ASC medical billing companies are becoming more important these days, especially with the increasing healthcare costs, as well as the management of risk and compliance. Many practices try to appoint the personnel themselves, but the risk of human error is high, and the revenue does not seem to change in the slightest.
For this reason, ASC medical coding companies are brought in to do your revenue cycle management. Using the latest technologies, they can offer cycle management solutions for your healthcare institutions, benefitting both the ASC practice and the patients. If you are not completely certain which one you should choose, here are a few suggestions.
Fortis Medical Billing
Fortis Medical Billing is a company with lots of experience in reducing billing compliance issues. The company has former OIG and former FBI agents on the team, as well as certified coders and former CMS auditors. This way, you can be certain that the people handling your accounts have plenty of knowledge of compliance laws, billing, coding, collection, and preauthorization.
The company does comprehensive audits and can help prevent inaccurate payments. This should ensure a smoother workflow, especially in practices with a small number of personnel that cannot be spared for audits. It also serves larger healthcare practices, having enough experience to deal with complex medical billing.
Fortis medical billing has a 95% claims rate as well as a 75% retention rate. This suggests commitment, as the numbers are significantly higher compared to other similar companies in the field. Most of their focus is on small businesses, but they also take on different claims in medium businesses (going as high as $1B revenue businesses).
While the company does handle billing, it also keeps its focus on the patient. This will not only improve the income of the practice through patient satisfaction but will also boost your reputation. It can reduce potential errors and save overhead while increasing collection.
Moreover, Fortis covers other medical specialties aside from ASC specialties. You can get hospital coding, ambulance coding, HVV audits and hospice/home care filling services. This way, if you are still a small practice and intend to grow over time, Fortis should be able to give you room and possibilities.
BillingParadise relies on advanced technology in order to improve the revenue cycle management of a company. They offer a variety of features that you may use, such as billing services and medical coding. This can help you discover exactly what your revenue potential is.
All of the features provided by BillingParadise are automated, which means that all payments are handled fast and on schedule. This should help prevent delays, as the reports are shared every day. This is all part of their risk adjustment strategy to prevent any instances of fraud.
At the same time, while human error is reduced, there are still chances of AI errors occurring. There may not be any people double-checking the calculations. This suggests that there is still a place for error.
Compared to other companies, the prices are relatively high. That being said, this depends on what package or extra features you get. They can also cover reimbursement for insurance for the patients. So, they look out for both companies and patients.
There have been several clients that complained of late payments, but these instances seem fairly rare. It mainly depends on their client flow, as they seem to have a limited number of people on staff.
For the most part, the staff is said to be efficient, but occasional poor communication has also been signaled. However, the technology they use is fair, and the security solutions are top-notch.
Bolder Healthcare Solutions
Bolder Healthcare Solutions provides hospital and physician management solutions for revenue management. This way, cash flow can improve, and the financial performance of the company has the potential of increasing.
This company has 15 different locations open all over the United States and has been providing its services for many years in a row. Those operations have been branched out in different subsidiaries of the parent company, meaning that Bolder Healthcare Solutions has more than 1,400 all over the nation.
There are also more than 186 employers working at this ASC medical billing company, taking over different tasks at a time. As a result, they can take up small to medium-sized accounts, but they may have difficulties handling the bigger companies. If your ASC is on the medium side and you wish to expand, then this company might not be the best solution for you.
Some clients mentioned that the company looks over the billing system rather than the patients themselves. Much of the work done is manual, as the AI system is not so advanced. However, some clients say that this leaves plenty of space for customization, as well as fewer chances of technological errors.
Clariti Health, among others, is an ASC medical coding company that aims to provide patients with accurate estimates – therefore, taking out any potential surprises. They claim that they use superior technology and automation in order to get the results in as short a time as possible, devoid of any errors.
Their accuracy is at 98%, with client satisfaction and retention of 97%. This makes them quite a reliable choice for busy healthcare providers that do not have the time to focus on their revenue management. Mostly, it is recommended for small ASC locations with a small staff on board.
Their process is fairly simple. They calculate the estimate for the patient, deliver it, connect them to the payment options, and then offer online shopping services. A report will be sent to the healthcare provider and the revenue will be calculated, conducting proper management of the cash flow. Its aim is to optimize processes and the workflow, but also to generate real-time dashboards and analytics.
Aside from ASCs , Clariti Health also caters to hospital and healthcare systems, diagnostic imaging, medical groups, anesthesia providers, and many more. Moreover, aside from patient estimation, they offer prior authorization and CMS pricing transparency. That being said, while many reviews talk about timely delivery, there are also some that claim they were not able to obtain the expected results with this company.
National Medical Billing Services
Those searching for billing along with collection services for ASCs might want to look into the National Medical Billing Services. The company specializes specifically in ASC revenue, which is why it is a good choice for healthcare providers with just this focus.
Their specialization is in surgery, and they aim to capture revenue while maximizing the cash flow for these types of freestanding surgery centers.
Founded in 2003, the company has more than two decades of experience in the field. The company makes use of intelligent analytics to automate the process, using its medical expertise to offer accurate estimates.
The firm constantly brings new team members on board, and they all have plenty of experience. Some have mentioned that these changes may lead to instability in the company, but as each newcomer brought more than 15 years of experience, the result was a higher-functioning team. As a result, many of the healthcare institutions opting for their services have noticed a positive change in their revenue.
The ASC medical billing company adheres to The Ethical Standards of Coding, as well as the National Correct Coding Initiative to ensure that you remain fully compliant. They also feature HIPAA compliance , which makes it easier for ambulatory surgery centers to focus on the patients rather than the billing and accounting activities.
Most clients claim that they are very efficient at their job, but there have been several claims that some specialists may be rather difficult to work with. At the same time, while their focus may not be entirely on teamwork, they do aim to increase the revenue of your medical center and bring results.
The Bottom Line
ASC medical coding companies can act as a support for freestanding centers offering surgical benefits to the patients. However, as these collaborations are often made in the long term, it is essential that you choose an experienced company you may easily collaborate with.
Do your research and look at its success rate, its retention rate, as well as its ability to help the patients make a fair payment. The more successful you are, the more clients will come your way.