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Extra Money Not Extra Work

Work Smarter, Not Harder

Extra Money

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.

  1. We have consistently increased collections by 10% – 15% for our new clients;
  2. There are no long term or lock-in contracts;
  3. We use best in KLAS practice management software with complete transparency in all that we do;
  4. All clearinghouse fees are paid for you;
  5. All reports, including month-end and customized reports are provided at no extra cost;
  6. 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 sho you the power of what we do.

Call:  1.800.594.8043

Email: info@onpointmedicalsolutions.com

Click here to ask a question


Transitioning to a New Medical Billing Company

You’ve chosen a new medical billing company but now the reality of the transition begins to weigh heavy on you.  The first thing to do is work with your new medical billing company to devise a transition plan.

The plan should clearly identify what will be done and who will do it.  Some medical billing companies already have a tried and true transition plan that they will lay out for you.  If your new medical billing company provides this type of direction, then you are way ahead and the transition will likely be fairly smooth.

One of the key things that needs to be done immediately is to re-credential the provider(s) with all insurance carriers.  This is a critical path and some carriers may take as long as 90 days to update their records.  Therefore, it is crucial that this process be started immediately.

Most practices have old AR that needs to be cleaned up.  There are some medical billing companies that will take over the old AR but most don’t like to because they are dealing with another biller’s mistakes, poor documentation and missing information.  You can, however, ask your new medical billing company if they are willing to take it over.  If they do, expect to pay a higher fee since it involves significant resources on their end.

There are some practices that have chosen to change billing companies but feel the current biller can close out the old AR.  If your practice falls into this category, then you will have your current biller work the old AR while the new billing company works all current claims.  The key thing is to pick a cut-over date and stick to it.  Undoubtedly, the carriers will send reimbursements to the wrong billing company so it is imperative that a line of communication be established between the two entities.  They will need to share information in order for the old billing company to close out the AR.

Generally speaking your new billing company will carry out the entire transition plan.  They will set up the clearinghouse, process all EDI and ERA applications, handle the re-credentialing and train your staff.  If they don’t provide these services, then make sure you know who will be handling every aspect of the transition.  You can’t afford for anything to fall through the cracks.

During the transition, it is a good time for you to consider what operational changes may be necessary in your office so that workflow is as efficient and accurate as possible.  No matter how good the billing company is they can’t collect on your accounts in a timely manner unless they have accurate and complete demographics, pre-authorizations in place and the insurance coverage has been verified.  You need to let your staff know who is accountable for these critical tasks.  This may be a real change for your office.  Your staff may take issue with these changes but the alternative is that collections will suffer, cash flow will be negatively impacted and your practice could fail.  So change is really the lesser of two evils and the path you must choose. The first step is the hardest and a well-conceived transition plan will definitely be a step in the right direction.

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