As a busy practitioner, you know how difficult it has become to run a medical office. Between rising costs and increasingly complicated compliance, collecting fees has become almost a job in itself. We feel, as we’re sure you do, that the members of your office team should be concentrating on the care of your patients, not chasing down insurance carriers.
Medico Consulting Group is a professional medical billing company dedicated to freeing you and your office staff to do what you do best, care for your patients, while we ensure the financial growth and success of your practice.
Our experienced staff of certified medical billers takes the time to apply their extensive knowledge of the Texas laws to be sure your practice sees timely and correct reimbursement from insurance carriers. We perform your billing functions efficiently and accurately, and we are not satisfied until you see an increase in your bottom line.
At Medico, our mission is to maximize your reimbursement for services provided while maintaining the highest level of professional integrity and security.
The efficiency of a medical practice’s billing operations has a critical impact on financial performance. Determining the ultimate gatekeepers of the billing function – whether an in house team or a third party company – is one of your most important decisions. Beyond just tracking a claim, your revenue cycle encompasses all the many steps from when a patient first makes an appointment to the time when there is no longer a balance on that person’s account. It includes front-end office tasks like appointment scheduling and insurance eligibility verification; tasks related to clinical care like coding and charge capture; and back office tasks like claims submission, payment posting, statement processing and the management of denied claims. The extent to which your practice has a handle on these steps directly impacts your ability to get paid the full amount you are owed as quickly as possible.
Some of the factors that directly affect revenue in your practice include:
- Provider productivity
- Patient volume
- Fees for services
- Insurance claims (from private and govt. payers)
- Patient payments (deductibles, self pay)
Internal revenue drivers like provider capacity, patient volume and what you charge for your services are, for the most part, well within a medical practice’s control. The typical medical practice is less effective when it comes to managing external revenue drivers, including payer reimbursements, patient payments and collections. Unfortunately, the odds of being optimal in these areas are stacked against you because the very nature of the way that most medical practices bill for services lends itself to lengthy payment cycles. Very few bills are processed at the point of service, but instead are bounced around from the payers to the practice to the patient over a number of months, if not longer – before finally either being collected or written off. By focusing on external drivers of revenue – that is, your payments and collections, you can optimize your revenue cycle and have a healthier cash flow.
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Contact us and one of our knowledgeable staff will be in contact with you as soon as possible.