Unlock the Power of Control
NewGen encourages hospitals to do the professional fee billing themselves, which reduces the overall costs and importantly, gives ownership of the billing entity and all associated revenue to the hospital.
If the hospital prefers, NewGen, working with one of several billing partners, can manage this function for the hospital, requiring minimal administrative involvement from hospital staff, but the hospital still owns the entity and the revenue, and retains final authority on billing matters (such as managed care contracting, fee schedules, administrative write-offs, etc.)
Our several billing partners have decades of industry billing experience, with a special focus on ED billing – essentially, they’ve been doing this forever and have developed keen expertise. Additionally, each of our billing partners offer their services based on a percent-of-collections fee, meaning their interests are aligned with NewGen and the hospital – they only get paid when they collect on behalf of the hospital.
When hospitals take charge of their emergency medicine services billing, they open doors to advantages that impact both the bottom line and patient care:
Greater Negotiation Power
When hospitals combine facility and professional fee billing under one tax ID number, you gain efficiencies by combining bills, and in some cases, increase CMS reimbursement.
Transparency and Accountability
Hospital-controlled billing fosters transparency in financial operations. You can closely monitor the billing process, ensuring accuracy and regulation compliance. This level of control enhances accountability, reducing the risk of revenue leakage.
Streamlined Revenue Cycle
Hospitals can streamline the entire revenue cycle by directly overseeing billing operations, leading to faster claims processing, reduced denials, and improved cash flow management.
Timely Reimbursements
With control over billing, hospitals can prioritize prompt claims submission, reducing the reimbursement cycle. Taking control of your billing ensures that crucial funds are received on time, facilitating better financial planning.
Enhanced Patient Experience
Control over billing allows hospitals to provide patients with more accurate and transparent bills. This transparency fosters trust and enhances the overall patient experience.
Strategic Insights
Hospitals can gain valuable insights into their financial performance through direct billing control. This data-driven approach enables informed decision-making and can uncover areas for operational improvement.
Flexibility and Adaptability
In rapidly changing healthcare environments, control over billing allows hospitals to adapt quickly to new reimbursement models, regulations, and industry trends.
Alignment with Hospital Goals
Hospital-controlled billing aligns billing practices directly with the hospital’s mission, values, and strategic objectives, ensuring that financial practices align with patient care priorities.
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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