Billing/Management Company

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The clinic that I'm in the process of buying into has been using the same billing/management company for years and honestly I'm not happy with them. They charge almost 10% for combined billing/management. They do a good job on focusing on revenue growth but have no grasp on cost control or negotiating better contracts with vendors or insurance companies. Our current clinic is one of 5 that are loosely affiliated with each other. we all share the lab and this management company.

My question to the group is does anyone else use such a management company?

I'd really like to find a company that can take care of contracts, billing, efficiency, etc. I'd be willing to pay up to 10% if they were able to deliver.

thanks in advance !

 

[TIVAndy]

sounds like that's CEO's job. is the clinic big enough to have a CEO? outsourcing billing alone is prob 5-7%.

 

[gaspasser127]

The clinic that I'm in the process of buying into has been using the same billing/management company for years and honestly I'm not happy with them. They charge almost 10% for combined billing/management. They do a good job on focusing on revenue growth but have no grasp on cost control or negotiating better contracts with vendors or insurance companies. Our current clinic is one of 5 that are loosely affiliated with each other. we all share the lab and this management company.

My question to the group is does anyone else use such a management company?

I'd really like to find a company that can take care of contracts, billing, efficiency, etc. I'd be willing to pay up to 10% if they were able to deliver.

thanks in advance !

Many companies exist - but how good they are varies (like everything else in life). Problem is that MANY RCM companies employ people overseas and the quality control is unreliable. The point person your company has will be responsive to concerns but the follow through on recommendations based on what you find to be a problem and the solutions you propose is not great.

As an employee you have almost no control over this. As a partner….. you gain no control but now you’re financially tied to this mismanagement.

RCM is the engine that keeps practices afloat. Hospital systems have the advantage of in-house RCM. Private practices can’t afford that. Only way to get regain control over your RCM is to open your own practice if you want to deal with the headaches that come with it.

Just my two cents.

 

[BobBarker]

If you are an owner, you can take over supplies/vendor costs.

 

[Status Sciaticus]

The clinic that I'm in the process of buying into has been using the same billing/management company for years and honestly I'm not happy with them. They charge almost 10% for combined billing/management. They do a good job on focusing on revenue growth but have no grasp on cost control or negotiating better contracts with vendors or insurance companies. Our current clinic is one of 5 that are loosely affiliated with each other. we all share the lab and this management company.

My question to the group is does anyone else use such a management company?

I'd really like to find a company that can take care of contracts, billing, efficiency, etc. I'd be willing to pay up to 10% if they were able to deliver.

thanks in advance !

Are you in the PNW?

 

[mille125]

Med align billing came in an really improved my revenue cycle. I am now bringing in 99% of all revenue due to me by insurance where it was probably 70% before. I think that they are only billing and don't do contract negotiation but I can tell you having efficient billing can really cure a lot of issues.