When Jim Sammons was ready to leave his position as Director of Inpatient Care & Treatment with a National Mental Health and Substance Abuse Treatment provider in Georgia, he was pleased with the sea-change which would position him as the CEO of his own program.
Years of working in the C-suite taught him a lot about proper and legal billing techniques and bookkeeping. It didn’t teach him everything, and within a year, a look at the books revealed money was disappearing into a blackhole.
With the help of an accountant friend, a week of long days and short nights revealed the problem.
The wrong reimbursement codes were used, treatment sessions went unbilled and too many Employee Assistance Programs (EAPs) had not been invoiced.
Looking for a solution, James turned to Consultex Practice Management. If the problems couldn’t be solved quickly, his entire business, along with his family’s financial security, would turn to vapor and disappear into the Georgia night.
By understanding James’ needs and keeping open lines of communication, Consultex played a proactive role which improved James’ business’ financial health.
What is medical billing outsourcing?
Consultex employs specially trained staff who are knowledgeable about individual payers, and work within each company’s specific policies to extract a higher level of payment in a shorter amount of time. James found the medical billing company also followed up on rejected claims and pursued delinquent accounts.
Providers often outsource their medical billing to a third party known as a medical billing service. These billing services typically take a percentage of a practice’s collections as payment for handling all aspects relating to the medical billing and collections for the practice.
How much does it cost to outsource medical billing?
Medical billing service costs vary depending on enterprise size and level of complexity. Typical fees range from 3 – 8% of total collections but will vary greatly depending upon specialty, market, and level of involvement.
What is the billing process in healthcare?
Like medical coding, medical billing can seem large and complicated, but it’s actually a process that’s comprised of a few simple steps.
These steps include:
- Patient chart creation and benefits verification
- Establishment of financial responsibility for the visit
- Checking for coding and billing compliance
- Preparing and transmitting claims
- Monitoring payer adjudication
- Generating patient statements or bills
- Assigning patient payments and arranging collections
- Appeals, denials, negotiations, and reconsiderations.
Consultex is more than a mere medical billing company. Consultex provides an “ala carte” CFO approach as they partner with each client while optimizing revenue and find, and fix, costly gaps in good business practices.
Contact Us and Call to Action
To learn more about how you can achieve long-term financial success while providing top-notch patient care, contact us today:
Phone: (800) 713-9150
Email: [email protected]
Address: 1750 Prairie City Rd. Suite 130 – #654
Folsom, CA 95630
The Takeaway
Consultex Practice Management, carefully balances a top-tier client base so each client receives our complete and undivided attention! As a small business owner, your focus should be on growing your company. Consultex Practice Management’s in-depth insight and management streamlines your practice so you can focus on what matters most. You’ll feel like you have an amazing CFO saving your office time and money.
