Collect More by Working Smarter!!

How much money is your practice leaving uncollected? Outsource your pain and increase collections.

“Maybe you should just let someone else do it”

A Practice Management Company will take a cut off the top of what it collects for you. But if they don’t produce, they don’t get paid. This keeps them highly motivated to collect your revenue. If you don’t get paid they don’t either.

If you are collecting less than 95% of what your contracted rates allow, including the patient’s responsibility, you should be concerned. The Medical Group Management Association (MGMA) has established receipts collections benchmarks for medical practices. Your practice should collect at least 90% of the expected amount within six months of the date of service and 95% or more of the expected amount within nine months of the date of service.

Achieving and maintaining these levels is not easy and requires a concerted and dedicated effort from your entire staff as well as a sound and efficient practice operation and supervision. Staff turnover, knowledge of your practice management system, proper insurance eligibility verification, changes in insurance plans payment and coverage policies, are things you shouldn’t have to worry about on a daily basis. If any of these things apply or your office manager doesn’t know them, you should look into outsourcing:

Billing

• Is your overall collection rate declining?
• Are your accounts receivable (A/R) too high?
• Are you experiencing an increased number of denied claims?
• Are you facing a major investment in new hardware or software?
• Are you finding that the number of staff needed to get the job done is growing?
• Is turnover requiring too much time and attention?

Management

• Are you unable to find the right person to help manage the business?
• Do practice demands keep you from monitoring your manager’s performance?
• Do you have the sense that the staff is running the practice – not you?
• Do you periodically need access to higher level advice than your current management can provide?
• Are you planning to expand or contract the practice?
• Do you have multiple people performing tasks that could be handled by a single, more experienced manager?
• Do you feel that your practice’s cost structure is too high, but you can’t determine what to do to resolve those concerns?

Practice Management Companies (PMCs), like ProMD Practice Management, a locally based, multi-specialty PMC, can do a better job than practices can on their own. Not only do they specialize in getting revenue in the door, but they also have economies of scale that allow them to offer a more consistent, effective approach using start-of-the-art technology. Health plans have complex rules that are changing all the time, making it difficult for practices to prevent claims denials that increase staff work.

Most practices, however, do their own receivable and collections management in an unrefined environment, they don’t even realize the opportunities they’re missing. They only look at cash coming in the door.

This is one key difference between a PMC and a billing service: Whereas the latter merely handles billing, usually for a percentage of collections similar to that taken by a PMC, a PMC partners with a practice to improve its internal processes. Some PMC’s also provide a practice management system and will train your staff to use it properly.

ProMD was started by physicians, who understood the value of quality management, for physicians who would share in the same values. The team at ProMD Practice Management has years of experience in medical office management and operations. Our dedicated team is prepared to assist you to enhance your medical practice by providing the best Billing & Collections, Operations Oversight, Management Oversight, Consulting Services and Project Development services available. Our primary focus is to tailor our services to meet the needs of your practice by working with your management and staff to develop and enhance your practice effectiveness and cost efficiency. This allows you to concentrate on what you do best, to provide quality medical services to your patients.