Too many medical practices continue to keep their billing and accounts receivable in-house, ignoring the benefits of employing a team of dedicated medical billing professionals. The right medical billing and practice Management Company can have a significant positive affect on your bottom line.
When choosing medical billing services, look for a track record of results, airtight accounting practices, punctual bill posting, accessible reporting and accountability. A full service practice management firm should offer a variety of products that exceed industry recognized benchmarks for key performance measures. Basic services should include:
- Charge posting
- Billing
- Collection
- Payment posting
- Billing and collection reporting
- Accounts receivable reporting
- Denial appeals
While digging deeper into a prospective medical billing company’s practices and services, look for things like guaranteed daily patient payment posting and practice reconciliation. You will want system generated receipts and monthly practice reports so you can track performance and trends. The use of robust industry standard accounting software like Quickbooks allows for records that are readily accessible to your own staff. Ensure that who you work with offers a workflow that verifies patient coverage and identifies patient responsibility.
Achieve Optimal Collection Levels by Following Industry Benchmarks
Industry performance benchmarks were established for key performance measures by the Medical Group Management Association (MGMA) to assist in the financial viability of medical practices. The MGMA benchmarks include:
- Net Collection Rate of greater than 90% after 6 months and greater than 95% after 9 months
- % > 120 days = 18% or less
- % < 61 days = 75% or greater
By employing a medical billing company that strives for, and regularly meets these benchmarks you will enjoy the advantages of a reliable revenue cycle and lower accounts receivable. Following these guidelines ensures that even the oldest and most stubborn claims will be pursued aggressively, and the majority will be collected on.
ProMD Medical Billing offers all of this and more. You can be confident that your medical billing and collection will be processed at optimal efficiency.
ProMD Medical Billing is happy to help with your billing assessment needs so you can maximize profits and increase patient satisfaction. To learn more about how ProMD can make your practice run like a well-oiled machine, call 866-960-9558 or fill out our online form to request a billing assessment.