps in knowledge, technology, or work flow and we will work with you to remove these prior to implementation. This will include an analysis of clinical documentation to ensure we can meet our coding quality standards.
Leave it to the experts! Many of Inmediata’s best-run medical practices have partnered with us to provide SecureAR. Our service ensures compliance with coding requirements and reduces the cost to bill the payer.
Want to learn more? Visit our website or call us to request a live presentation of SecureAR and how we can help your practice today.
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