Unlock the Power of Control
NewGen, in collaboration with one of several billing partners, can manage this function for the hospital with minimal administrative involvement from hospital staff. However, the hospital still owns the entity, retains the revenue, and maintains final authority over billing matters. When hospitals take control of their emergency medicine services billing, they unlock advantages that positively impact both the bottom line and patient care.
Pro-Fee Billing
In the last several decades, many of the “Big Box” providers have become billing companies first, with the actual ED staffing being an afterthought. NewGen Emergency Medicine restores that imbalance, focusing on the staffing and management of the ED group and giving hospitals the option to own the pro-fee billing entirely. Under this option, we let the hospital bill and retain the pro-fees, removing that revenue and expense from our contracts and driving down overall costs. This approach not only ensures quality staffing but also promises significant cost savings, giving our partner hospitals a reason to be optimistic about their financial future.
Benefits
The hospital owns the entities under which the physician bills, retaining all the professional fee revenue. Hospitals may also combine facility and professional charges, simplifying reimbursement and, in some cases, increasing CMS payments. Another benefit is that hospitals maintain control over their network status with payors, which isn’t always the case when using some of our competitors who own the professional fee billing component. Additionally, if the hospital ever elects to change groups or in-source providers, it can keep these entities without interrupting its cash flow.
The Choice is Yours
If the hospital prefers, NewGen Emergency Medicine can provide billing services through one of several billing partners and is happy to do so. The advantages of this approach include:
Administrative Ease
Hospitals often find that the administrative burden of setting up their pro-fee billing entity is too burdensome, particularly with tight lead times. NewGen stands ready to provide this service as part of a single contract, with in-network agreements and the ability to begin billing for the pro-fee on day one.
Optimized Reimbursement
We have aligned with billing partners who have structure and values much like NewGen – their focus is emergency department professional fee billing, they don’t have any private equity or VC involvement or mandates for margins or sales targets. They have “skin in the game” with a fee structure where billing fees are based on a percentage of collections, and they align their incentives closely with both the hospital and NewGen. They provide monthly reporting of key data points, provider education and training, as well as guidance on payor negotiations and fair market rates so you get a highly functioning revenue management system.
Taking control of billing for emergency medicine services empowers hospitals to optimize their financial health, improve patient experiences, and maintain compliance in a dynamic healthcare landscape. It’s a strategic move that reaps long-term benefits.
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