Why Your ASC Should Consider Outsourcing Your Revenue Cycle Management
Why Your ASC Should Consider Outsourcing Your Revenue Cycle Management
Revenue Cycle Management is the lifeline to your Ambulatory Surgery Center. Finding ways to improve your facility’s financial bottom line can’t be the main focus of healthcare providers. It’s a process that can be overlooked until there is a dire need to do something about it as patient care is the number one priority.
Outsourcing your Revenue Cycle Management services to a third-party company can effectively help your Ambulatory Surgery Center achieve better financial outcomes and increase your patient’s overall satisfaction. It can be difficult for your administrator to keep up with the complex process of the entire revenue cycle transaction. The process can encompass everything from pre-authorization, coding, billing, out of network billing, collections, transcription, under-verified, and underpaid insurance claims.
In the current healthcare climate, there are daily changes to government regulations and policies that can negatively impact your ASC in numerous ways.
Why should you outsource your ASC’s Revenue Cycle Management to BrightDrive HCS?
Accelerated Claims Reimbursement
With our unique expertise and AI technology, your surgery center can get paid right away! Why delay the reimbursement process? Start receiving your insurance payments directly. Using our LEAN methodology, your claims are quickly and accurately processed.
All of our Revenue Cycle Management experts have been professionally trained to optimize the payment cycle for surgery centers. BrightDrive HCS can work with your ASC to identify the weak areas that are preventing timely payments to your organization and optimize the process.
Increased Revenue
Free up time to see more patients and bring more income to your practice. Let us worry about insurance companies and administrative claims so you can spend more time with the patients who depend on you.
According to the American Medical Association, about 90% of claims being denied can be prevented. Medical billing denials are another major cause of limiting ambulatory surgery centers to decrease revenue. BrightDrive HCS has access to technology and skilled staff that can prevent the majority of billing denials, which happen due to misinformation. These can be easily prevented, therefore, increasing the bottom line and decrease the turnaround time on reimbursement.
Increase revenue by avoiding resubmissions that can be time-consuming for your staff and getting claims approved on the first submission. With there being a wide range of insurance providers, keeping track of all necessary information to avoid resubmissions can be a daunting task, best handled by BrightDrive HCS’s professional team.
Reduce Business Cost
Boost your financial bottom line! Reduce your facility’s operational expenses by eliminating expensive billing software, keeping up with the ever-changing procedural code updates, and postage for paper claims.
Get access to our highly skilled billing experts, so you don’t have to worry about training your employees or dealing with employee turnover. Let your office team, work with the patient instead of an insurance company. Leave the hard work and heavy lifting to our company so that your staff can focus on what’s essential, and that is your patient’s health.
Value-based care is a critical part of an insurance provider’s reimbursement policy, which doesn’t always translate well in the revenue cycle.
Using a third-party company like BrightDrive Healthcare Solutions, that already has negotiated an exclusive fee-for-service contract with the insurance providers. In many cases, this will result in substantially higher reimbursement rates for your healthcare facility.
There are many best practices that, when consistently performed, will yield better long-term results by closing the financial loopholes that are draining your healthcare organization. Closing financial gaps create a healthy revenue cycle.
Request an account audit with us today! We can determine how we can assist your ASC through a full business assessment to determine exactly where your organization is losing revenue and increase the cash flow.