Can a Billing Partner Help Improve Your Revenue

1
Can Billing Partner Help Improve Your Revenue
sales_at_omnimd.com
www.omnimd.com
1- 844-666-4631
2
Increasing the number of new patients while
retaining current patients is vital to the
success of any physicians practice. But, unless
that practice receives steady, profitable cash
flows throughout most revenue cycles, they may be
unable to stay operational. Even before the
COVID-19 pandemic, the dilemma of whether to
do in-house medical billing or outsource medical
billing beleaguered many physician-owned
practices. Now that the healthcare industry is
inundated with COVID patients and people
suffering long-COVID symptoms, physicians are
discovering the numerous benefits of relying on
billing partners. According to Grand View
Research, the medical billing partner market is
expected to exceed 19 billion by 2026. Thats a
nearly 12 percent annual growth rate!
3
How Can a Billing Partner Improve Medical Revenue?
Ensures Accurately Coded Claims
What is fueling this rush by physicians to find
the best medical billing partner they can depend
on for superior service? One of the leading
reasons behind the skyrocketing billing partner
market involves the necessity for filing claims
correctly. Unless claims are coded accurately and
error-free, they will be returned and the
physician will suffer an interruption in cash
flow. An estimated 80 percent of medical claims
and billing documents contain at least one error
that prevents physicians, clinics and hospitals
from getting paid. With over 80,000 diagnostic
and procedure codes to comb through, medical
assistants and physician staff simply dont have
the time to consistently submit 100 percent
accurate claims. Unfortunately, the cycle of
submitting claims, getting back rejected claims,
finding and fixing errors and resubmitting them
can force providers to wait for months before
receiving payment. A professional medical
billing partner provides trained, knowledgeable
billing and coding specialists whos job is to do
one thing submit correct claims the first time.
This allows physicians and their staff to focus
solely on patients and running the office as
efficiently as possible.
4
Handles the Collections Process
One of the most time-consuming tasks of a
physicians practice is collecting past due
payments. Doctors can tell you from experience
that simply sending past due notices is
ineffective for settling a past due bill.
Moreover, when doctors decide to sell a debt to a
collection agency, they lose most of that
revenue. Medical Billing Service partners take
care of collecting past due payments. They employ
individuals who options available, such as
reserialize in collecting debts by working
one-on-one with patients, verifying addresses of
patients who have moved and informing patients of
payment di cards, other types of insurance or
local social agencies.
Increases Revenue by Adhering to Insurance
Regulations
Major insurance companies, including Medicaid and
Medicare, are constantly changing guidelines
regarding what treatments they cover, patient
eligibility and how much they will pay for
certain procedures. Trying to keep up with the
constant deluge of modifications to insurance
rules is literally a full-time job that a busy
physicians office finds difficult to manage
properly. A medical billing partner stays
up-to-date in real time to changes made by health
insurance companies. This means claims wont be
rejected for including obsolete or incorrect
data. In addition, many updated insurance
guidelines for Medicaid or Medicare come from
changes made by the federal government.
Continuous noncompliance with federally mandated
adjustments may result in losing compensation
provided by Medicaid and Medicare.
5
Is Outsourcing Medical Billing Right for Your
Practice?

• Consider the following summary of the benefits of
  hiring a medical billing partner
• Significantly improves cash flow and revenue by
  eliminating costly errors and claim returns
• Reduces overhead expenses
• Less expensive than purchasing and constantly
  upgrading medical billing software (software
  cannot manage debt collections nor handle
  problems best suited for human-to-human contact)
• Professional medical billing partners provide
  detailed monthly reports regarding claims sent,
  collections, payments and other important items
• Allows physicians and staff to spend more
  quality time with patients
• Ensures physician practices comply with
  ever-changing federal insurance regulations
• Call today to learn more about how a medical
  billing partner can give the advantages you need
  to make your practice a long-term success.

6
Thank You
1-844-666-4631
www.omnimd.com
sales_at_omnimd.com