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Are you looking to replace your current medical billing partner? If yes, then the most probable reason for that would be a loss of revenue. Medical billing partners should optimize your revenue cycle management rather than causing a revenue loss. If that’s the case with your medical billing partner, it’s time for a change!
In case you are looking for a better medical billing partner, you should know how to switch medical billing services without leaving money on the table before transitioning. Here, we discuss how to transition to a new medical billing partner without losing money.
Optimal Revenue Cycle Management Requires Cooperation
All partners should actively share the responsibility to ensure the practice's success through optimal revenue cycle management (RCM). If the practice is financially successful, the medical billing services company also benefits. Likewise, it is unreasonable to expect the billing company to submit claims efficiently without accurate patient demographics and insurance information.
The practice must complete chart notes promptly and communicate any changes to contracting issues or new providers. The practice must also timely handle requests for medical records, appeals, and corrected claims when necessary.
Outsourcing medical billing and collections can bring a higher skill level and dedicated resources to the team, but it still requires active cooperation between both partners. There are many factors to consider when determining if it is time to dissolve the current relationship.
Things to Consider Before Switching Medical Billing Partner
Transitioning to a new medical billing partner requires contemplation on the part of the practice. There are a few questions a healthcare practice should seek answers to before switching to new medical billing services.
- What are the Reasons for Switching to a New Medical Billing Partner?
When the revenue falls flat or declines, it is easy to blame the medical billing services company. The percentage of collections will always be advertised as so much higher somewhere else. Be sure the root problem lies solely with the billers rather than with a change in your payor mix to plans with lower reimbursement rates.
In case the dip in revenue stems from a change in your service mix, patient mix, or even the financial demographics of your local area, it is unlikely that a new medical billing partner will restore the practice to its glory.
- Does Your Present Medical Billing Partner Integrate Efficient EHR?
One of the best ways to optimize your revenue cycle management is to opt for a medical billing partner that offers efficient EHR services. The prevailing challenges with the present medical billing partner could be a consequence of subpar EHR services. Reevaluate your practice’s performance and identify the shortcomings related to medical billing and coding accuracy.
In case there is an increased number of claim denials or returns from the payers’ end, it might be due to inaccurate or incomplete patient information. To overcome this problem and optimize the practice’s revenue cycle management, terminating current services and moving to a more resourceful medical billing partner can prove to be game-changing.
- How Will You Deal with the Pending Accounts Receivable (AR)?
No one ends up leaving a partnership without some baggage. So, who will be responsible for resolving the residual accounts receivable (AR)? There are a few ways for a practice to tackle the pending accounts receivable. The first right approach will be to ask the old billing partner to clear the residual AR.
In case the billing company does not provide accounts receivable (AR) clean-up services, the recommended course of action is to request your new medical billing partner to handle and resolve the pending AR. If this option is not viable, the next step would be to seek guidance from the new billing company on how to clear the remaining AR. That could be possible either by taking on the task internally within the practice or by implementing their suggested approach.
Consider the Reality of Transitions
While most payers accept dual enrollment for claims submission, only a few permit more than one designated clearinghouse for returning Electronic Remittance Advice (ERA). Even with thorough planning, a gap between remittances from the previous vendor and the new vendor may still arise.
It is crucial to anticipate gaps and create contingency plans for receiving remittances from a previous vendor and posting them in the new clearinghouse. Enrollments might cause delays in claim submission or necessitate the billing team to wait for remittances to align with the Electronic Funds Transfers (EFTs) in the bank.
Don't Leave Money on the Table While Switching Medical Billing Providers
The 'wind-down' period defined within the contract may provide sufficient time to resolve all outstanding accounts receivable completely. Accept the reality that only a few billing services will take on the existing accounts receivable. This leaves an extra burden on your practice, drastically affecting your revenue cycle management.
Companies rarely migrate financial records into a new system. Fewer vendors will allow unlimited access to their system once the contract has been terminated. You should discuss a detailed plan to ensure that the responsible party collects all revenue, thereby optimizing your practice’s revenue cycle management.
Every professional partnership comes with challenges, obstacles, and even minor inconveniences. Eyes wide open remains the best advice when searching for the best medical billing services company for the practice. Honestly evaluate the needs and reasons to change; anticipate the realities of transitioning from one vendor to another; and don’t leave money on the table due to lack of planning.
Switch to a Medical Billing Partner with Integrated EHR
Outsourcing medical billing services can help a practice focus on other aspects of patient care. Medical billing doesn’t come without its challenges, and a proven way to mitigate these challenges effectively is by opting for a medical billing partner that integrates a reliable and accurate electronic health record (EHR) system.
Remember that the EHR is supposed to bring more efficiency to the practice. Scanning daily superbills/charge tickets and Excel sheets for daily copayments to be posted by someone else undermines efficiency. Redirecting the patient standing in front of the front desk to call the billing office for their account balance also undermines efficiency. An integrated EHR software can provide the expected efficiency and transparency to the partnership.
Efficiency and transparency can directly affect your practice’s revenue cycle management. This is because an efficient and seamless EHR system can reduce administrative burden and eliminate inaccuracy associated with the medical billing and coding process. This ultimately leads to reduced claim denials and rejections, thereby boosting revenue.
Practice EHR - ONE that Optimizes Revenue Cycle Management!
Practice EHR ensures an optimized revenue cycle management with its top-notch medical billing and coding services. Its intuitive and secure software provides complete insight into your practice's clinical and financial sides in addition to strategic support from a professional team. Practice EHR ensures that no money is left behind on the table with its decades of industry experience, making the transitioning process seamless and less of a hassle.
Switching to a new medical billing partner is a critical step for any practice’s success, and we understand that as industry experts. We are here to discuss the challenges associated with your practice’s revenue cycle management and offer valuable insights to outline a better future course of action.
Request A Demo today and let Practice EHR be your next partner on the journey to success!
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