Extra Money Not Extra Work
Extra money – everyone is always interested in how they can make extra money. What if you were offered an extra $30,000, $50,000 or even $100,000 more per year? And, what if you learned you could get the extra money without seeing one more patient? Would you be interested in learning how to earn this extra money? Well, here’s how.
When you invest in a quality medical billing company, you should expect a 10% – $25% increase in collections. If you are talking to other billing companies and your primary decision factor is based on price, then you are undermining your practice. Fees can vary from 2% to 10%. So, the real question is what are you getting for the price you pay and at what cost to your practice?
You want a company that works for YOU and is committed to following up on all claims, works all denials and collects everything that is owed to you. Follow-up work is extremely time consuming and resource intensive. If claims aren’t being worked then you are losing money on uncollected amounts. If you aren’t collecting every penny that is owed to you then your great deal of 2% or 3% fee just became 10% or higher.
You should also beware of hidden fess and very leery of long term contracts and lock-in contracts. Good billing companies don’t need to trap you into staying. Rather they expect to earn your business every day. Make sure you know exactly what the billing company is going to do for you and all costs that are associated with the service. Who pays the clearinghouse fees, who pays for the practice management software licenses and is there a mark-up on paper costs? Is there an extra fee for customized reports? Are month reports run and delivered to you automatically or do you have to request and wait or prepare the reports yourself? What exactly do they do to help you earn extra money?
Price should not be the sole decision point. That is not how you will make extra money. After all the saying, “you get what you pay for” has merit. Is it worth risking the financial viability of your practice because you ‘negotiated’ a lesser percent? You want your billing company to want to work on your accounts and take pride in their performance. Of course, paying a high percentage doesn’t guarantee quality work either. You have to look at the whole picture.
Is your medical billing company a partner or a vendor? Vendors submit claims, send patient statements and then wait for payments. Very little effort, if any, is put into working denials, filing appeals or calling patients because that is hard work. A good billing company earns their fee based on hard work, diligence and denial management.
Good billing services aren’t passive. They know which payers are supposed to pay in 14 days, 30 days, or 45 days or more. If the payer is a slow payer they know why. For all payers, they follow up accordingly. They work denials and file appeals and they actively recommend accounts for collection. They don’t let old AR age forever because they know this gives a false sense of what your AR is and what is truly collectable. You shouldn’t be making business decisions based on money that will never be collected.
Based on denial patterns, they identify areas for improvement and they communicate this to you and implement their own internal controls to help drive your denials down. Slow pay puts your practice at risk. You are buying expertise when you partner with a good medical billing company.
At Onpoint Medical Solutions, we are interested in working with practices that want a billing partner not a billing vendor. We are passionate about providing your practice with the comprehensive revenue cycle management services that you deserve.
We have consistently increased collections by 10% – 15% for our new clients;
There are no long term or lock-in contracts;
We use best in KLAS practice management software with complete transparency in all that we do;
All clearinghouse fees are paid for you;
All reports, including month-end and customized reports are provided at no extra cost;
Our pricing is customized to your practice and takes into account your specialty, insurance mix, average collections or encounters per month, and the number of providers.
Ready to start collecting more money?
Let’s talk. We can answer your questions and prepare a customized quote. We would welcome the opportunity to schedule a demo so we can show you the power of what we do.