What some call “billing and collection services,” we would actually call “creating predictable revenue”. A key essential model to ensure a set level of revenue per month, so they can then make plans to scale and grow.
How do we create predictable revenue?
The only way to create predictable revenue is through a partnership that values processes and automation. Creating predictable revenue is much like putting together a puzzle. The only way to see the full picture is by creating partnerships that contribute the pieces.
Why a Partnership?
Quite frankly, it’s the only way, so don’t be misled. As much as we would like to take the credit for what we bill and collect, it’s the agency that sets the groundwork for successful collections. Agencies have to complete many pieces of billing before a bill is released. Putting those key pieces of the puzzle together is what creates a full picture and a predictable revenue stream.
Marketing and Referrals– agencies must continually be marketing their services and making connections with their referral sources.
Intake– we always say, “everything starts at intake.” We even took the time to outline the best intake process in a previous blog. You can find that HERE.
Scheduler- coordinating the implementation of the services and matching the needs of the patient with the staffing is what gets the ball rolling.
Clinical Staff- these are the physical therapists, occupational therapists, speech therapists, personal care services and other clinical staff that see the patient and create a plan of care to meet the individual needs of the patient.
Predictable Revenue Partner– this is your billing and collecting partner. The right partner has the necessary expertise, training and experience to help an agency have fewer billing problems, reduce pending claims and denials, quicker turnaround times and increase cash flow. With the rapid pace of regulatory changes, a partner can also help agencies avoid costly penalties.
Where does automation come in?
The use of automation is what propels predictability. Within the EHRs and clearinghouse software, there is capability to automate processes, create workflows, batch claims, follow up with payers, and adequately predict the stream of cash flow. The data and analytics allows billers and collectors to use payer information and trends to the advantage of the agency, based on the average number of days it takes a payer to fulfill a payment.
When agencies bring their parts of the puzzle to the table and place them together with the piece the partnership brings, the full revenue cycle picture becomes complete.