Written by A person manages a skilled nursing facility, to implement several years of commitment and effort they have invested into this kind of workplace. Still, they are not enjoying the revenue they should.
Relatable?
Well, you are not alone!
Many providers in similar procedures across the nation encounter the aforementioned problem, and the main cause is flawed skilled nursing facility billing process.
With the geriatric population exploding in the country and with the fact that more patients show up at skilled nursing facility meaning that more clinical and or administrative responsibilities are thrust upon the health care practitioners.
Looking at the situation, several providers tend to outsource but there are people who are still skeptical about outsourcing.
If you are one of them, here are five things you should know about skilled nursing facility billing outsourcing before deciding on your revenue cycle management strategy.
Outsourced SNF Billing Solutions Make Things Easier!
While there are several myths about outsourcing the services from a skilled nursing facility billing company, we present the benefits that you can’t deny!
You’ll have access to expertise.
It’s a no-brainer that managing skilled nursing facility billing and coding nuances requires a specialized knowledge and skill set. And when it comes to practice’s financial and functional stability, it is better to work with an expert.
An outsourced medical billing company has a team of experienced medical billers and coders who can streamline your operations and eliminate the chances of denials.
Of course, it is cost-effective!
The healthcare industry is constantly struggling due to lack of skilled laborers. And the wages are quite high when it comes to managing the administrative aspects of a healthcare practice.
Also, if you manage an in-house billing team you have to invest your time and other resources to hire, train and retain them. That will take a toll on your facility’s revenue.
On the contrary, a third-party RCM organization has a team of professional billers and coders who work from a remote location as an operational extension of your practice.
This saves you time, overhead costs and also lets you focus on quality patient care.
Process efficiency will be increased.
How, you may ask.
These professionals eliminate the chances of errors in coding and documentation, thus increasing clean claim rates and chances of faster and accurate reimbursements. Furthermore, there will be no process gaps due to absenteeism as they have an ample number of resources that can also offer you scalability.
You’ll have access to the latest technologies.
Well, let’s get real. Not only the latest technologies for efficient skilled nursing facility billing process, but also the industry comprehensive practices that will amplify your practice’s revenue.
Moreover, the outlined technologies and analytics for the practical application will introduce efficiency and, at the same time, transparency of your practice’s financial activity.
There is no need for concerns over legal requirements.
The constant changes that are being witnessed in the healthcare industry, as well as changes in billing and coding rules and regulations, make it almost challenging for the providers to proceed through the RCM problem.
Furthermore, without specialized knowledge and skill set it is tough to interpret healthcare regulations.
However, outsourced billing experts go through constant training and education that helps them stay abreast of these guidelines and regulations. Thus, they can eliminate any error within the process and maintain compliance within the process, safeguarding you from any audits, fines and penalties.
Conclusion
In the pursuit of optimized RCM in your facility, partner with an skilled nursing facility billing company that can curate the services as per your requirements. You need to understand their expertise, experience, client references and learning about their pricing is a must.
The strategic decision of outsourcing is extremely crucial for your practice as it can make or break your practice. Start with understanding your practice requirements and rethink the RCM advantages you can leverage with an outsourced partner.