Considering Changing Billing Companies? Here’s Why You Should
Revenue cycle management for a treatment center is impossible without an effective and knowledgeable partner. Whether the billing is conducted through an internal department or an externally sourced service provider, your center’s financial success relies upon this relationship. Much like a successful marriage, this relationship can be blissful and productive. However, like a troubled marriage, it can be a relationship that fails eventually for many different reasons.
When considering making a billing company change, the key is to know when to let go of the old and regain footing through the new. Infinity Behavioral Health Services can alert businesses to the key indicators of a failing billing service relationship, so you can make a fact-based decision when it counts:
If your questions go unanswered, action items are neglected, or your voice is unheard, you are no longer the revenue cycle management partner’s top priority. Your billing company is paid to respond to your needs and to take proactive measures to help your treatment center better manage its revenue cycle. Your biller should be actively guiding workflow and addressing any issues that inhibit timely collection. This cannot be done if they aren’t responding to your emails for days or weeks.
Double entry of claims, high number of days to bill, or slow payments all mean that claims are being neglected or processes need improvement. This could be an internal issue or an external one, but the bottom line is that your company’s financial well-being is being negatively affected.
“Infinity has made our reimbursement process simple. They came highly recommended and have exceeded all expectations.”
-Summit Behavioral Health
Benchmarks sell well. But are the selling points accurate? Closely examine whether your billing company is meeting the benchmarks set forth in agreements and in accordance with any original promises. Compare accomplishments and achievements with industry standards. The figures that matter most include:
- Days in A/R: Average 35-45 day claim adjudication
- Revenue Growth: Average 35% client growth over 3-year period
- Percentage of Rejected Claims: 99.8% clean claim rate
Transparency is extremely important when so much of your treatment center’s daily operation rests in a service provider’s hands, as it does for billing. If you aren’t receiving frequent and complete reports as desired, there’s a problem. Data requests shouldn’t form a wedge between provider and client, as the data is yours to review.
“From their Utilization Review Department to Billing and Claims, they have made the insurance certification, billing and payment process that can be aggravating and unnecessarily complicated seamless.”
Lack of Industry Knowledge
Your treatment center’s billing service providers must be up to date on the latest coding standards and laws. If incorrect claims and reimbursements are a problem, there may be a lack of awareness of industry trends and guidelines by your billing company.
“We have been with Infinity since our inception, and they have helped us every step of the way. Their vast industry knowledge, high touch approach and attention to detail separates them from the competition.”
Whether billing for your treatment center is provided in-house or through a third party, it may become necessary to transition to a company that is a better match. This is a decision affecting your revenue cycle management and the future of your operations, overall.
At Infinity Behavioral Health Services, we know this is a big change, but if you take the time to make an informed decision, you will be able to better assess the next partnership for your treatment center’s most effective financial outcome.
Thinking of changing billing companies? Call Infinity Behavioral Health Services at 800-446-3982 for more information about what we can do for your facility.