1. Economies of Scale
Management Consultants distributes our expenses across our entire client base providing an economy of scale. We operate at a lower cost than a single practice and those savings are passed on to you. We hire the best staff possible, so you pay less for the same and often higher collection percentages. In addition to the direct financial benefit of higher returns and lower costs (overhead, staff, insurance, hardware…), you save in the more difficult to quantify areas of time, stress, and office space.
2. Dedicated, highly trained Specialists
Management Consultants only has one purpose, to increase the profitability of your practice. We review and post all payments ensuring that the carriers are paying the correct amount and preventing incorrect adjustments. Every outstanding claim is tracked until it is processed and paid to its fullest. We integrate with your existing staff and have the same goals in mind. If your practice does not make money, we do not make money. We work closely with your office staff to ensure an efficient overall workflow and provide training when needed. The practice also gains access to a large combined knowledge base of billing experts to aid in navigating the ever increasing industry changes.
3. Gain Control
Many people think that outsourcing medical billing means giving up control to someone else. The opposite is true, and for most practices, they feel more in control than ever before. Someone else is taking care of the time consuming work and dealing with the headaches, so the providers have breathing room to review their monthly reports and see at a glance the health of the practice. Monthly and annual comparisons are quickly made and all questions are addressed by account managers in detail. Things like charge entry errors or payer reimbursement issues can be identified early before they spiral out of control. Transparency and the ability to run any report 24 hours a day gives a sense of control that they never had before. Adding an expert billing team to the mix utilizes a team approach to progress toward mutual goals.
4. A Changing Industry
The healthcare landscape is changing at an unprecedented rate and Medical Billing is not spared from the upheaval of change. Keeping up with the ever changing rules and requirements is difficult under the best of circumstances. It requires constant education and vigilance. New and deleted CPT codes come out annually, Fees change, and carrier rules seem to vary daily. Most people just don’t have the time needed to dedicate to this task.
5. ICD-10
Management Consultants keeps you informed about which modifiers can be used or how to bill for an injection. However, there are a couple changes on the horizon that will require substantial investment by a medical practice. The obvious Big One is ICD-10 CM which comes to town in October of 2015. Hands down, it’s the biggest change to hit the medical billing world in years. The number of DX codes will rise from 13,000 to 68,000 and a substantial increase in payer denials and decrease in cycle time is expected. The change is inevitable and will affect all aspects of billing, but a we can provide the benefit of a vast knowledgebase and just as importantly; we are privy to aggregated trends from a network of other practices. This inside information keeps us on the cutting edge and shared knowledge is transferred to the practice in real time. Real time information can be invaluable when the change is fast paced and unprecedented.
6. Get paid faster
Cash flow is key. Your days in AR, or revenue cycle time, has a significant impact on your bottom line. Management Consultants can submit your claims faster and with fewer errors, so you receive payment from payers in the shortest amount of time. Your payments are posted by professionals who will prevent errors in payment posting, resulting in denials being detected upfront. These are worked and resubmitted for timely payment. We will ensure that you are transmitting claims electronically to all possible carriers and are set up to receive ERAs, further reducing turnaround time. Achieving the highest reimbursement possible in the shortest amount of time puts money in the bank and not on the books. Do you know what your average Medicare cycle time is?
7. Focus on what you do best
You spent all those years in school to become a doctor so that you could enjoy a long career helping people. Little of that time was spent learning the intricacies of medical billing. Doing your billing in house requires a lot of time and effort. Even if you aren’t the one that actually spends 15 minutes trying to contact a carrier to follow up on a single claim, you will still need to deal with the high level management and all of the headaches that come with it. Management Consultants can free up a substantial amount of time that could be spent with patients or for some much needed R&R. With age comes wisdom and at some point you may ask yourself "what is my time worth to me compared to what I can pay someone else". Management Consultants is an ideal way to free up your valuable time while maintaining the same patient volume and potentially increasing your revenue at the same time.
8. Less Stress, More Cash
Management Consultants charge a percentage of the money that we collect. The less money that is erroneously adjusted off or the fewer claims sent out incorrectly means more money in your pocket. We will conduct a fee schedule analysis to make sure that you are getting reimbursed at the highest possible rate for your carriers, utilize multiple claim scrubs to ensure that claims are submitted correctly, utilize efficient policies and procedures to reduce your cycle time, and our experienced staff will review denials for accuracy. Each EOB is audited for correct payment, and steps are taken to ensure that you receive accurate reimbursement for your services. We work hard to improve your collection rate because if you make more, we make more. Most practices that hire Management Consultants see an increase in revenue and a decrease in cost that far outweighs our billing service fee.