How the Right Billing Partner Can Change Your Practice – and Your Life
Faisal Bhatti, Vice President, Revenue Cycle Operations, Nobility RCM
One of the chief complaints from medical practices today is the overwhelming task of managing billing processes. Smaller practices are struggling with the time it takes to adequately handle these processes, and they often lack the technological support necessary to automate billing activities. In most cases, larger practices have already engaged a billing partner to assist with insurance collections. However, many have billing partners that are not providing the promised value or efficiency, or causing the practice even more hassles than when billing was managed in-house. All of these challenges ultimately lead to reduced income, and even more problematic, a decline in quality of life for the provider and staff.
When you engage the right medical biller for your practice, you can restore some sanity to your staff and yourself. The right medical biller should be able to offer you certain promises; without those commitments, you won’t be guaranteed improvement.
The right biller should be your partner, working behind the scenes quickly and quietly to accomplish the tasks at hand. This means less time spent on billing-related tasks by you and your staff and more time to focus on delivery of patient care. Because of the contracted relationship with a billing partner and the accountability inherently tied to it, your practice can reduce its risk of embezzlement by staff while stabilizing revenue. The right biller will link your success with theirs, such that there is a financial incentive integrated into the partnership to motivate the biller to collect every available cent for you.
In addition to optimizing revenue, the billing partner can alleviate human resource pressures and reduce your practice’s personnel footprint, which typically results in immediate savings. A biller with the right technology and a complementary commitment to advancing innovation will reduce stress and hassle while providing improved financial outcomes to your practice.
Finally, the right billing partner can free you of financial worries through special financing opportunities secured by your account. For example, Nobility is the only RCM provider that offers Pre-Funding. With this model offered exclusively to qualifying Nobility clients, the company pays the practice’s claims upfront and then collects from the insurance companies on the practice’s behalf. Pre-Funding enables the provider to have 100% predictable revenue, which, in turn, creates true financial freedom, now and in the future.