Solutions << Solutions in Action << FAQ << RCM and Billing Questions RCM and Billing Questions
What are MED3OOO's Revenue Cycle Management (RCM) and billing services?
MED3OOO offers health systems, hospitals and physicians a full range of billing and collection services and performance measurement tools designed to maximize revenue and minimize inefficiency. Agreements for billing services generally designate the following MED3OOO responsibilities:
- Preparation and submission of bills
- Pre-collection contacts
- Forwarding of unpaid balances to collection services
- Recording of payments
- Adjustments to accounts
- Reporting
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How can I know if my current billing performance is as good as it should be?
There are always opportunities for improvement in billing and collection, but to determine where the best opportunities are and whether an improvement effort will have adequate return it is necessary to analyze accurate, timely data and apply the tools/skills needed to make changes for measurable improvement. MED3OOO key indicator reports provide our Practice Management and Billing Service customers with the information they need to evaluate current performance and implement improvement.
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How should I evaluate the cost of contracting for billing service vs. billing from my office?
The accurate evaluation of billing expense must assess performance as well as direct fees. Take the following into consideration:
- Total collection rate
- AR over 120 days
- Days in AR
- Rate of denials
- Secure Electronic Data Interchange capabilities (HIPAA compliance)
- Accommodation of multiple Fee Schedules
- AR and Collection Reporting capabilities
- Data Base maintenance and repair costs
- Frequency of charge updates
The delivery of routine reports, which provide useful management information, must also be weighed in this equation. MED3OOO provides key indicator reports on a monthly basis, enabling physicians and practice managers to assess performance, identify problems and plan improvements before the financial impact becomes severe.
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If I use MED3OOO billing services, which aspects of the process will my office still be responsible for?
MED3OOO will customize services to meet your needs; however, billing and collection service arrangements generally follow one of two models:
“Batch Billing” clients document the care of patients manually or electronically and deliver batches of charges to the MED3OOO Central Billing Office on a regular schedule. MED3OOO staff enters charges and manages the remainder of the billing and collection process.
Billing + ASP clients enter patient billing data during scheduling, registration, treatment and discharge into the practice management system, completing the process with charge entry. MED3OOO Central Billing Office staff accesses billing information via the ASP system and manages the remainder of the billing and collection process.
In both models, MED3OOO performs back office billing and collection functions including preparation and submission of bills, pre-collection contacts, forwarding of unpaid balances to collection services as set forth on practice protocols, recording of payments, adjustments to accounts and reporting.
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How is confidential patient information protected through the billing process?
The information system vendors that MED3OOO has chosen to work with have developed HIPAA-compliant electronic submission capabilities to enable medical practices to efficiently comply with regulatory requirements. Transactions are delivered to trading partners in the mandated ANSI X 12N standard format. Batch eligibility information is requested from payors and responded to using HIPAA compliant 270/271 formats.
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How will I know if MED3OOO is doing a good job?
MED3OOO Billing & Collection Key Indicator Reports provide physicians and practice managers with clear, concise summaries of critical financial statistics on a monthly basis. Some of the indicators tracked include revenue, accounts receivable, denial rate and bad debt. These reports provide an ongoing measurement of billing performance as well as the data needed to initiate improvement. MED3OOO proves value through results.
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Who can I speak to about MED3OOO’s billing capabilities?
We invite you to continue browsing through our web site for more information and to contact us directly by telephone or by email: Karla_Sartori@MED3000.com at 412-937-8887.
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