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When Should You Switch Your Medical Billing Company?

The Warning Signs It’s Time to Ditch and Switch

The truth is, if you’re outsourcing your medical billing services, the financial health of your practice depends on how well your vendor is processing claims and capturing revenue. If your vendor is falling down on the job, your bank account is hurting, and your practice suffers. What are the warning signs that tell you it’s time to start looking for another medical billing provider?

1
Your accounts receivable (A/R) balances are growing.

If your total accounts receivable balances are rising month after month, your billing company isn’t doing its job. Here’s the industry benchmark:

< 0 Days

Good

35 - 0 Days

Average

0 Days +

Poor

Here are some other key A/R facts:

  • Your practice only has a 15% to 25% chance of collecting accounts once they’re past due for more than 90 days.
  • 10% or less of your practice’s A/R should be more than 60 days past due.
  • 3% or less of your practice’s A/R should be past 90 days due. 

The Medusind Solution #1: We Improve Your A/R

Medusind created its MedClarity RCM platform to combine comprehensive practice management software with a powerful RCM toolset. Its robust reporting capability delivers on-demand insights into your revenue cycle, so it’s easier to manage your practice’s performance. MedClarity identifies your problem A/R pool and works to shrink it. The results? According to MGMA metrics, 53 days is A/R is considered best in class, but Medusind’s best in class performance has that beat: it’s 35 days.

2
Denials are piling up, and it’s taking longer to resubmit and appeal denied claims.

Medical revenue cycle management (RCM) is about one thing and one thing only: getting claims paid. And if your claims are being consistently denied under your current billing provider, that’s a serious problem.

Denials are often the result of incorrect coding or insufficient documentation. Are your denials increasing? Is it taking longer to appeal or resubmit them? Consider a high-performing provider like Medusind.

The Medusind Solution #2: We Maximize Collections

Our philosophy of No Charge Left Behind tackles this problem. We review 100% of all scheduled/documented patient encounters. Then we drill down:

  1. We audit all patient appointment and registration lists and compare them to billed charges.
  2. Using automation, we audit patient hospital or triage statuses across various hospital settings.
  3. We determine whether a patient was treated or left the site before treatment.
  4. We verify that the census rounding report lists the correct provider of service.
  5. We perform coding audits to capture all charges.
  6. We report write-offs and outstanding (AR) balances.
3
You’re not getting the level of service you require.

When you need help from your billing company, it takes ages for them to get back to you. You have to chase after people for answers. Sometimes you never hear back at all.

When you’ve got questions, your billing company should respond quickly. In fact, it should be proactive and reach out to you if it detects a possible problem. Ideally it should schedule standing appointments with you to check in and report on your revenue performance.

The Medusind Solution #3: We Offer High-Touch Service and Customization

With Medusind, you get a team focused on your success, and we assign a dedicated Practice Consultant/Account Manager to your account.

Your Operations team will tackle:

Credentialing: We offer a comprehensive provider credentialing and enrollment process to prevent a lag in payment.

Coding: Our Coding Center of Excellence is staffed by with over 300 U.S. and global AAPC-certified coders.

Charge Entry and Billing: We ensure that every billable charge is accounted for and claims are submitted promptly

A/R/Denial Management; Your billing team focuses on:

  • Speed to cash
  • Denial analysis, root causes, and fixes
  • Underpayment analysis

Patient Services: Your patient-first customer service team creates a positive experience for your patients.

Meanwhile, your dedicated Practice Consultant will deploy a comprehensive playbook of revenue cycle best practices focused on KPIs and identify where your revenue cycle performance can be improved.

4
Adopting your provider’s RCM platform and using their software in general is causing you glitches and problems.

Are you having problems integrating your current computer systems with the offerings of your current medical billing provider? Are features not coordinating properly? Are you having consistent software glitches and hiccups? Then it’s time to consider someone new.

The Medusind Solution #4: We Offer Ease of Implementation When You Switch to Us

We make transitioning to our solutions a painless and efficient process. A dedicated Implementation Specialist will act as your point of contact throughout the implementation process, and they’ll always be available and responsive to ensure a seamless transition.

We will:

  • Evaluate your current RCM methods and policies
  • Recommend best practices to improve your operational processes
  • Train your staff on practice-specific nuances
  • Provide workflow recommendation and SOP documentation to guarantee processing accuracy

You can go live with us in less than 6 weeks.

Listen to Your Bottom Line

Is your bank account suffering? Are unpaid claims and days in A/R piling up? Has your contact person at your medical billing provider turned into the Invisible Man (or Woman)?

Consider contacting Medusind, a national leader in medical billing. We input 7.5M charts codes per year so we can submit over $2 billion claims annually — so we can collect up to 30% more revenue for you.



See how Medusind can work for you

Tell us about your business or organization and we’ll connect you with a Medusind expert who can show you the products in depth, and answer any questions you have. See how a provider, office manager, or biller use Medusind to empower their practice.

See How Medusind Can Work for You

Tell us about your business or organization and we’ll connect you with a Medusind expert who can show you the products in depth, and answer any questions you have. See how a provider, office manager, or biller use Medusind to empower their practice.

See How Medusind Can Work for You

Tell us about your business or organization and we’ll connect you with a Medusind expert who can show you the products in depth, and answer any questions you have. See how a provider, office manager, or biller use Medusind to empower their practice.