The major pillars supporting the healthcare industry have been patient care and satisfaction. But with the changing market trends, the healthcare industry like other sectors has been focusing on revenue generation and improved services for patients. Patient care requires the full attention and time of a practitioner which at times divert the focus of practitioners from equally important administrative jobs. This negligence might land the practice in financial troubles due to billing errors, late submissions, denials, etc.
But as they say “with every problem comes a solution” the healthcare industry has also seen the emergence of several outsource medical billing and revenue management service providers. These companies not only provide a ‘one-stop solution’ for all billing related requirements for practices but also help in exploring extra revenue resources such as MACRA, MIPS etc.
What is the importance of outsourcing medical billing and revenue management services?
Medphine presents a clear picture of the business and never believes in keeping the things under covers
Outsourcing medical billing and revenue management services make things simpler for physicians and practices. They offer professional medical billing services and promise faster and on-time reimbursements. They streamline the entire revenue cycle process in a practice and maintain steady cash flow. They mainly save time, lower operational cost, speed-up claim submission, manages denials, work on resubmissions, and also assist in A/R management.
What are the values behind Medphine outsourcing services?
Medphine is a medical billing and coding service provider that acts as a single outlet for all billing needs of a practice. It covers the entire spectrum of services from eligibility verification, coding, billing, AR follow up to denial management and Patient collections. Medphine provides reliable and cost-effective services as per the latest trend in the healthcare industry.
Medphine believes in strong moral values and does not just look for profit-making. With a vision to be a globally preferred service provider, the company works to improve the financial lives of its clients and give them the freedom to focus on patient care. Within a few years, Medphine has earned a good name and trust among its clients.
Why choose Medphine as an outsource partner?
Medphine offers cost-effective service to its clients. It guarantees lesser downtime and high reimbursements
Medphine offers the best in class and matchless services to its clients. It believes in doing ‘the right things in the right manner’. Being a part of the medical healthcare industry, Medphine follows ethical practices. It abides by HIPAA regulations and promises data security to its clients. Medphine works with Transparency and Solution as its main pillar. It follows a strict “No Write-off” policy, fights denials rigorously and ensures that every single claim gets paid, not matter the amount of work and follow up it takes.
Medphine has a team of trained and experienced professionals who handle each project in the best manner. The company keeps itself updated with the latest technology as well as guidelines and ensures that up-to-date services are always delivered.
It not only provides billing services but also assists its clients in EMR optimization, credentialing, coding audits and quality measure reporting.
Most importantly, it understands the importance of account receivables and carries out rigorous follow-up for on-time payments. Medphine very well understands the needs of its clients and provide customized services as per client requirement which boosts the collections by 10-20 %, reduces the cost by 30% and ensures that the 120+ ageing bucket is less than 2.5%.
What are the challenges faced by outsourcing medical billing service providers?
Medical billing and revenue management service providers face a lot of challenges. The ever-changing medical, coding and Insurance regulations make the job tough for them. They have to keep an eagle eye on every change and implement it in their system. The payer policy or non-coverage sometimes leads to denials and rejections. The denial study, rework and resubmissions are also equally challenging.
What Medphine promise to its clients?
Medphine offers cost-effective service to its clients. It guarantees lesser downtime and high reimbursements. Apart from this it also promises to reduce the number of denied claims, reduce overhead costs, maintain cash flow, and early claim settlements. It keeps its clients in the loop with progress and collection reports and keeps them aware of their practice’s revenue. It presents a clear picture of the business and never believes in keeping the things under covers.
How far has Medphine come?
In the past few years, Medphine has grown from a little seed to a deep-rooted tree. It has earned some of the valuable clients and trust in the sector. It has developed itself as an expert in the field of specialty billing, infusion billing and out of network billing.
It has some of the best professionals as part of its team and has also grown in terms of experience and learning. But the journey is still on and with its constant efforts, it will soon be amongst the best players in the industry.