There are many reasons why your agency might choose to work with a home health billing services or hospice billing services company. Perhaps you are looking to improve reimbursements or eliminate high claim rejections. Maybe managing billing has become just too much work and your internal team is struggling to handle the workload. Don’t worry, however. You’re not alone!
A Better Way to Manage Home Health & Hospice Billing
In a 2018 survey done by Black Book, 80% of hospitals said they were vetting or considering full revenue cycle management outsourcing by 2019. While this data relates to acute care providers, it helps to acknowledge that agencies are looking to home health billing services or hospice billing services vendors for better ways to reduce costs, increase efficiencies, improve reimbursement, and free up time to focus on providing quality patient care.
If you’re considering working with a third party company for your billing (and we think you should), here are some key features to consider:
What to Look for in a Home Health Billing Services or Hospice Billing Services Vendor
When evaluating vendors, look for these key features:
- Accurate billing with fast turnaround: First, talk with potential companies about turnaround times and accuracy rates. Choose a company that consistently submits clean, accurate claims and does it quickly. This speeds up cash flow and reduces unpaid or denied claims.
- Billing expertise: Medical coding experience isn’t enough for successful home health or hospice billing. Make sure they have on-staff experts who have dedicated experience in home health and hospice billing. Additionally, they should know how to bill a variety of payers, including Medicare, Medicaid, and commercial insurance.
- Proactive communication: The best home health billing companies and hospice billing companies will offer insight into your financial health. They should identify trends, offer advice, and discover lost revenue opportunities. They should also proactively communicate with your team about what you’re doing well and where you could improve. Additionally, they should work with you to correct any documentation errors that may negatively affect reimbursement.
- Billing recovery: Lastly, top home health billing companies and hospice billing companies will work with you to recover unpaid claims so you’re properly paid for services. Dedicated billing recovery experts will analyze your accounts receivables and identify unfiled and/or rejected claims. They should work quickly to resolve claims and offer advice on how to avoid problematic claims in the future. As a result, you revenue cycle will run more smoothly. This helps you to continue to reinvest in your agency and serve more patients.
In conclusion, savvy agencies know that as the industry focuses more and more on value-based reimbursements, they must adapt and change to succeed. What worked ten years ago likely doesn’t work now and won’t in the future. Working with a qualified home health billing services or hospice billing services company to help you maintain a healthy revenue cycle is a key step towards a more solvent future.
The HEALTHCAREfirst Difference
HEALTHCAREfirst combines the resources and expertise needed to relieve the pressures of home health and hospice billing to help agencies focus on patient care. Learn how we can help you succeed.