Here’s How DocFinancial Does Revenue Cycle ManagementRevenue Management - June 30, 2020
These days, so many of us operate under conditions that we might call financial turbulence. And nowhere else is that more evident than the healthcare industry. Patients often cite surprise fees and bills, while many practices report difficulty maintaining a healthy revenue cycle. How did we get here? A great lens into this complex issue is revenue cycle management. Cash flow between each stakeholder of the healthcare industry – including patients, practices and insurance companies – has become increasingly complex, leaving a majority of providers to feel adrift in uncharted waters. And yet, it doesn’t have to be that way.
With DocFinancial at the helm, our team offers superior revenue cycle management services for a variety of specialty groups and care centers. When you partner with us, we help you get paid faster, remove barriers to collecting, simplify the payment process and bring a high-level of management acumen to any team. Here’s how we do it.
Revenue Cycle Management With a Professional Bedside Manner
When hiring a revenue cycle manager, clients get what they pay for. So often practices attempt to reduce costs by shifting their billing tasks to a software or overseas provider. Sure these options are less money, but at what cost? Revenue cycle management is built on relationships – something a software cannot muster – and a good manager acts on a client’s behalf and as an extension of their team, guarding their interests and reputation. On top of that, they offer immediate access to their management services. Over decades in the industry, we have seen practices use overseas providers and, as a result, lose funds and their practices to larger healthcare entities.
Our USA-based team applies its human facilities to carefully handle your billing service needs, such as:
- Calculating rates for fee-for-service
- Identifying profitable procedures by insurance company
- Negotiating on your behalf with your best interest at heart
- Providing near-constant service by phone
Best of all: we are pleasant. Clients hire us because of our track record and stay because we are easy to work with. And the same can be said of our interactions with a practice’s patients and staff at insurance companies. What software can claim that?
Medical Coding Done Painlessly
Coding a medical procedure for a claim can give the false impression of a cold, fact-based process. So much so, one might think there is very little risk of error. And that’s simply not the case. Medical coding is a highly specialized task that benefits from years of training and experience. While it can be as simple as filing a single claim to a single entity, there are cases when a claim needs to be sent to multiple insurance companies, which may operate through different coding protocols. Don’t suffer the headache from faulty medical coding.
At DocFinancial, we have seen and done it all. Our employees have an average of 20 years of industry experience, meaning we are deeply connected to a local, regional and national network of insurance companies. And we are trained and qualified to the highest standards of medical billing and coding, as well as CANPC proficiency for Anesthesia and Pain Management Coding.
Ensuring a Quick, Healthy Revenue Cycle
Ask any physician and they will tell you that timing is everything. Whether it’s an early diagnosis, a timely treatment or an emergency surgery, time is always of the essence. And that’s especially true of accounts receivable. Revenue is the lifeblood of a practice, and payments give physicians the much-needed resources to deliver care of the highest caliber.
When clients partner with us, our team of experienced professionals provides oversight of your organization to streamline workflow processes. We apply over 60-years of corporate experience to their billing to accelerate payment turnaround time to fewer than two weeks – and as quickly as two days. Additionally, we identify which medical procedures tend to present the most difficult to collect payment, and create a plan to maintain revenue flow.
What’s the best way to treat a turbulent revenue flow? Get DocFinancial on the case. We apply a human touch and a high-level of expertise to every claim. Providing medical services is already stressful, don’t let financial woes weigh you down. Give us a call and discover how we can provide revenue cycle management for you.