February 23, 2016
The Revenue Cycle Decision
As Vice President of Operations of an independent cardiology practice, deciding whether to bring billing in-house or contract with NextGen as our revenue cycle management partner was something that required much deliberation to determine what route made the most sense for our business.
We needed to make a change in order to improve cash flow and selecting the right billing solution that met our needs was no easy task. Having made it through the decision process and coming through it with a stronger, healthier A/R — I am happy to share five key factors that anyone in my shoes should consider.
Five Factors to Consider When Making A Big Change to Your Medical Billing Cycle
- Think about integration and optimization with your existing HIT infrastructure.
- Look for professionals who know your systems and payer requirements better than you do.
- When looking at outsourcing options go through the contract to ensure there are no surprise expense
- Ensure that the billing provider you are considering performs certain services, such as appealing denials, for you with a high level of success
- When you feel that you have done enough research – do some more. When you start your research you will see that you have a variety of options and it is not always an apples to apples comparison. Choose the company that will be the best for you and your practice.
In the end after weighing the pros and cons we decided to contract with NextGen for revenue cycle management services. One of the biggest concerns we had when looking at outsourcing was that we would not have the control and visibility into our billing operation that we critically needed. On the contrary, we now have complete transparency and visibility into all aspects of the billing cycle without requiring us to exhaust our own internal resources.
With in-house billing addressing any problem is just a walk across the office floor and we did have a concern that having our billing people off site would leave us isolated and unable to get answers quickly. This concern also turned out to be invalid. The NextGen RCM team that does our billing is very accessible and their remote location is not at all an issue. They are responsive and get back to us in a timely manner.
Although we've only been using NextGen RCM Services for less than a year, we are seeing an impressive increase in revenue. It's trending upward and, most significantly, we've seen a real stabilization in cash flow.
Get More Insights to Help With Revenue Cycle Decisions
To learn more about Karing Heart Cardiology and their path to revenue cycle success read the 'Karing is the heart of Tennessee cardiology practice' case study.
If you're a NextGen Healthcare Client, our upcoming client-only webinars can help you with your revenue cycle decisions.