Are billing services leaving money on the table? Jeff Lin, SVP of Product Management, explores how utilizing automation can make it possible for billing services to remain profitable without ensuring a return on their work.
Read the full article, Are You Leaving Money on the Table?, in RCM Advisor. Below is an excerpt from the article.
Payers play a critical role in the business of healthcare. From claims submission and now patient collections, billing services must interact with payers multiple times in the course of billing for one patient encounter. Each of these interactions requires a billing service to allocate valuable resources to ensure successful completion, regardless of how much that final payment is worth, whether a claim is denied altogether or the billing service must then bill the patient for a significant portion of the claim. In short, if a billing service relies on inefficient processes to interact with payers, it is investing considerable time and money with little guarantee of a return on its efforts.
How can billing services remain profitable businesses without ensuring a return on their work? This can only be done through automation, single sign-on capabilities, and electronic transactions in all processes related to payers. As the scope of payer relationships expands to include patient collections, streamlined workflows will help billing services collect more for their clients while spending less time and money to do so. If billing services continue to rely on inefficient processes, they reduce their already slim profit margins and put the future of their businesses at risk.