Business Reasons for Change

Transcription

1 Business Reasons for Change A Guide for Medical Billing Companies on the benefits of changing medical billing software platforms. Benefits of Changing Medical Billing Software Change can increase your business Change can provide opportunities to expand services Change can reduce business overhead Change can retain your current clients

2 INCREASE YOUR BUSINESS. That s right, change can bring opportunities for billing services to increase business in three very specific areas. 1. Attract more sophisticated clients. Go beyond printed reports and dashboards to exclusive reporting packages and easily share overall performance metrics and month-end reporting packages with your clients. Don t let poor reporting from your practice management platform negatively impact your experience. 2. Promote your brand. Stop promoting a software company s product by leveraging a platform with your billing company logo and image. Let that be what your clients see, not a potential competitor s brand. 3. Create new marketing channels. Establish a true partnership with your platform provider that brings medical practice clients to you. Tap into online marketing and partner networking programs to build your business.

3 EXPAND YOUR SERVICES. Today s innovative platforms empower billing services to bring expanded capabilities to their clients such as Consumer/Patient-Oriented Purchasing & Bill Payment. Medical practices need consumer-friend methods to receive payments at the time of service and post-service. Create payment experiences that increase cash flow through online payments, card on file, check-in kiosks, and more. Satisfy unique specialty and facility billing needs. Target higher margin specialties and practices with a platform that has the sophistication to handle advanced billing workflows and requirements. Be a practice one-stop-shop. Strong medical billing, revenue cycle and EHR expertise is critical, but it is only part of what a practice needs to be exceptionally profitable. Go beyond these services to provide advanced patient outreach tools (CRM), online reputation management, and even a capital funding resource.

4 REDUCE BUSINESS OVERHEAD. Efficiencies in a billing service s operations increases margin and profitability. Reduce business overhead with the right technology platform, one that will give opportunities to streamline critical business processes and expenses by 1. Centralizing operations. Manage the entire client base of medical practices from an administrative hub avoiding time consuming navigations and processes of practice-level, workflow silos. 2. Maximizing cash. Stop overpaying for technology and find a billing service friendly technology partner with an affordable solution that expand in volume and capabilities as the business of healthcare evolves. 3. Leveraging expert resources. Extend the expertise of your billing service staff and reduce the risk of the DIY mentality by working with a technology partner with real staff, available to help with both the technology and business aspects of running a billing service.

5 HELP RETAIN CURRENT CLIENTS. Client loyalty and satisfaction are key retention factors. Today, more than ever, it is critical to understand how to orchestrate an effective, pro-active retention strategy to ensure you not only keep your relationship with your clients, but also grow it. Here are two quick tips First, expand their perception of your billing service. Create opportunities for clients to see and hear how your organization and technology services can be more than just AR and claims management. Secondly, do what you do now, but do it better. Leverage technology advancements to implement automated workflows for your clients. Use technology to increase the transparency in billing cycles and expand communication with physicians and practice owners. Prove performance and effectiveness with data. The right technology partner will be the catalyst and the sustaining force for successful, lifelong client relationships.

6 A note from the PracticeSuite team Owning and managing a medical billing service is not easy, in fact it is very demanding. The growing complexity of payment models and administrative regulations can at times seem overwhelming; not to mention people s health and livelihood are at stake. The team at PracticeSuite is here to help. We continue to innovate and enhance our platform for one reason to better serve you. The ever changing landscape of healthcare requires agile technology, valuable resources, and passionate people working together to improve health and reduce the business complexity of building a profitable practice. We hope this resource has been valuable. If you have not joined the PracticeSuite community, we invite you do so. 60 Days Free Eligibility Sign up for the Free PracticeSuite Basic edition and get 60 days of unlimited eligibility verification for $0.