How to Gauge Your Anesthesia Billing Service Vendors?
It is important to periodically review your anesthesia billing service to ensure that you are receiving the highest level of service and reimbursement possible. Here are some key factors to consider when evaluating your current anesthesia billing service provider:
Cost: Compare the total cost of the services provided by your current anesthesia billing service against the cost of other providers. Make sure to consider all fees, including set-up fees, monthly fees, and per-claim fees.
Experience and expertise: Does your current anesthesia billing service have experience and expertise in coding and billing for your specific type of practice? Are they up-to-date on the latest coding changes?
Claims submission and tracking: How quickly and efficiently does your current anesthesia billing service submit claims? Do they provide regular reports on claim status?
Customer service: Is the customer service team responsive to your questions and concerns? Do they provide training and support as needed?
Anesthesia billing can be complex and overwhelming, and it’s easy to feel like you’re not getting the best possible service. However, by evaluating your billing service against some key metrics, you can get a better sense of how they are performing and where they might be falling short. This will help you make more informed decisions about your billing vendors and ensure that you’re getting the best possible service. To help you make the right decision, we’ve developed a Q&A that covers all the major points. If your current billing service falls short, it could cost you time and money. Make sure you’re getting the best possible service by doing your research.
Why it’s important to know your net collection percentage?
The formula for determining your net collection percentage is quite simple: dollars that were collected against your payer contracted amount (expected). In conversations we’ve had throughout the years, we’ve learned that many anesthesia billing companies have differing formulas for determining this metric. As a matter of fact, most vendors do not even use the net collection percentage in determining the health of their client’s Accounts Receivable. If this metric is not readily available to you, that is a clear indication that an issue exists. Your practice’s overall net collection percentage as well as the net collection percentage by payer, are crucial metrics to have.
Your anesthesia practice’s revenue is directly related to your billing company’s performance. The initial 80% of billed charges are easy to collect, but the remaining 20%–the labor-intensive, hard-to-collect dollars–require rigorous follow-up. That 20% can have a significant impact on your practice’s bottom line. Anesthesia practices were already facing decreased reimbursement before the pandemic. In our experience, many insurance companies were already subtly underpaying claims. That problem was compounded during the pandemic, and the process to follow up on underpaid claims became more complicated. It’s become increasingly difficult to get through to insurance carriers.
At Everest A/R Group Inc, we load your contracted rates by payer right into our anesthesia-specific billing platform. We have processes in place to ensure that any payment outside of the contracted amount is flagged for follow-up by our staff. We normally increase the revenue of anesthesia practices those switching from a competitor by 10-15% – this is our prime focus, and our business is just built around. By applying the net collection percentage as our key metric, it becomes the primary driver of our skills to deliver revenue to our clients ensuring we are collecting every penny our clients are due. Everest A/R anesthesia billing experts are very knowledgeable and have ability to consistently provides a 94% to 96% net collection rate for our clients.
Does Your Current Billing Vendor’s Billing Platform Have Your Contracted Rates Loaded?
Your billing vendor’s platform should have your contracted rates loaded in order to ensure accuracy. This is a crucial step in the billing process, and can often be overlooked. Make sure that your billing vendor is loading your contracted rates onto their platform to avoid any potential issues.
At Everest A/R Group Inc, we’re committed to making sure our clients are getting the payments they’re owed. We load client contracts into our billing system so that any payments that don’t match expectations are flagged and our staff is notified to follow up. Our CogitoAnalytics platform gives clients 24/7 access to their financial data, so they can see that expected payments are being received and get a clear view of their practice’s financial health. This transparency is key to maintaining a healthy practice.
What is Your Current Anesthesia Billing Service’s Reporting Capabilities?
Anesthesia billing services play an important role in medical practices by providing accurate and timely billing reports. But not all services are created equal. When choosing a provider, it’s important to consider their reporting capabilities. Here are some key questions to ask:
What types of reports does the service offer?
How often are the reports generated?
Can the reports be customized to fit my needs?
What format are the reports delivered in?
How easy is it to access the reports?
These are just a few of the hings you should keep in mind when evaluating a potential anesthesia billing service. Make sure you choose a provider that can meet your needs and help you run your practice more efficiently.
As a client, do you feel that your current anesthesia billing service values you? If not, you may be missing out on important benefits that could help your practice succeed. Anesthesia billing is a complex and ever-changing field, and you need a partner who will keep you informed of the latest developments and help you maximize your reimbursement. At Everest A/R, we pride ourselves on our personalized service and our commitment to our clients’ success. We would be happy to discuss your specific needs and how we can help you achieve your goals. Contact us today to learn more.
If you would like to hear more about Everest A/R Group Inc or you’d like our help in evaluating your current vendor, please email us at info@everestar.com. We would love to hear from you and share our success stories.
