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Top 8 Medical Billing KPIs to Boost Your Revenue Cycle Success

Post author By HelioNext
Categories | Healthcare, Revenue Cycle Management
| No Comments on Top 8 Medical Billing KPIs to Boost Your Revenue Cycle Success
Post date | June 2, 2022

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FAQs

Can outsourcing help me scale my business?

Outsourcing offers a number of benefits that are crucial to helping you scale your business—streamlining operations and processes, creating cost efficiencies, focusing on your core and increasing efficiency, to name a few.By outsourcing processes that are holding your business back, you get more time to deliver quality services to your customers. What’s more, you ask? 3rd party outsourcing companies level the playing field for small and medium-sized businesses who can’t afford in-house process management teams, like the bigger corporates. Outsourcing business process management also helps reduce operational costs and lets you tap into a global talent pool with subject matter knowledge. Explore our website to learn more or get in touch and we’ll be happy to answer any specific questions you have.

How can I choose the right outsourcing provider for my business?

There are a number of onshore and offshoreoutsourcing companies in USA and other countries, making the job of choosing the right provider even more difficult. However, here are a few tips to help you shortlist.

At the outset, assess your business requirements and research thoroughly. Shortlist three outsourcing providers based on your requirement criteria. Next, ask questions—this can include questions about compliances, experience, pricing structure, modes of communication, operation timings, subject matter expertise and so on.

The third-party outsourcing service provider should understand your business and the goals you are trying to accomplish as a result of the collaboration. Get in touch today to build a customized solution for your business.

What are the benefits of working with an outsourcing service provider?

There are a plethora of benefits to working with athird-party outsourcing provider.

Cost Savings: Outsourcing providers can help you avoid fixed costs by offering access to talent and technology based on consumer demand.

Increased Efficiency:3^rd party outsourcing providers have extensive experience in handling various business processes. As a result, they are better equipped to understand your challenges and quickly drive results and improve efficiency.

Focus On Your Core: Outsourcing providers can free your staff from repetitive, error-prone tasks and help you focus your time entirely on quality service delivery, business expansion and bottom line management.

Save on Infrastructure: The responsibility for infrastructure development and maintenancelies with the outsourcing provider who manages various processes assigned to them.

24X7 Operational Capability: Offshore agencies may operate on a different time zone. However, this allows the provider to offer uninterrupted services round-the-clock, even when you are closed for business.

HelioNext has over 15 years of experience helping SMBs streamline their operations—we’re here to help build a customized solution for you. Get in touch today!

Is it better to work with an in-house process management team or an outsourcing company?

It really depends on which aspect of your business you’re willing to manage.

Usually, outsourcing companies in USA help manage your day-to-day business functions so that you can invest your time and energy in scaling your business, improving customer experience and increasing your client footprint and cashflow.

3rd party outsourcing providers also make use of technologies like automation and artificial intelligence to streamline business processes for you. Also, they constantly provide clear insights to keep you updated about business performance.

How do outsourcing providers streamline business processes?

Outsourcing companies in USA or anywhere else in the world will integrate tech-based solutions to automate your business processes. Automation helps eliminate disruptionsto costs and service delivery, improve efficiency and streamline process.

These providers also use artificial intelligence to generate real-time performance reports. As a result, you stay ahead of the game, and they manage all challenges and issues, efficiently. Want to learn more? Get in touch today.

How can an outsourcing service provider help businesses in the post COVID-19 era?

The Coronavirus outbreak has given rise to a new landscape and challenges for most businesses. During the pandemic, many businesses experienced a major decline in demand and revenue. Some businesses have also struggled to manage processes and service delivery because of a spike in demand. Third-party outsourcing can be a respite for both kinds of businesses.

Outsourcing has also proven to be cost-effective for most businesses by saving fixed costs related to training, hiring, infrastructure maintenance, technology implementation and a lot more.

As an outsourcing service provider what compliances do HelioNext adhere to?

In highly regulated industries like healthcare, mortgage and legal services, we understand the critical need for risk monitoring, policy reviews and maintaining awareness about current laws and regulations.As a third-party outsourcing company, HelioNext adheres to the following compliances and certifications:

SOC2 AICPA
NASSCOM
ISO 270001
SOC2 AICPA

What services does HelioNext offer?

HelioNext offers the following services through onshore and offshore delivery models:

Revenue Cycle Management: Revenue cycle analytics dashboard, healthcare revenue management, medical coding or health information management, medical billing and electronic data management. Learn more here

Mortgage Loan Processing:
Mortgage loan handling, mortgage automation and pre/post-audit optimization solutions. Learn more here

Legal Process Outsourcing:
Drafting, e-filing, A/R management, paralegal support and title review. Learn more here

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Top 8 Medical Billing KPIs to Boost Your Revenue Cycle Success

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Improved Collections by 5%, Reduced Costs by 60% in 6 months

Reduced denial rates, Achieved 98% accuracy in medical record documentation in 1 month

Optimized hospital revenue, improved medical coding accuracy and enhanced capacity management in 2 months

Achieved Exceptional Results & Met Compliance Goals in Electronic Archiving of Documents

Achieved Outstanding Results in Delivering Patient Release of Information

Streamlined processes, Reduced unapplied cash cases in 5 months

Collected 67% not-on-file claims & 45% denied claims; Processed 40,000 cases within 3 months

Streamlined processes, Collected 62% of outstanding claims within 6 months

Built and implemented transparent, results-driven system in 6 months

Centralized Operations, Reduced Unit & Operational costs, Increased Customer Satisfaction

Created a Customized Standard Operating Procedure for Pre and Post-Funding Audit Process

Managed volume spikes through efficient training, quick ramp-up and consistent maintenance of SLA metrics