Payor Audit Processing

Delivering high-quality patient care while managing the intricacies of medical practice operations is no easy feat. One key administrative task that can significantly detract from patient-focused activities is the execution of payor audits. The auditing process, particularly internal handling, can be time-consuming and may interfere with the day-to-day workflow of medical practices. To address this challenge, outsource audit processing stands out as a strategic solution.

Let’s explore five compelling reasons why medical practice managers and healthcare professionals should consider outsourcing payor audit processing.

1. Improved Focus on Patient Care

The quintessential goal of any medical practice is to provide top-notch patient care. Every minute spent on non-clinical tasks, such as audits, diverts resources away from this goal. By outsourcing payor audits, practices can reallocate their time and efforts to the heart of their work: the patients. Third-party audit specialists can seamlessly take over the complex and demanding tasks associated with audits, ranging from record collection to data analysis.

2. Expertise and Specialization

Outsourcing partners bring to the table a wealth of knowledge and experience in handling audit processes specifically. With a team of dedicated subject matter experts, they employ best practices to ensure thorough and compliant audits. Their expertise extends across various types of audits and they are adept at using the latest technologies to streamline the auditing process.

3. Cost-Efficiency

Given the non-billable nature of audits, it’s essential for practices to manage these processes cost-effectively. Outsourced Payor Audits allow for a more predictable cost structure, often resulting in savings compared to the expenses associated with in-house auditing staff, ongoing training, and technology systems. With tight control over audit-related expenditures, practices can optimize their financial health.

4. Enhanced Security and Compliance

Security and compliance are paramount when dealing with patient medical records and other sensitive data. Outsourcing companies specializing in audit processing understand the importance of safeguarding data, abiding by HIPAA regulations, and staying up-to-date with industry standards. These organizations invest in robust security infrastructures to prevent unauthorized access and ensure that all audit-related activities are executed in compliance with legal requirements.

Prioritize solutions that emphasize high-level security protocols and a commitment to accuracy. This is crucial in payor audits, where meticulous data verification is vital for success. An outsourcing partner should utilize advanced technologies like Optical Character Recognition (OCR) for swift digitization and organization of documents. Manual review by experts complements OCR, ensuring any anomalies are addressed. This two-pronged approach, combining technology and human expertise, guarantees a rigorous, accurate, and reliable audit process for successful outcomes.

5. Operational Efficiency

When an external partner handles audit processing, operational disruptions within the practice are minimized. A great auditing solution provider will have the capability to integrate with EHR systems (BillPay Express), streamlining the process of retrieving and delivering medical records. Their established processes and advanced technology solutions promote efficiency and transparency, allowing medical practices to maintain smooth operations with minimal interruptions.

The ideal provider should also be capable of processing audits swiftly in as little as 24 hours without compromising accuracy or thoroughness. This rapid turnaround ensures that practices can address and resolve any issues promptly, maintaining a continuous flow of operations.

Additionally, a less than 1% resubmission rate stands as a landmark of excellence, indicating that the provider delivers correct results the first time, reducing the need for time-consuming corrections and resubmissions. This level of efficiency and reliability in audit processing is a game-changer for practices aiming for pinnacle performance and patient-centered care.

Conclusion

Medical practices stand to gain significantly by entrusting audit processes to specialized third-party companies. Outsourcing not only enhances focus on patient care but also brings expertise, cost savings, and enhanced security. Additionally, it improves overall operational efficiency, relieving the inherent stress that accompanies payor audits.

For practices looking to step into the world of outsourced audit processing, it’s important to partner with a reputable organization that possesses a strong partnership network and the capability to handle the unique challenges of healthcare audits.

As audit processing continues to evolve, turning to specialized external partners for payor audits will be an increasingly popular and wise decision for practices dedicated to offering the highest standards of patient care while maintaining optimal operations.