How Does Medical Billing and Coding Increase Cash Flow?

Accurate medical billing and coding are critical aspects of an optimized revenue cycle system. Proper billing and coding are not only necessary in terms of compliance, but are also crucial in reducing claim denials and rejections.

When you take a more proactive approach to your billing process, you not only get to prevent problems before they happen, but also maximize your cash flow. Coronis Health understands how fine-tuning your facility’s medical and coding practices can help better ensure proper reimbursements for your facility so you can continue delivering quality care to your communities. With over 100 years of combined experience in various niches, including rural hospitals, we offer customers tailored solutions and high-touch relationships you won’t find at a “Big Box” medical billing company. We recognize the tremendous need for your services and have made it our mission to assist rural facilities like yours in achieving your financial goals. Below, we share simple ways you can improve your medical billing and coding processes so that you can increase your revenue and remain financially independent.

Stop Revenue Drain by Keeping Up with Changes 

Claims that your facility does not file correctly will, of course, not be paid. It is essential to ensure all codes are accurate and that you meet all the critical requirements, including compliance with the most current healthcare laws, insurer contracts, and federal and state regulations. Failure to comply with medical billing and coding changes will only result in errors, delayed submissions, and ultimately revenue loss. Practices must responsibly delegate the job of keeping up with rules, regulations, and deadlines to ensure compliance. And by staying on top of changes in the healthcare industry, your billing process can remain accurate and efficient.

Scrub Claims to Minimize Rejections 

You must be conscientious about claim preparation. Scrub claims to ensure they’re clean, meaning the procedure, diagnosis, codes, and other data are present, complete, and accurate before submission. This minimizes rejections and reimbursement delays. A little bit of management and efficiency up front will go a long way in reducing claim denials, and fewer rejections will lead to an accelerated cash flow.

Go Online for Faster Payments

The amount of time spent making collections will impact your facility’s cash flow. Manual collections involve lots of paperwork, mail and postage, and staff overtime—all of which lower your operational profits daily. By adopting information technology such as online bill pay, you create a paperless and interconnected system that can enable better accuracy and speed. Online bill payment services allow your patients to pay their bills at home, day or night, securely and conveniently. This often leads to faster payments and quicker revenue influx while you reduce costs associated with paper statements.

Improve Collection Rates to Increase Revenue 

The collection process is time-consuming and complicated because of the number of ways that procedures can go wrong. From inaccurate patient information to coding errors and processing delays, these mistakes can lead to denials. There’s also the fact that you must deal with insurance companies to keep track of any unpaid claims.

For your facility, outsourcing won’t just free up more time for patient care. It will allow you to gain the ability to identify and implement improvements necessary for enhancing revenue capture. An experienced medical billing company can adequately manage all denials and appeals. Their knowledgeable and professional staff can develop collecting strategies designed to minimize your outstanding AR, reduce denials, optimize collection, and improve the billing process.

Outsource Your Medical Billing to Increase Your Revenue

Unless you have staff members who are experienced in billing and are trained in searching for errors and correcting them, there is a good chance you are losing revenue. At Coronis Health, not only do we take care of medical billing, but we also work toward improving every part of your revenue cycle. Our forward-thinking team of experts looks below the surface. 

We work on identifying and helping you fix the workflow issues that negatively affect your reimbursements, including the front desk, provider medical coding, practice management (PM) system optimization, account management, and extensive denials management. By going beyond the billing department, we can identify the source of cash leaks then work with your team to stop them at the source. Our goal is to remove the burden of medical billing so you can enjoy a healthy bottom line that leads to the growth and expansion of patient services. 

Connect with Coronis Health Today

We know navigating today’s healthcare environment can be daunting. With many reforms on the horizon, now is the time for your facility to optimize its revenue cycle performance. To learn more about the best practices for medical billing and coding, contact Coronis Health to request your free financial checkup.

from
https://www.coronishealth.com/blog/how-does-medical-billing-and-coding-increase-cash-flow/

5 Benefits of Revenue Cycle Management in Healthcare

The revenue cycle begins with the scheduling of an appointment and ends with the payment collected for services rendered.

It sounds simple, but there are crucial steps in between that if not performed accurately, may delay payments. And with coding errors, data duplication, or missing information, you may lose revenue that your facility depends on to stay afloat. Implementing efficient revenue cycle management is an invaluable component of your facility’s success.

Coronis Health is composed of the top medical billers in the country pooling their global resources to bring customers the best in medical billing and revenue cycle management. We understand the value of a structured revenue cycle management system, which is key to helping your facility operate more smoothly and optimize your cash flow. Below, we list 5 benefits of effective revenue cycle management in healthcare.

