Shouldn’t You Collect Every Dollar?
The average practice leaves 30% of potential revenue on the table, according to recent studies. Can you afford that? What could you do with 30% more income, overnight?
Most importantly, why wouldn’t you do everything in your power to increase your revenue?
The best medical billing companies will collect every dollar you’re owed. That may seem like an obvious conclusion, but the secret lies in the word “every” dollar. Isn’t it about time that someone helped you collect every-single-dollar you are owed by telling it to you straight?
Here are the facts:
The only way your practice will be profitable is if you collect every dollar. This must be a priority. It must command your attention. Your billing and collections functions may be old. If you think they are solid, look at them again.
If you are not billing quickly and accurately, you are leaving money on the table.
Here are three functions your billing practices must include if you are to be financially competitive:
1. You must be able to determine patient coverage and collect payments in your office at time of service.
Can you verify a patient’s coverage when they arrive? Does your staff have instantaneous access to that information? If not, how do you know the exact amount of patient self-pay and how can you establish a payment plan to capture that? The best medical billing companies will train your staff to institute patient pay at the moment of check-in.
If the patient walks out the door without agreeing to some type of payment or payment plan, so does your opportunity to collect patient self-pay.
2. Does your medical billing software include advanced claim editing?
The best medical billing companies have software that will check every claim for missing information, verify coding according to common standards, verify eligibility before sending to the payer, and alert your billing team to any errors so they can be fixed BEFORE the claim gets to the payer.
Getting a claim paid correctly the first time delivers your money to your bank account faster, and helps ensure you are paid correctly.
3. You have to know when you are not being paid the contracted amount.
Match the expected, contracted payments to the actual payments you receive – and do something about gaps! The best medical billing companies check every payment you receive, every time to make sure you are receiving the contracted amount. Let’s say you are being paid even 2% less on every claim from just one of your contracted payers. How much money does that equal in one year? If you were collecting it, what could you do with that extra money? What would that do to your profit margin?
We check every single payment, every single time, to make sure you receive every single dollar you have contracted for. And if it wasn’t paid right, we’ll fight to get it paid right. Why would you accept anything less?
Here is what the best medical billing companies, like MICI, will tell you, when they give it to you straight. While you are delivering quality care to your patients, and striving to build a viable practice that helps to heal people, your billing and collections staff may only be interested in punching the clock. Every claim paid incorrectly, or not paid at all, is your money that is now lost to your bottom line!
You work hard. Why not have someone working for you who is collecting every dollar you have earned?
We are one of the best medical billing companies in the country. MICI tells the truth, and stands behind our work. Call us today. 281.580.9030