5 Reasons Why You Need to Prefer Practolytics as Your Medical Billing Partner in 2022?
Setting up a private practice is a bigger chance to be your own boss so that you can make patients your top priority. Providing them with quality healthcare and building a rapport with patients should be your highest priorities, but there is much more to running a private practice than the healthcare aspect of it. And it is clear that it is not for you to handle as you are too busy tending to your patients. The administrative and financial tasks of your practice like medical billing, coding, claims management and insurance follow up form an important part of your practice health and this is where you will need an experienced billing partner.
You may think you are on top of everything and don’t really need a billing partner, citing reasons such as extra costs and so on, but that is not the case. Most private practices can benefit from a medical billing partner at the very least because this gives their staff a whole lot of time to take care of patients rather than focusing on the administrative burden to run the practice. A happy and not overworked staff means happy patients which contributes towards an increase in patient retention. Everything works itself out when the stress of billing is removed from your staff and placed in the hands of professionals such as Practolytics.
Table of Contents
Do you need a medical billing partner?
If you are finding the idea of medical billing partner difficult to accept, then an introspection of your practice may help you make the right decision. Doing so can help unearth red flags in your billing system and provide you with a deeper insight into how well your practice is doing and whether an experienced billing partner like Practolytics can add value to the process, ensuring you get paid for the work you do.
One of the key aspects to look for during your introspection is how efficient or quick the billing process is at your practice. On top of that, you need to know what is slowing down payments from patients; is it because they didn’t know that they didn’t have insurance eligibility? If so, why wasn’t the problem solved by your staff verifying insurance eligibility prior to the appointment? This could have saved everyone time and the patient could be informed beforehand if they were required to pay at the time of the visit, and they could come prepared.
Similarly, the payer may not reimburse your practice for some of the procedures as they aren’t covered by the patient’s plan. This lack of reimbursement may end up costing your practice significantly, and it is something that you would want to avoid. Your staff should do prior authorization on patients to know clearly what will be and will not be covered to avoid such problems later on.
Moreover, you need to look for the accuracy of all claims submitted. This doesn’t just mean the accuracy of medical codes and clinical notes, which do matter, but it also means that the patient’s demographic information is also accurate. Often, a claim would be submitted to the payer with the right set of codes but with the wrong insurance details, as an example. Or, the payers may have been mixed up by your staff, resulting in the claim going to the wrong insurance payer.
When things like this happen, a claim gets denied. This denial is not free and costs anywhere up to $45. Denials can happen either due to a mistake made when your staff prepares and submits the claim or it could be a mistake on the payer’s end. If the latter, it is important to dispute the denial and resolve the problem without making any payment or wasting time on a new claim. Your staff needs to identify the problem that has led to the denial and resolve it accordingly.
If your introspection results in you finding out that your practice is losing money because of the costs of training your staff yet an increased number of AR days, delayed payments, and denials, it might be worth considering partnering up with medical billing partners such as Practolytics.
What to look for in a medical billing partner
Improving your revenue is the main aim of a medical billing partner, and when you hire them to do so, you have to ensure that is what you are getting. While they are meant to reduce the stress on you, especially pertaining to the financial and administrative tasks, it may take time for everything to click, and you will still need to stay on top of everything.
Before partnering with a medical billing service, you have to look for a few things to avoid having to change services or being stuck with a service that doesn’t serve your purpose. The first and foremost thing your billing partner should do is providing data security and complete HIPAA compliance. Any medical billing partner you choose must ensure that the sensitive data that is shared with them, such as patient information and medical information is not shared with unauthorized personnel and is not prone to a data leak. If the service seems to not put much effort into the security of the data, then they may not be the best to partner up with.
Your medical billing partner should not protect your data with a stringent policy that makes it almost impossible for you to access your own data. This may seem like it wouldn’t ever happen but it happens frequently enough that it has to be mentioned here. This problem usually arises because the software the billing service is using for claims management and reimbursement is different than your practice’s electronic medical records software, and these two may not be compatible with each other. Due to this, there is limited accessibility to patient information from your patient record software.
Another thing your medical billing partner should provide is training programs for your staff on how to run their software and improve their functionality in the clinic. This is one of the ways of saving costs as you don’t have to pay exuberant amounts to train your staff to handle everything but rather have the medical billing partner provide all relevant training on all process specific aspects that your staff will have to deal with.
Overall, the partnering service is supposed to provide you with ease of access and most important of all, focus on increasing practice revenue. They should work with you to improve your practice’s reimbursements and allow you to focus on patient care and retention.
5 reasons for choosing Practolytics
A Platinum partner amongst 400+ billing companies, Practolytics is a 20+ year-old healthcare technology and revenue cycle management services company providing medical billing service solutions to 180+ practices of all sizes spreading across 31 states and serving more than 28 critical specialties. Practolytics partnered with AdvancedMD as of 2013 to create a one-stop solution for all the medical billing, practice management, patient management, and revenue cycle management activities a healthcare practice needs to carry out.
Practolytics processes more than 2.5M claims annually, collecting more than $500M for its clients. End-to-end services include medical billing, medical coding, chart audit, credentialing, eligibility, benefits verification, and pre-authorization services. The company’s diverse background in every aspect of healthcare allows it to maximize revenue and consistently deliver optimum results. For any customized solutions for your practice, visit site.
Practolytics believes in providing you with more than enough help to manage your revenue cycle. The entire process is run completely by professionals at the top of their field, who use state-of-the-art software and technology to make your billing and claims management process as efficient and easy as possible. That’s not all, mentioned below are the top five reasons you should choose Practolytics.
Practolytics keeps your patients’ data safe and complies with HIPAA laws, to the tee. The data is stored safely so that there is a minimal to zero risk of a leak. On top of that, the data is stored on a robust electronic medical records (EMR) software that is completely cloud based and data can be accessed securely from an online encrypted server rather than an offline installation.
Training and Education Programs
Practolytics automates the process of your revenue cycle to facilitate better results, or in other words, increase revenue and profits through process automation. This includes the use of technology and impressive software programs which you or your staff may not be equipped to handle. However, the service doesn’t leave you to fend off for yourself, but rather provides training programs for your staff to learn to operate the updated software and function better, operationally.
Eligibility and Benefits Verification
Practolytics checks patient eligibility and verifies insurance plans to ensure that the patient is covered by their existing insurance plan. What this means for your service is that there is a clear path from the appointment to reimbursement once it is known if the patient has insurance eligibility. However, if the patient does not, Practolytics will inform the practice well in advance to ensure the patient is well informed and can come prepared for the appointment.
This is one of the main determinants of a successfully managed revenue cycle, and it refers to the days it takes for your service to get paid. If the accounts receivable days or AR days are between 90 to 120 days, then your practice is struggling and needs help. Practolytics helps better manage AR days, aiming to reduce the time between billing and reimbursement or payments.
Payments Reconciliation and Posting Services
Your practice may receive payments after you have sent out a claim, but you are never dealing with one single claim. Just as multiple claims are being sent to payers, multiple payments will be made by the insurances. There has to be a reconciliation of data that the amount paid matches an outstanding invoice or claim. This ensures that the right amount is being paid and no invoices are slipping through. It is not an easy task but with all its expertise and technology, Practolytics can take care of it for you. This streamlines the reconciliation process to ensure immediate updates in the system with zero errors.
With Practolytics as your billing partner, rest assured that you are in good hands with all the expertise required for your practice to efficiently function in terms of insurance reimbursements. Talk to us to experience the difference.
ALSO READ – How Does AdvancedMD Work and Its Benefits?