1. Optimize Workflow to Maximize Cash Flow

When you automate your process, you can bring efficiency to the system so payments can be made in a timely manner, while minimizing errors and denials and improving your cash flow. If you utilize an Electronic Health Record (EHR) system, for instance, you can simplify your facility’s workflow. And by improving tasks such as scheduling, coding and billing, and payment processing, you get to achieve a more effective and efficient system that saves you time for non-administrative tasks like caring for your patients, allowing you to do what you do best and meet your revenue goals.  

2. Streamline Processes to Lighten the Load

A facility that runs like a well-oiled machine will not only ensure steady collections that make your organization financially viable but also lowers the administrative burden on your staff. An electronic workflow, in particular, can help streamline all system facets, such as coordinating front and back communication, concluding a patient’s journey with timely payments, and eliminating lost paper documentation. This frees up more time for you to focus on delivering quality care.

3. Enhance Patient Experience by Improving Touchpoints 

Skilled revenue cycle management professionals and the right technology will contribute to an efficient process that minimizes standard billing and coding errors. This means simplifying the process and improving all the touchpoints involved in the patient experience. This reduces unnecessary stress to your patients, resulting in higher patient satisfaction –which you know is a factor in assessing the quality of care in hospitals. More importantly, patients benefit from improved care as your staff can devote more time to focus on them.

4. Better Claim Scrubbing for Fewer Denials

Denials are the result of payment claim errors. Optimized revenue cycle management brings accuracy to your facility’s system, leaving little room for mistakes. By getting coding right the first time, you get to reduce claim denials and receive your reimbursements faster. 

5. Faster Collections Process to Improve Revenue 

When you combine the right set of software solutions with automation tools, all the time-consuming tasks such as data collection, insurance verification, and coding will take significantly less time compared to doing them manually. By automating the cycle’s steps, from eligibility checks and payment follow-ups to data charge entry, you are able to expedite the entire process. And when you streamline tasks, you become more efficient and effective as you provide a more straightforward system to your administrative staff and fellow physicians, resulting in faster collections and improved cash flow.

How Coronis Can Help

Revenue cycle management is every step of the claim lifecycle, and Coronis looks at every portion of your billing process as an opportunity to increase revenue by identifying and then correcting the root cause of any problem. We understand how medical billing and collections are critical to the survival and growth of your facility, and patient collections are becoming a daunting task for your staff. We can work with you to create a process for collecting at the front and back end of the revenue cycle, and even provide staff to take care of collections. We are equipped to help you manage various revenue cycle problems, no matter what you might be facing. Our top revenue cycle management can help your facility find lost revenue, lower your time in AR, close aged payments, and handle collections efficiently. 

Coronis Health provides tailored and flexible solutions to meet the needs of your facility. With more than 100 years of combined experience in various niches including hospitals of all sizes, our experienced staff understands the importance of working down AR. As technological innovators, we utilize the latest software and employ actionable intelligence so we can assist you in getting your AR under control and most importantly, get you paid.

As a devoted healthcare revenue cycle management and medical billing company offering global capabilities and specialized solutions, we can make your workflow and processes more transparent and controllable. Our accurate coding and billing practices along with financial analysis and reporting will lead to your facility’s improved performance. We want to create endless opportunities for your facility and realize your full potential by helping you see how an efficient revenue cycle management process can benefit your facility.

Let’s Work Together To Build the Best Revenue Cycle Management System

Are you ready to increase your revenue, reduce denials, and accelerate your cash flow? Contact Coronis Health to learn more about how our data-driven solutions and consulting services can help optimize your revenue cycle. You may also request your free financial checkup today.

from
https://www.coronishealth.com/blog/5-benefits-of-revenue-cycle-management-in-healthcare/

Best Practices When Outsourcing Medical Billing

Whether a rural hospital or a surgical center, any healthcare organization’s primary focus is quality patient care, but for your facility to achieve success, you must prioritize financial health too.

A healthy revenue cycle can help your facility grow and better serve patients. Outsourcing medical billing can help you achieve the most accurate and efficient billing process possible and enhance financial performance. But if you decide to outsource, how do you choose the right company?

With 100+ years of combined experience, Coronis Health knows the complexities of the healthcare system and the equally complicated revenue cycle management process that goes with it. We are fully aware of the numerous benefits of outsourcing medical billing, and we understand how shifting your facility’s necessary process off-site can be challenging. Below, we offer valuable information about why outsourcing medical billing may be your most important financial move, as well as tips for choosing the right medical billing company.

Why Outsourcing Might Be the Right Choice for You 

Rural hospitals may be ideal candidates for medical billing outsourcing because they often struggle with organizational issues and have insufficient resources and workforce to meet those challenges. When you outsource medical billing, you can more easily prepare for the following situations.

