when to outsource billing: understanding your options
TRANSCRIPT
Understanding Your Billing OptionsAre your finances in the right hands?
Featuring Emily Stowe, Managing Director, Bronco Billing
Why Do Practices Struggle?
• Changing healthcare climate• New mandates
• Incessant changes: ICD-10 & T-codes
• Lack of standardization amongst payers• Undefined rules & processes
• Therapy fields are unique
• ABA is “new”
• Overwhelming demand for clinical services
Why Basic Billing is Not Enough?• Constant education is needed for provider relations and insurance
processers.
• Administrative demands are underestimated.• Follow up and management (billing alone is not enough)
• Even great software requires GREAT people!
• Rejections and payment delays on clean claims
• Billing is the catch-all for ALL the organization’s issues, and that’s too late!
How to keep Billing In-house?
Keeping at least a portion of billing in-house can be smart and cost-effective.• Efficient only with great management and workflows
• Hybrid billing arrangements are the way of the future:• Outsource difficult payers
• Support internal staff
• Workflow and practice management
Why Hire a Billing Company?• Growth and demand for services outpace the ability to manage effectively.
• Experienced experts in ABA and therapy billing practices are rare and hard to find.
• A partner can equip you with knowledge to make better decisions in more than just billing.
• Prefer having an expert and partner vested in your organization’s success– it can be a lonely world!
• Transparency and training from people who have been there and done that.
A Distinct Difference
• “Outsourcing” doesn’t describe all billing companies.• Implies lack of transparency
• Doesn’t suggest a partnership
• Find a partner. • Important to collaborate on priorities and issues
• Should have clarity on all workflows and practices
• Involve them in all processes – start to finish
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Selecting the Right Billing Partner
• A reputable billing company offers:• Transparency and training with ALL workflows
• Adaptability around industry change
• Experience in your field (ABA, speech pathology, etc.)
• An understanding of your goals and expectations
• A vested interest in your success
• Support beyond billing
Assessing Your Needs
• One size does NOT fit all
• Different Types of Models1. Premier Billing Services
2. Management Services
3. Consulting services (maximize authorizations, profit analysis, billing standardization, etc.)
?
Found your Partner? Where to start:
• Clean up your data
• Know Your C.R.A.P. (Cash flow, Receivables, Analysis of payers, Practice Management Workflows)
• Evaluate expenses (% revenue going to payroll, overhead, etc.)
• Goal setting
• Training
• Prioritize: eat the frog!
Questions for Bronco
Thank you for joining!
Interested? Contact Bronco:
Phone: 888-512-3397
For questions about CentralReach, please contact [email protected]