As part of our mission to promote a culture of collaboration and effective patient management across the entire continuum of care; to produce exceptional clinical outcomes, reduce costs, and consistently achieve the highest level of patient and family satisfaction while enjoying a distinction for value within the community and across the region we continually strive to provide our Practice Partners with opportunities to become more efficient and profitable.
RCMPbrings an a-la-carte offering of state-of-the-art Practice Management services. RCMP has offices in Coral Gables, Florida and serves clients Nationwide.
RCMP is a full-service Practice Management Company where your bottom line is our bottom line; we will make your Practice more profitable. RCMP shares in the same principles of quality, integrity and profitability. RCMP customizes its a la carte services to fit your specific needs and takes total responsibility for the financial health of your practice. On average, RCMP increases Monthly receipts between 10%-22%.
Consulting (i.e. System setup/implementation, compliance training, enrollments, etc.)
Are you maximizing your Practice’s performance and profitability?
Is your collection rate 95% or higher?
Are you collecting what’s due to you?
Is it a headache to maintain and supervise your billing & collections staff?
Do you have efficient workflows that maximize your Collections?
If you answered YES to any of the questions, let RCMP assess where you stand, without compromise, and make an informed decision about your best options going forward.
Developing a Revenue Cycle Management Strategy in Difficult Times
How to choose between in-house and outsourced medical billing
Today's healthcare leaders understand that they must consider outsourcing the revenue cycle management to reduce spending and focus on value-based care initiatives. Some assume that the cost of outsourcing the billing operations would be more expensive than doing the billing in-house. After all, outsource fees typically range from 3% to 8% of net collections.
However, a report conducted by National Healthcare Exchange Services reports that physician practices are spending as much as 14% of their total collections to ensure accurate reimbursement from health insurers.
As medical practices consider outsourcing the medical billing functions verses performing the process internally, the related cost of each option should be considered and analyzed closely. This analysis involves more than simply comparing the billing services fees to the salary of internal billing staff.
A proper in-house vs outsourced medical billing analysis can illustrate a substantial price difference between the two options when done correctly. When evaluating the cost of performing billing and reimbursement functions internally, a practice should quantify the following items:
1. Employee Salaries and Wages - This cost should include the pay of all individuals involved in the medical billing and reimbursement functions.
2. Staff Benefits - Benefits like vacation, health insurance, retirement plans, social security, and unemployment can add up. The cost of staff benefits may equal as much as 20% to 30% of the salary and wage total.
3. Training Costs - Compliance, medical coding and reimbursement rules and regulations are continuously changing and may change substantially from year to year. On top of that, your medical billing staff may also need to obtain training on new quality payment programs like the Merit-based Incentive Payment System. It is necessary for billing staff to stay current on industry developments, not only for compliance issues, but also to protect your bottom line.
4. Space/Real Estate & Opportunity Costs - Space currently occupied by internal billing staff could be eliminated or used as revenue producing space such as an extra exam room.
5. Process of Staffing - The cost of losing an employee can range from tens of thousands of dollars to 1.5 to 2.0x the employee’s annual salary according to Josh Bersin of Deloitte. When calculating the specific cost of losing an employee at your medical practice, consider the cost of hiring, onboarding and training, ongoing learning and development, and the associated costs during the time of the unfilled role including recruitment and productivity costs. For the sake of this internal vs outsourced medical billing analysis, we will assume the estimated cost associated with the staffing process equals $10,000 per occurrence.
6. Billing Staff Supervision - Physicians often note that the handling of staff and personnel issues can be one of the least desirable duties of a medical practice. The cost of time required to manage billing personnel and related issues should be considered. If the function is performed by the physician, opportunity costs include lost patient care revenue.
7. Office equipment - Medical billing staff will require computers, phones, desks, chairs, faxes, copiers and other standard office equipment that must be taken into consideration.
8. Office Supplies - Standard office supplies can also get expensive with a centralized billing office. Office supplies such as paper, pens, postage, envelopes, copy, fax, and printer supplies are all utilized during the medical billing process.
9. Communication Costs - Additional phone lines and/or web conferencing user licenses can add to in-house billing costs.
10. Theft and Embezzlement - An internal billing process may not provide for the necessary separation of revenue functions that assist in preventing and early detection of theft and embezzlement. Your practice may be at an increased risk if only one person handles the cash and books.
14. Billing Errors - According to the Centers for Medicare and Medicaid Services (CMS), 30 percent of claims are denied or ignored on the first submission while 60 percent of those claims are never resubmitted. This means a medical practice will not be paid for those services. On top of this missed revenue, 90% of denials are avoidable. Whether you keep your billing in-house or outsource it, there are a number of ways to increase practice revenue both proactively and reactively. A medical billing department or outsourced billing service should be both proactive and reactive in streamlining the claims process and finding ways to prevent and appeal claim denials.
CONTACT RCMP TODAY 305-504-7002
AND FIND OUT HOW RCMP CAN HELP YOUR PRACTICE BECOME MORE EFFICIENT AND PROFITABLE
