Full Cycle Medical Billing and Collections for a Physician Practice

Client Background​

Located in New Jersey, our physician group client faced a challenging period marked by slow business growth. Despite their commitment to delivering exceptional patient care, they encountered significant hurdles in their medical billing and collections processes, impacting their financial health and operational efficiency. Recognizing the critical need to address these issues, the group sought to outsource their practice to experts in the field, aiming to revitalize their business operations and financial stability.​

Challenge​

The physician group grappled with various medical billing and collections systems issues. These problems included inaccuracies in billing, delays in accounts receivable collections, and inadequate patient enrollment processes. Such inefficiencies strained their cash flow and diverted their focus from patient care. The group aimed to identify a reliable partner capable of comprehensively overhauling their billing and collections process, thus allowing them to concentrate on their primary patient care mission.​

Comprehensive Solution by ASP-RCM Solutions​

ASP-RCM Solutions recognized the unique challenges faced by the physician group and devised a holistic strategy to address and resolve these issues. Our solution encompassed a suite of services designed to enhance the efficiency and effectiveness of their medical billing and collections processes:​

Patient Enrolment​

We implemented a streamlined patient enrollment process, focusing on accurately handling demographics, insurance verifications, and authorizations. This foundational step ensured a smooth billing cycle from the patient’s entry into the system.​

Billing and Account Reconciliation​

Our team took charge of refining the charge entry and cash posting processes, significantly reducing billing inaccuracies and ensuring timely account reconciliation. This attention to detail was pivotal in enhancing the overall efficiency of the billing cycle.​

Accounts Receivable Collections​

We introduced a strategy for managing insurance and patient collections. Our approach emphasized diligent AR follow-ups and effective collections tactics, including aggressive pursuit of unpaid insurance claims and skilled appeals for denials. This strategy was instrumental in improving cash flow and reducing days in accounts receivable.​

• Through our comprehensive interventions, the physician group substantially improved their financial and operational metrics.​
• Enhanced Revenue Cycle Management: Our efforts reduced billing inaccuracies significantly, resulting in a more reliable revenue stream.​
• Increased Efficiency in Collections: The days outstanding for accounts receivable were markedly decreased, improving the group’s cash flow and financial stability.​
• Optimized Operational Efficiency: With the billing and collections processes streamlined, the group could refocus its efforts on patient care, enhancing overall patient satisfaction and operational productivity.​

Result ​

The physician group in New Jersey experienced a significant improvement in their practice’s performance after implementing ASP-RCM Solutions’ strategies. They reported stabilization in financial health and operational efficiency, allowing them to focus on patient care. The group’s satisfaction with ASP-RCM Solutions’ services highlights the importance of medical billing and collections services in the revival of healthcare practice.​