If you’ve been running your billing claims management in-house, you’ve most likely run across some obstacles whether that be with authorizations or reimbursements. As you grow your behavioral health program, these obstacles will only increase, creating a syphon in your revenue cycle — resulting in you losing hard earned revenue. So how do you know when your behavioral health facility needs to outsource their billing and revenue cycle management? Here are three signs to look out for:
1. Claims Processing Time
A sign that you need to consider outsourcing your billing is if you notice your clinicians not processing claims in a timely manner. If your claims aren’t being processed immediately after service, there will be a delay in payment. This issue often arises when your clinicians are lacking the bandwidth to submit claims in a timely manner. We provide electronic claims processing, aging reports, and monthly statements, so you can keep up with your reimbursement status. Using Billing Solutions, not only will you receive payments faster, but your clinicians will have more time to focus on the patients.
2. Losing Revenue Due to Your Collections Process
Another sign that signifies your company’s need to outsource your revenue cycle management is if you’re not following up on collections. You could be decreasing your revenue by up to 25% by letting payment collections lapse. Our financial experts at Billing Solutions manage all collections to ensure you’re receiving the maximum revenue that you deserve.
3. Increase in Claim Denials
Have you noticed a significant amount of your claim submissions getting denied by insurance companies? Medical claims can be denied for a variety of reasons, such as:
- Insufficient information to process your claim
- Human error such as putting the wrong code for the service on your claim
- Services received are not covered under your plan
- The lifetime maximum limit with your insurance provider is reached
This is a definite sign that your facility is ready to (and in desperate need of) outsourcing your revenue cycle management. At Billing Solutions, our appeal specialists will determine the cause of denial, process all the paperwork required to get the claim paid, and work diligently to obtain your reimbursement.
Stop making things more complicated for your business by trying to manage your billing in-house. With Billing Solutions managing your revenue cycle, you can trust our experts to make your entire billing process optimal and efficient. Reach out to us today for a free consultation and account review to help you determine that it’s time for your business to outsource.