Struggling with Claim Denials? Why Outsourcing is the Answer
Outsourcing prevents reimbursement delays and claim denials, while allowing you to spend more face-to-face time with your patients. It also saves you time and money that would go into hiring staff and investing in infrastructure to manage the process in-house. Importantly, outsourcing gives you access to expertise in medical billing and coding, which are crucial for efficient RCM and optimal reimbursement.
Top Reasons to Outsource Medical Billing
ACCESS TO EXPERTISE
Instead of training an in-house team, outsourcing RCM to a medical billing company ensures they are handled by experts in the field. Outsourcing companies have skilled medical coders, billing specialists, and insurance verification experts who work to ensure accurate claim submission and reduce payment denials/delays.
INSURANCE VERIFICATION
Outsourcing can ensure reliable support for insurance
eligibility verification. Patient demographic and insurance information, coverage status, co-pays, deductibles, coinsurance, and other details are checked before every office visit, promoting claim accuracy. They also help you obtain preauthorizations on time.
Positive Patient experience
common and costly billing errors such as wrong/missing patient data, coding issues, duplicate billing, unbundling, inadequate documentation, prior authorization not obtained, and so on. This improves the quality of care and increases billable revenue.
INCREASED CASH FLOW
MINIMIZE CLAIM DENIALS
Partnering with an expert ensures end-to-end billing solutions to minimize claim denials, and accelerate cash flow. This includes patient appointment scheduling and registration, insurance verification and preauthorization to medical coding, charge entry and claim submission, payment posting and AR management.
Accurate Medical Coding
Outsourcing ensures the services of skilled AHIMA- and AAPC-certified coders. They assign the most appropriate medical codes and modifiers based on a review of the clinical documentation. Proficient in ICD-10, CPT, and HCPCS coding, they can ensure that diagnoses and treatments are reported accurately.
REDUCE OVERHEAD COSTS
Setting up and maintaining an in-house billing team involves costs such as training costs, salaries, infrastructure, rental and equipment costs, and more. This could be financially challenging, especially for smaller practices. Outsourcing allows you to avoid these expenses and save up to 30-40% on your overhead.
AR MANAGEMENT
Medical billing companies track claims, identify potential issues, initiate timely follow-up, and handle denials efficiently. This reduces outstanding balances and prevents revenue leakage. They also handle patient collections with a patient-centric approach, maximizing revenue recovery and patient satisfaction.
We serve all 50 states
Trust Us for Specialty-specific Medical Billing Success
Our Medical Billing Process
1
Patient Registration
Claim Submission
Insurance Verification
Payment Posting
Chart Review
AR Management
Medical Coding
Reporting & Analysis
1
Patient Registration
Insurance Verification
Chart Review
Medical Coding
Claim Submission
Payment Posting
AR Management
Reporting & Analysis
Medical Specialties We Serve
Why Choose OSI?
Expertise
Our industry expertise, technology, and resources ensure you get paid what you’re owed. We tackle RCM challenges, recover overdue payments, and maximize every claim.
An Extension of Your Practice
We seamlessly integrate with your practice, freeing your staff to focus on providing exceptional patient care.
Pricing Transparency
We believe in transparency. No long-term yearly contracts or hidden fees, just clear, upfront costs for our services.
Affordable Pricing Options
Full-Time Equivalent
Like an FTE model, a person is dedicated to your practice. Perfect for a practice that is busy. They work as an extension to your business.
At present, we provide only the FTE pricing model for Accounts Receivable (AR). We are also considering a blended model for AR.
FAQs
Will I have a dedicated team working on my account?
With the right experienced team handling your account, you can stay focused on delivering excellent medical care to your patients.
What is your payment posting process?
How do you manage patient collections?
How do you ensure a smooth transition of my process?
- We gather information from your office that will include all aspects of your present billing and collections cycle
- We evaluate your current billing practices to identify gaps, shortcomings and other issues
- Based on these metrics, we create an appropriate, effective and more efficient solution
- We finalize our plan after discussing it with you and then educate your staff on the processes they will be responsible for
- We will ensure that our billing and collections department understands the protocols and rules that you have set in place along with other specifics concerning the practice
- A few dry runs will be conducted to make sure every area in the billing and collections process functions properly and that all expectations are met
- We will have staff, software and everything on hand to ensure a smooth transition
How do I keep track of my practice performance?
Insurance verification - what details do you verify?
How do you work with your clients? Do we have to give you our whole revenue cycle management to start with you?
What is your turnaround time?
When it comes to scheduling, medical coding outsourcing, payment posting or any other area of RCM we remain flexible to adjust the turnaround time to your needs. In eligibility verifications we can work on future appointments as well as STAT requests and add-ons keeping you 3 to 5 days ahead of schedule.
Depending on which area of medical billing outsourcing you are interested in, we can provide quick turnaround times from immediate to 2, 4, or 24 to 48 hours. Like we mentioned earlier, tell us what your reasonable expectations are, and we will make sure our service level agreements are constructed accordingly.
We realize that when it comes to revenue cycle management with medical billing outsourcing, it is a very tough and an involved decision for any practice. We want you to feel comfortable with making your choice. This is why we offer free trials for some aspects of our services.
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