Healthcare Business Consultant
OUTSOURCED SERVICES
Billing & Collections Outsourcing
We recognize the challenges involved in managing the billing and collections process for your home health or hospice organization. To alleviate the burden, we provide comprehensive outsourcing services for billing and collections. Our goal is to streamline your operations and optimize your revenue. With a team of skilled billing and collections experts, we are committed to ensuring that you receive accurate and timely payments. Leveraging the latest technology and industry best practices, we efficiently manage your billing and collections process, allowing you to prioritize delivering exceptional care to your patients.
FORECASTING
- • Identify the key drivers of your business.
• Gather historical financial and operational data.
• Choose a forecasting method that aligns with your business needs.
• Create a forecast template and input data.
• Review and analyze the forecast data.
• Adjust and finalize the forecast.
• Communicate the forecast to stakeholders.
• Monitor actual performance and adjust the forecast as needed.
REPORTING AND ANALYTICS
- • Reporting and analytics involve using data to identify trends and patterns, measure performance, and inform decision-making.
• Collect and analyze data from various sources, such as electronic health records, billing systems, and patient satisfaction surveys.
• Use technology and tools, such as dashboards and data visualization software, to make data accessible and understandable.
• Develop and maintain clear and concise reporting and analytics policies and procedures.
COLLECTIONS MANAGEMENT
- • Collections management involves managing outstanding accounts receivable for healthcare services rendered.
• Establish clear and concise collections policies and procedures that outline roles, responsibilities, and expectations for staff.
• Use technology and automation to streamline collections management processes and reduce errors.
• Provide ongoing training and education to staff to promote best practices in collections management and customer service.
CLAIMS SUBMISSION
- • Claims submission is the process of submitting claims for reimbursement of healthcare services provided to patients.
• Ensure accurate and complete documentation of patient care and services provided to support claims submission.
• Use technology and automation to streamline claims submission processes and reduce errors.
• Train staff on claims submission best practices, including proper documentation and billing guidelines.
ACCOUNTS RECEIVABLE MANAGEMENT
- • Accounts Receivable (AR) management involves monitoring and collecting outstanding payments owed to a healthcare provider.
• Establish clear and concise AR policies and procedures that outline roles, responsibilities, and expectations for staff.
• Use technology and automation to streamline AR management processes and reduce errors.
• Provide ongoing training and education to staff to promote best practices in AR management and customer service.
We understand the importance of reducing administrative costs, improving cash flow, and increasing revenue for your home health or hospice organization. Our billing and collections outsourcing services are specifically designed to help you achieve these goals. What sets us apart is our fee structure, as we only charge a percentage fee based on the amount we successfully collect on your behalf.
To optimize revenue collection and minimize bad debt, we utilize our advanced collections tool. This tool captures crucial metrics and trends related to payment collection, allowing us to identify operational issues and challenges early on in the revenue cycle. By quantifying and reporting on these trends, we provide valuable insights into vulnerabilities and areas for improvement. Our team of home care billing experts will work closely with you to optimize your current electronic medical record (EMR), track key performance metrics, and identify opportunities for automation to streamline your revenue cycle.
With our billing and collections services, you can expect extensive experience in EMR and billing, fully-trained billers well-versed in current regulatory requirements, and seamless integration into your existing office structure. We also offer account status tracking, providing transparency into the actions taken on each account to resolve open balances (such as billing, reprocessing, or appeals). Furthermore, our concise reporting on reasons for non-payment on claims, coupled with the identification of target areas where additional staff training may be beneficial, equips you with the necessary information to make informed decisions about your revenue cycle.
