Going in-network with insurance carriers is an essential part of running a successful business. For one, it allows you to get listed on providers' lists, which gives patients access to your care and gives you more billable patients. In this post, we'll explain why you...
Healthcare providers are faced with a myriad of challenges. One of the biggest is billing and claims management. If you don’t have a solution to handle to streamline this process, you could find you’re leaving a lot of money on the table. But what exactly is billing and claims management? The simple answer is that it’s the process by which bills are generated, submitted and paid by an insurance company or third party payer (such as Medicare).
The more complete answer involves much more than just these steps however; there are many details that must be addressed before any payment can be received (or denied). Whether you’re an individual physician or working at a larger organization where you’re working with hundreds of thousands of patients each year, knowing how to manage your billing and collection processes will help you make sure all your money gets where it needs to go!
What is Billing & Claims Management?
Billing and claims management is the process of collecting patient information, coding it, and submitting claims for payment. This process is a part of any healthcare organization and must be done correctly to ensure financial stability.
Billing and claims management can be accomplished manually or with the help of an automated system.
It is one of the most important parts of running a medical practice or hospital because it ensures that your business takes in enough revenue to cover its expenses, pay employees, maintain equipment, etc., while also ensuring that you do not go over budget at any time during the year.
Why You Need A Solution For Billing And Collection Management
Every healthcare provider needs a billing and claims management solution.
- Billing and collection management is a critical part of any healthcare provider’s revenue cycle.
- Because claims processing is so important for providers, it’s often an area that gets overlooked or underfunded in terms of resources and staff time needed to keep things running smoothly.
- Without proper processes in place, providers risk missing out on money they’re owed by their patients—and while those dollars might be small individually, they add up quickly over time!
While billing and claims management might be complex and time-consuming to manage, if you automate the entire process with the right software, then you can streamline your billing cycle and manage claims with minimal errors, increasing your ROI.
An extra tip for maximizing profit?
Consider the costs of outsourcing your revenue cycle management process to an experienced agency vs. hiring an RCM specialist in-house. The latter can cost you upwards of $60,000 a year per biller with salary and benefits, while outsourcing is a fraction of the cost. When you hire an RCM solutions provider, such as Cora BHS, you’ll get access to an automated system and our team of RCM experts, all within your budget.
The billing and claims management process is critical to successfully running a behavioral healthcare organization.
In order to streamline these processes, it’s important to use a solution that can help you manage all aspects at once—from billing and coding through collections, remittance processing, and more. With so many options available, it might seem like an overwhelming task to find one that works best for your company.
At Cora BHS, when we take over your revenue cycle management process, we take over more than just your billing and claims management, we also offer comprehensive claim follow-up, utilization reviews and verification of benefits. Get the help you need today by getting in touch at [email protected] or by visiting www.corabhs.com.