PROVIDING COST BENEFITS TO DOCTORS THAT OUTSOURCE THEIR BILLING

Outsourcing Medical Billing is the solution for doctors that want to increase the profitability of their practice.

With all the changes that are taking place with Health care reimbursements, doctors are seeing a decrease in the money that they receive from insurance companies. By outsourcing their medical billing, doctors save money and get paid for the services they provide faster.  Outsourcing the medical billing functions of a practice to a reputable company that focuses solely on processing medical claims will make a medical practice more money. Vitruvian MedPro Consulting, a Massachusetts based medical billing company, helps doctors increase cash flow. Doctors should focus on providing patient care and not on dealing with the insurance companies or patients.

Vitruvian MedPro sole focus is to help doctors get reimbursed for the medical services they provide faster. Vitruvian MedPro helps doctors focus on providing care and not on dealing with insurance companies. The medical billing process is complex and requires skills. It makes sense to outsource this task to a company that focuses on making sure that claims are processed in an efficient and timely manner. With all the current changes with medical reimbursement, doctors who do not have an efficient medical billing process in place run the risk of going out of business.

By outsourcing the medical billing functions, doctors save money since they do not have to hire additional staff to do the billing for them. Doing the billing in house causes additional expenses that can lower significantly the revenue a doctor receives. Most medical billing companies have a business model that involves charging a rate based on the money that gets collected for the doctors. Moreover, doctors do not have to deal with the headaches and the costs associated with purchasing and maintaining their own practice management systems. Vitruvian MedPro business model consists on charging doctors after they get paid.

Some doctors have a hard time with outsourcing their billing because they fear a loss of control of the financial aspects of their practice. Doing the billing in house does not guarantee complete control of the billing. The dynamics of a practice make it difficult for doctors to be in complete control of their revenue cycle management. This is the main reason why outsourcing to a company that can process the claims and fight with the insurance companies on behalf of the doctor makes the most sense.  Doctors are trained to provide patient care and should focus on providing patient care.

With today's technology advancements, doctors are able be in control of the financial aspects of their practice even when they outsource. Vitruvian MedPro offers a cloud based, HIPAA Compliant practice management system with the most advanced reporting capabilities that allows doctors real-time access to their billing records.

Vitruvian MedPro helps doctors that are frustrated because they see a decrease in cash flow and are struggling with their claim submission process. Outsourcing the billing to Vitruvian MedPro is the solution for doctors that need to increase the profitability of their practice. For more information visit Vitruvian MedPro at www.vitruvianmedpro.com

 

The Importance of Denial Management

A big part of an efficient medical billing process is what is called “denial management”. This is where most offices falter and lose money. Denial management is an important step that is often overlooked by doctors and staff because of lack of follow through by the office.  We find that claims will be rejected by insurance companies and end up “stacking up” over time if someone isn’t on top of them daily, reviewing and correcting issues, and resubmitting them.

There several main reasons a claim is rejected. Two of the most important reasons are:

• the office is using outdated medical codes.
• the patients contact info doesn’t match what the insurance company has on file. With the traditional set up, there are staff members in the office that are tasked with trying to keep this information up to date, as well as trying to stay educated on all the new medical codes that get released by the government. In fact, the number of codes will be almost double what they are now by Oct 1, 2014!

Our iClaim practice management system makes these patient demographich issues are a thing of the past. Patient demographichs such as contact info andinsurance status is updated real time as our system can automatically pulls data directly from the insurance company and creates a patient chart with one click! This means that medical practices not only get up-to-date name, address, etc. but can also see immediately if the person’s insurance is current, co-pay amounts, etc.

Our iClaim system comes with the entire database of medical codes. All updates/additions/deletions are being done by our technology partners (not you) automatically! So you are always up to date and will usually know more about updated codes than the doctor and his/her staff will know!

“Why would a doctor even need to outsource if iClaim is so awesome?” Doctors and their staff have many things they must do throughout the day, removing the billing aspect allows them to focus on quality of care for patients, which is what they would rather be doing anyway.

To understand more about what is involved in denial management, visit this article. (You must sign up for free to read it)

At Vitruvian MedPro, Denial Management represents an importact aspect that is embedded within the medical billing cycle.  Denials are worked consistently to make sure that medical practices get their claims paid consistently.