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The ups and downs of a Healthcare Facility’s revenue cycle are determined by the payment posting, which needs frequent reviews. If there are discrepancies in cash posting, then Providers are at a high risk of facing medical AR inflation. Regular follow-up with patient payments and insurance payments can help bringing the accumulated AR down. However, out-of-network patient payments pose a real challenge to Providers. Let’s see how outsourced medical billing proves to be the best solution in this scenario: Out-of-Network Payment Challenges: Sometimes, patients are referred to physicians who are out of their health insurance agency’s network (physician is not affiliated with the patient’s insurance company). In such instances, payers send out payment checks to patients directly, instead of reimbursing Providers for the medical services rendered. Now, this amount has to be sent out to Providers, however patients fail to do so either intentionally or unintentionally. Following up with such patients proves to be a money- and time-consuming task. As a result, the medical AR inflates leading to a financial loss for the Provider. Collection Agency vs. Billing Company: Collecting patient payment debts is definitely a herculean task and cannot be handled in-house. A network of collection agencies operates in and around the U.S. to handle payment collections from patients. However, the amount charged for such payment collections is really high for small-scale Providers to afford. Healthcare Providers can also choose to outsource patient payment services to a medical billing company, which is economical than collection agencies. In most cases, patients pay the Providers after they are continuously reminded by the outsourced medical billing company. Only the chronic defaulters need vigorous follow-up that is provided by Collection Agencies. Also, a Provider billing company would be able to suggest processes that bring down patient AR such as Eligibility verifications and POS collection systems. Such methods/services are not provided by the Collection Agencies. Therefore, it would be a prudent decision for budget-conscious Providers to choose a medical billing company for handling patient payment services. They can get help from collection agencies in adverse situations when debt-owing patients involve in fraudulent activities. Thus, they can bring down the accumulated medical AR and keep the revenue cycle on track. About MGSI: Healthcare Providers and Facilities need not rummage around the web for a renowned medical billing company, instead get help from MGSI. This leading medical billing company has been providing exceptional physician billing services while handling patient payments skillfully for over 20 years. To know more about this Florida-based medical billing company, log on to www.mgsionline.com.
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