Billing has fallen behind, days in accounts receivable (A/R) are through the roof, and doctors aren’t happy because money isn’t coming in. If these scenarios sound familiar, you’re not alone.
“Posting the payments from insurance companies, following up on claims, or filing appeals for claims that aren’t paid correctly or were denied, that’s a massive amount of work for any practice,” said Jaye Stahl, practice manager for Foot & Ankle Physicians. “It can be half your day just trying to keep up with that.”
Positioning your practice for value-based care while staying financially healthy in a challenging regulatory environment means knowing how to get paid for your services — from handling claim denials and underpayments to following up on outstanding payments. It’s not easy, but it can be done.
When those daily billing pains escalate, and you realize your practice is losing money, you may feel you have no choice but to seek help. That’s why many practices partner with revenue cycle management experts focused on collecting every dollar they can.
“Greenway Revenue Services gives me back my team members to focus on things that really impact our financial revenue.”
Rayshelle Aparicio, billing manager, Amicus Medical Group
MATCHING REVENUE TO CARE DELIVERY
It’s a match that makes sense, especially given the need to keep up with changing regulations.
Value-based care programs, changing payer fee schedules, employee attrition, government regulations, lackluster training and oversight, high-deductible health plans — there are many reasons your practice might not be bringing in the revenue that it’s truly earning.
To increase profitability, it’s vital to focus on new government programs, be mindful of evolving practice models, maintain up-to-date payer fee schedules, and collect the most from your patients before or at the time of service.
Melissa Jareño, chief operating officer at Valley Day and Night Clinic, found it extraordinarily difficult for the billing team to keep up with changing medical billing procedures and protocols. “We needed to partner with someone who had the resources to consistently train and educate employees in order to stay on top of everything.”
There are many factors to consider. For example, when hiring additional or new billers, will the monetary investment in wages and benefits be worth the return? Who will train staff, and when? Who will complete billing tasks when employees are sick or on vacation, or quit?
If hiring additional billers isn’t the right solution for your practice, partnering with a team of experts might be. Know that hiring a partner doesn’t mean you have to lose your dedicated staff. Their knowledge can be transferred to other revenue-producing roles within your practice.
For more information, CLICK HERE to schedule a conversation with a Greenway representative. Or watch our 3-minute overview video HERE.