• You are running a new or growing facility: Like other startup companies, you will need to wear many hats. This means you have to run billing processes yourself. If you have a growing organization, you need a skilled and experienced staff who can efficiently handle a growing volume of claims. Whether new or growing, your facility can benefit from a professional medical billing provider that can cost-effectively address your problems while helping you meet your financial objectives.
• You want to focus on your expertise: You studied and trained to become a healthcare provider and might not have sufficient experience on the business side. You want to spend more time focusing on your patients rather than on tedious paperwork. If you do not have the time and expertise to efficiently and accurately handle administrative tasks, it only makes sense to relieve yourself of those duties and let a professional medical biller do what they do best.
• You don’t have time to adapt to new regulations: Constant regulatory changes can put intense pressure on your facility. In effect, your medical billing process can suffer when your staff struggles to keep up with new regulations. You can avoid regulatory headaches by allowing medical billing providers to support your revenue cycle management, improving collections, and enabling you to focus on patient care.

5 Things to Look for in a Medical Billing Company 

You have to outsource wisely, of course. Who you choose as a partner will significantly impact your financial health and independence. Here are five factors to consider when selecting a medical billing provider:

1. HIPPA compliant

You have a direct responsibility to address healthcare privacy and security. By outsourcing to an experienced company with HIPAA (Health Insurance Portability and Accountability Act) compliance, you get peace of mind knowing that the company’s practices ensure the confidential handling of a patient’s health information as well as the protection of their legal rights. In addition to HIPPA, your outsourcing provider should uphold other laws, medical regulations, and guidelines. This helps you adhere to high standards of care, ethics, reduce exposure to fraud, and improve your revenue cycle overall.

2. Reputation

In any type of business, you only partner with people you can trust. This is why reputation means everything and a complete and comprehensive background check is necessary. The first step is narrowing the playing field to find a suitable company, then begin doing your research. Ask trusted colleagues for referrals. Ask medical professionals because you are more likely to receive reliable information from a trusted source rather than anonymous consumer reviews online.

3. Transparency

Even if you’ve already outsourced your medical billing process, you still want to know the status of your claims. It’s still your business, after all. Your billing specialist must provide you with regular and transparent reports that reflect what they’ve been handling on your behalf. This does not mean having to micromanage but instead overseeing the billing process to ensure efficiency.

4. Expertise

You want billers with expertise in your specialty to ensure correct billing. Whether you are a big city hospital, a rural hospital or a private practice specializing in pediatrics or cardiovascular health, you will have billing and coding challenges unique to your facility and specialty. This means you will need someone who knows your facility’s coding, compliance, and documentation requirements. Otherwise, you may suffer from coding inaccuracies, claim denials, and low cash flow, defeating the purpose of outsourcing in the first place.

5. Measurable Results

By outsourcing medical billing, you can achieve a more controlled approach to revenue cycle management. This proves to be more sustainable because when your medical billing process is up to date, efficient, and free of human error, you can receive payments in a shorter amount of time. If you also have transparency from your medical biller, the comprehensive performance reports will keep you informed of critical financial numbers. This also means you maintain control of your revenue cycle management without having to perform the tasks yourself.

Why Coronis is the Best Option in Medical Billing Outsourcing

Coronis Health uses industry-leading technology combined with high-touch relationship-building to allow facilities to focus on patient care, maintain financial independence, and cultivate financial success. We offer specialized financial and medical billing solutions to all types of healthcare organizations, including rural hospitals, surgical centers, FQHCs, SNFs, and LTCs.

Not only do we take care of billing, but Coronis Health also works to improve every part of your revenue cycle. Our forward-thinking team of experts looks below the surface, identifying and helping you fix the workflow issues that negatively affect your reimbursements and provide tailored solutions to get you back on track and restore your bottom line. By going beyond the billing department, we can identify the source of cash leaks and work with your team to stop them at the source. Our revenue cycle/medical billing team stays up to date on medical coding rules and guidelines, so you don’t have to. We continually monitor claims for denials and compliance issues stemming from medical coding errors. We work to remove the burden of medical billing so you can enjoy a healthy cash flow that leads to the growth and expansion of patient services.

Let Coronis Health Empower Your Facility

Outsourcing your billing and coding is one of the most significant practice management decisions your facility will ever make. Coronis Health employs top medical billers in the country, pooling their global resources to bring customers the best in medical billing and revenue cycle management. We’ll work with you to build data-driven solutions that meet your specific needs, allowing you to get back to treating patients. To learn more, contact Coronis Health to request your free financial checkup.

from
https://www.coronishealth.com/blog/best-practices-when-outsourcing-medical-billing/