Before you hire a third party to manage your DME and HME accounts receivables, read this article to find if outsourcing is right for you. Explore some of the top advantages working with an experienced team of experts can offer. Then, compare them with your current process to decide if your in-house team, patients, and overall office efficiency would benefit from such assistance.
That Second Pair of Eyes
Have you made a mistake on a claim or billed a consumer the wrong balance due, despite looking over the entered information a couple of times? Sometimes, billing mistakes are difficult to catch like that. It can be very frustrating and time-consuming for both your billing staff and the consumers to sort through, which can also lead to consumer distrust and negative reviews. Plus, the number of errors increases with employees who are unfamiliar with the different insurance carriers and the codes they require. By outsourcing your DME and HME billing and accounts receivables management, you are giving this potentially complex part of your business to experts who have the experience needed to review each claim for errors that will be either fixed before they reach the carrier or, if only the accounts receivables service portion is outsourced, corrected as soon as the claim is rejected.
Impartiality is Helpful
Working directly with a patient in person can change how you feel about collecting payments. Likewise, it can be challenging to find and discuss coding and claim filing errors with employees you see every day. Companies specializing in accounts receivables management will remove the emotional component and added stress by bringing an objective approach to your unpaid claims and orders. This means you can rest easy knowing all mistakes will be corrected and payments will be collected without upsetting the formed relationships between you and your consumers or staff members.
Learn Helpful Coding Tips
Oftentimes, the issue with insurance companies denying a claim lies with the code used for the item. Outsourcing your accounts receivables management to a team who know the quirks and coding requirements of each of the most common insurance carriers will enable your team to learn about patterns with some claims that can be adjusted to reduce the change of a denied claim in the future. Thus, you will receive your payments more efficiently as your billing employees become more effective with their code assignments and claim requests.
Collect on Old Claims
Another advantage of hiring a third party to manage your accounts receivables is the discovery phase of the new relationship where your old claims are re-examined, corrected, and submitted for prompt collections. This is money that is owed to you from the purchasing of your products that has not been collected for an extended period of time and could have been useful in paying overhead bills, adding more inventory, or expanding your staff. Your outsourced accounts receivables management team is skilled at balancing your accounts and making sure payments are collected in accordance with your collections procedure instructions.
See the Bigger Picture
Accounts receivables management services offer more than just a window into what amount has not been collected. They offer the chance to see important data such as the individual's age and claim history. This information will help determine the most appropriate course of action to take next on a case-by-case level. If you want to offer the best in customer satisfaction, one path of collections is not always the best policy and there may be extenuating circumstances for an outstanding balance that you allow to be broken into smaller payments over a longer span of time.
Therefore, while it may seem like you are giving up control of your accounts by hiring a third party, you are in all actuality increasing your level of awareness of problems with individualized accounts while uncovering patterns of mistakes made regarding orders, denied claims, and delayed payments. Given that outsourcing your DME and HME accounts receivables management is a step towards building a stronger relationship with your patients who receive accurate statements while improving your billing team's performance and maintaining control over your collections process, the real question is, "Why not hire a third party to manage your accounts receivables?" If you are ready to work with a billing staff with proven experience and effectiveness at managing account receivables. contact the experts at (678) 273-3404. We will work to uncover past and current patterns of errors and offer solutions to increase your productivity so you can focus on the tasks that move your business forward.