Have you ever considered outsourcing your insurance and patient billing?
There are a several reasons you may want to:
- Reduced Expenses. Today providers face many costs associated with the doing their billing in house - employee wages, FUTA, FICA, Unemployment Insurance, employee health insurance, rent for office space taken up by a billing department, postage and other administrative expenses, computer hardware maintenance and support costs, software upgrades and updates, software support and electronic claims services. When considering all of these costs, outsourcing your billing can be a very cost effective option.
- ICD-10. Were your billing staff and software vendor ready? Do you or did you have to hire additional staff to help with the impact ICD-10 caused? Many offices’ billing departments were not prepared for the transition to ICD-10 on October 1st, 2015. Some continue not to be and business owners have found that as a result, their cash flow has been impacted or at least delayed, and A/R’s are on the rise.
- Experience. Oftentimes a practice is hesitant to outsource their billing due to fear of losing control over their receivables. However, keeping billing in-house is not a guarantee of control. Staff lacking the knowledge and training on current CPT/HCPCS, ICD-10 codes, CCI edits, modifiers, billing and carrier guidelines can unknowingly lose a practice significant amounts of revenue in a short amount of time. Coupled with short timely filing guidelines, a practice may have lost revenue before they even know it, with no ability to collect it. Then there’s the problem of employee turnover, a major cause of lost revenue. Practices can spend a great deal of time and expense in interviewing, hiring, and training staff, only to repeat the same process over and over again.
Many practices often opt for assistance from a billing company because handling denial management can be a daunting task considering the lack of time, money and resources. Rather than disrupting the revenue flow of their practice, providers prefer outsourcing the vital tasks related to billing and denial management to trained and experienced professionals. HCDS has been offering effective denial management solutions to practices across the US. We have a team of experts who are trained in maintaining accuracy in your ICD-10 coding, billing procedures, and ensuring PHI and HIPAA compliance. Our focus is to reduce claim denials, increase revenue, and maintain consistent cash flow.
HCDS consistently collects over 95% of the allowable charges sent to insurance carriers, and keeps client combined 90 and 120 day Accounts Receivable below the industry average. HealthCare Data Services has an edge over any other service.