Revenetix’s understands just how important it is to collect the maximum amount of revenue for your practice.
From patient payments to chasing down the maximum owned from the insurance payors, it can be time consuming. Most medical practices, on average, are collecting less than 50% of fee’s owed to them. Those outstanding patient balances affect the cashflow of your practice. The solution to these challenges are through a dedicated medical billing service that can manage your accounts receivables in healthcare. With specialists, you can improve communication with insurance companies, the patient experience, cashflow, and financial planning for you practice.
Part of Revenetix’s RCM services is to also manage contract compliance with each of your payors. Monthly we are running reports to determine if you were underpaid on any the billed claims. For example, if the insurance company paid you $80 when $100 is actually due, we follow up with the payor to collect the difference owed to your practice. We want to ensure your payors or staying compliant with your negotiated rates. We’ll ensure that all of those payments (minor and major) add up to help improve the cashflow for your practice.
By handling patient payments, insurance reimbursements, and contract compliance for you, Revenetix will make sure you get every penny you deserve. We’ll re-submit corrected claims, file appeals, and monitor the timeline of payments. We’ll also help you receive more timely payments from patients by verifying their benefits and estimating their costs up front. This is all part of our larger Medical Billing Efficiency strategy, as outlined below:
- We’ll maximize your cashflow by accurately forecast patient pay responsibility and increase patient collections and insurance reimbursements.
- We’ll minimize denials by implementing the insurance company’s rules, medical policies, and plan requirements.
- We’ll reduce A/R by resolving unpaid, underpaid, denied, and rejected claims in a timely manner.
“Since we began working with Revenetix, our income has increased substantially. They have set up new processes that make communication and submitting claims much more timely and efficient.” – Elliott, CEO and Director of Alium Health
Revenetix can take care of any insurance issues for your practice and give you back time to focus on helping your patients and growing your business. Along with handling insurance reimbursements, we also cover authorizations, verifications, contracting, credentialing, billing and coding, patient payments, A/R cleanup, and much more.
If you have any questions or would like to speak with a Revenetix team member, you can contact us online today.