Why Outsource to PMS?
Have you been thinking about outsourcing your billing? Can’t make up your mind? We have seen many physicians’ revenue increase dramatically when they make the switch from in house billing to our professional billing service. We have experience with all types of practices and all types of insurance.
- Professional support and personalized client services
- More consistent cash flow
- Reduce payroll taxes and workers compensation costs
- Less money and time spent on reimbursement
- Less rejected or denied claims
- Accurate reporting of billed verses paid
- More time to focus on patient care
Your cash flow is more consistent due to proper initial presentation of your claims. We maintain a full staff processing claims for a large number of clients. When one person is out of the office the claims process doesn’t stop. Any rejects are immediately followed up on to secure appropriate payment for your services. We practice direct engagement with your in-house personnel to develop customized, strategic, and sustainable solutions to prevent AR problems.
Your key management people will have less of their time diverted from your essential operations. Most individual providers find that they have to spend a large amount of time and resources keeping their system and people up-to-date on all the changes. The employees have to be directed and supervised to keep the problem areas covered. The KPMG survey revealed that “50% of those polled consider technology improvements, lower costs, and the ability to focus on their business as key benefits of outsourcing.”
Healthcare providers have found that they can lower their cost and secure a higher reimbursement. Our billing service has people that are dedicated to the sole purpose of billing and collecting for healthcare services. Our employees deal daily with most providers. Our medical billing service has effective systems in place that insure quick and accurate response to the reimbursement issues.
Payers have thousands of rules with which claims must comply. These rules change often, making it difficult for one person to stay abreast of them. Our billing service has a system in place that puts a rejected claim back into the collection cycle within 24 hours. If a claim needs a correction in order to be paid, it is then corrected and resubmitted. If the claim needs to be billed to another payer, including the patient, we do so immediately.
All claims are monitored to determine if the proper codes are being billed and if the payers are paying according to accepted standards. If documentation is such that the codes are not supported, a process is then started and the coding is corrected and everyone involved is trained on the proper procedure.
Having your staff bogged down by health insurance and Medicare claims paperwork could be costing your practice thousands of dollars every year. According to The New England Journal of Medicine, physicians’ overhead and billing expenses take up 43.75% of their gross professional income.
Dun & Bradstreet did a study of outsourcing and found that “more companies than ever are establishing strategic partnerships that give them access to specialized expertise in critical business functions.” A large number of respondents reported that “… the do it yourself attitude that most companies hold regarding most functions is insufficient in today’s new market place.” The study also found that the companies that “utilize outsourcing are more financially stable than those that do not.”