Traditional front-office to back-office reimbursement procedures simply cannot keep up with the modern demands of the healthcare industry. Patient numbers are rising, budgets have flatlined, and employee turnover rates are at an all-time high. As a result, C-Level Executives for healthcare providers need to find advanced reimbursement solutions that will enhance their revenue cycle without sacrificing the quality of service or allowing important paperwork to fall through the cracks.
Fortunately, experienced reimbursement firms like Prochant have the skills, expertise, and structural processes in place to amplify your earnings while reducing your overhead.
It’s easy to say that your reimbursement solutions need to change, but it may not be easy to identify what changes need to be made or how to implement new procedures in your revenue cycle. This is where a firm that is highly experienced in advanced reimbursement solutions can provide the help you need. So, let’s take a look at 4 of the primary advantages of working with an experienced reimbursement firm.
At the end of the day, your relationships with your patients should take top priority. Without patients and referrals, your healthcare revenue cycle would cease to function. When you have a reimbursement backlog, you have to spend additional time hunting down documents, following up on reimbursement claims, and sending every claim through a time-consuming pipeline that delays the process even further.
With advanced reimbursement solutions, you can outsource your processes with a full billing service. This way, your staff will have much more time to speak directly with patients and referrals to maintain the best possible customer support. When patients feel that you give them adequate time and attention, they’re more inclined to continue using your services and refer others to you.
As of 2020, revenue cycle billing costs have reached peak levels, forcing many healthcare businesses to layoff staff or shut down entirely. In an industry that is already severely understaffed and lacking in long-term providers, this is an unsustainable solution. Eventually, cutting expenses where you need them most will only worsen your operational woes.
Instead, you can focus on improving your front- and back-office billing procedures with the help of a professional reimbursement firm. You don’t need to build a full-service billing process from the ground up. Team up with an established firm that already has the infrastructure in place and can quickly develop systems to meet your specific needs — without breaking the bank. In doing so, you’ll save time and resources by not needing to follow up on rejected claims.
When it comes to improving efficiency, the numbers really matter. However, even if you have an enormous dataset at your disposal, you may not be focusing on the right metrics. Advanced reimbursement solutions allow you to focus on your most common pain points and reduce waste at the same time.
With advanced reimbursement solutions, you will also see steady improvement in your 90+ A/R. At Prochant, we compare your data to industry-standard KPIs, giving you a top-down view of your entire reimbursement cycle — from start to finish. This way, you can focus on trending analyses and recalibrate your billing processes for maximum efficiency.
In addition to the benefits outlined above, advanced reimbursement solutions from firms like Prochant allow you to have experts analyzing your business around the clock. We don’t just implement billing solutions and leave the rest to you. Instead, we collaborate with your business every step of the way, providing weekly account management calls and 24/7 monitoring of your billing cycle process.
Without a team of billing professionals, you could be completely blind to wasted resources in your billing cycle. When you have a team of experts working with you to constantly improve upon your existing processes, you have full access to critical information whenever you need it. Not only can this cut costs, reduce waste, and improve your management of reimbursement claims, but it can also greatly enhance your business as a whole.
Using time-tested billing services may seem like the most prudent option, but increasing demands are rapidly changing the healthcare landscape. It is no longer enough to have a team manually following up on every single reimbursement claim. There are simply too many claims and too few resources to keep up. By outsourcing your processes to Prochant and implementing a streamlined, full-serving billing system, you can take advantage of the latest and most advanced reimbursement solutions.
If you’d like to learn more about optimizing your revenue cycle and improve your billing processes, contact the experts at Prochant today!