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Perspective
Six Ways Specialized Technology Can Help Billing Services Gain a Competitive Advantage
Summary
Learn more about making a change to attain a unique advantage in a highly competitive market.
Perspective | Change Healthcare
Physician practices and other healthcare providers face increasing revenue pressure from value-based care and growing patient responsibility. These new industry forces bring with them additional administrative burdens that can weigh heavily on providers and their staff, who are often already overworked. Many providers choose to outsource their claims management and billing processes to billing services companies to help alleviate this pressure so they can focus on more important things—like caring for patients. While this brings great opportunity to billing services, the market is highly competitive.
Billing services looking to gain a competitive advantage should consider leveraging technology designed specifically for their unique needs and those of their clients. Revenue Performance Advisor from Change Healthcare is that technology. Revenue Performance Advisor provides enhanced visibility designed to help billing services improve their level of customer service. It can also help billing services gain new revenue streams through expanded client offerings.
Revenue Performance Advisor also helps billing services gain:
- Simplified workflows and improved staff efficiencies
- Streamlined eligibility verification
- Helps lower denials and eases denials rework
- Standardized onboarding process
- Comprehensive visibility into the client base
- Client access to all of their own data
- Enhanced client satisfaction
“Emergency Billing’s motto is ‘Increasing Revenue, One Client at a Time.’ Revenue Performance Advisor supports our business strategy by processing claims efficiently and by allowing our clients to actually see their revenue increase in real time.”
- Donna Gailey, CEO Emergency Billing, LLC Maysville, Ga.
Billing services play an important role in helping reduce the $315 billion spent annually on claims processing, payments, billing, bad debt, and other aspects of managing the revenue cycle.1 Following are six ways Revenue Performance Advisor can help billing services gain a competitive advantage.
- Standardize the client onboarding process. A positive onboarding experience helps set the stage for a positive client experience. Revenue Performance Advisor helps you onboard new clients quickly using the same enrollment tools across all clients so it is repeatable, scalable, and efficient.
- Help reduce denied claims. Ninety percent of missed revenue opportunities can be attributed to denied claims.2 Taking the steps necessary to reduce delays in reimbursement is essential for providing the most value for your clients while improving your own revenue stream.
- Check eligibility on every claim with either batch or real-time eligibility
- Help ensure claims are correct before submission with simple tools that help identify errors, quickly correct and resubmit
- Streamline denials rework with tools enabling easier visibility into denial reasons
- Use tools to make appeals easier, such as easy-to-populate appeal letter templates
- Streamline workflows, improve staff productivity and reduce stress. Reducing paper and inefficient manual processes means you can get more done with fewer resources. Electronic access to payers helps reduce the need for time-consuming calls with payers to get patient eligibility and coverage information. Flexible work queues allow you to tailor processes and reporting to the workflow of the user. Improving workflow efficiencies enables you to focus more on your customers and less on process issues.
- Provide clients full visibility into their own data. When you and your clients can view data at the same time, it makes resolving issues faster and easier, which helps improve client satisfaction and helps reduce delays in reimbursement. It also eliminates the need for your clients to call you for information they can view themselves—24 hours a day, seven days a week.
- Offer clients additional services. When providers can get all their revenue cycle needs met through their billing services company, it eliminates the need for multiple vendors and makes their relationship with you even more valuable.
- Real-time eligibility verification, with the ability to schedule and automate batch runs, helps your clients collect the information they need more easily
- Patient responsibility estimation enables your clients to identify their patients’ responsibility so they can request payment at or before the time of service
- Patient-friendly statements make it easier for patients to understand what they owe, helping your clients get paid faster3
- Patient payment plans can help make it easier for your clients’ patients to pay. It can also improve patient loyalty and help ensure patients get the care they need when they need it
- Online payment portals enable patients to pay when, where and how it is most convenient for them, and can reduce the cost of collections and write-offs for you and your clients
- Automated reports can be scheduled to run at specific times and can be customized to include the information most helpful to your clients
- Business Analytics. Visibility into rejection reasons and payers who reject the most claims can help you identify potential process issues. Having detailed analytics in easy-to-understand dashboards enables you to proactively address issues that need to be corrected, such as the need for better staff education or process improvements.
Success Story
Established in 2006, Emergency Billing in Maysville, Georgia, provides comprehensive billing management and business administrative services to organizations providing emergency response services, as well as to hospitals, across the country. They had become increasingly dissatisfied with their claims processor and it was negatively impacting clients.
They needed a solution that was compatible with Emergency Billing’s software, that provided eligibility verification for multiple payers in one location, and that processed clean claims in a timely manner. They chose Revenue Performance Advisor, which enabled them to:
- Reduce denials by 2%4
- Process claims daily
- Obtain faster reimbursements for clients
“Their customer service is second to none,” says Donna Gailey, CEO of Emergency Billing. “We have a personal relationship with them. When I have a client I’m bringing over from another billing company and they aren’t collecting any money and don’t have 30 days to transition, I pick up the phone and call Change Healthcare and say, ‘Can you help me?’ and they are on it!”
1 "Rethinking Revenue Cycle Management," Healthcare Information and Management Systems Society, April 8, 2015
2 "Visibility key to efficient revenue cycle management," John Andrews, Healthcare IT News, September 16, 2010
3 "Mitigating Bad Debt Through Patient-Friendly Billing Statements," Courtney Zott, Healthcare Business Insights, August 24, 2017
4 Internal Change Healthcare data
