A good hospital not only has good doctors and caregivers but it also has equally good backend staff. Particularly people in charge of billing and coding are the driving force behind the smooth functioning of healthcare machinery. They ensure that billing is done accurately and all the medical codes are up-to-date. This ensures proper reimbursement of patients. Current revenue cycle process has become so complex that it takes the specialized skill of medical billing professionals to ensure economics success and compliance with various government regulations. It can be challenging and demanding for medical practitioners and firms who lack the required skilled staff to do the task properly. Hence it is helpful for healthcare providers, physicians, and practitioners to outsource their medical billing requirements to a third-party service provider.
Here are some reasons why outsourcing billing to a professional practice management/billing company makes sense.
1) Increased Revenues – Companies can save a lot of money and time in terms of wages, office infrastructure, and upgrading, purchasing, and maintaining billing software. In addition to the reduction in overhead cost revenue for the firm will also increase as a result of the timely submission of claims and increased reimbursements.
2) Greater control – Outsourcing medical billing does not mean giving up control. It’s opposite of that. You continue to maintain complete control of your billing and your money. In fact, many people feel that they have better control over their medical billing processes than ever before thanks to their dedicated outsourced medical staff.
3) Changing Regulations – The rules and regulations of medical billing are continuously changing. Something new is changing in the insurance world on daily basis. Keeping up with that rapidly shifting and expanding knowledge basis time-consuming and cumbersome. Figuring out the application of new rules constantly is an overwhelming task. Medical billing requires continuous attention to regulations, publications, laws, and laws. Outsourced Medical billing specialists manage these changes in regulation and rules, as it’s their job to stay up-to-date with the latest changes. This lets you focus on other operational areas.
4) Better Safety – Simplifying your workflow and streamlining your billing process by outsourcing is completely safe. Well-established outsourcing companies have full visibility in their billing process. Most of the service provides are 100% HIPAA-Compliant. Their systems are secure to safeguard against any hacking attempts.
Security is important to your practice and to outsourcing companies. That’s why they treat safety as a topmost priority.
5) Reduced Labor Costs – An Average healthcare company spends 30-40% of their
Revenue on the medical billing process. Outsourcing these medical tasks can greatly reduce that cost. This is achieved by eliminating the need for billing staff or space for a billing department. Thus you reduce costs associated with salaries, benefits, and office space as well as money spent on costly training and supervision is also saved.
6) More Time for Patients – Industry experts agree that it makes more sense to concentrate on your core competencies like quality patient care and outsource ancillary business functions like billing, AR Management and collections to service providers. When you outsource medical billing processed to a third-party, you have more time to concentrate on patients.
7) No Capital Investment – Outsourcing medical billing eliminates the need to buy the billing software or invest in the latest equipment. You don’t need to deal with costly software upgrades. In fact, all your expenses for supporting billing are greatly reduced because you won’t have to own or maintain a billing system.
8) Adherence to ICD 10 – One of the pressing issues amongst medical community is the latest version of the ICD, i.e. ICD 10. Payment outcomes and time management for health providers have had a huge impact due to new coding changes. Outsourcing medical billing will mean that all the coding changes brought in by ICD 10 will be handled by the outsourcing company. They are already well-versed with the sweeping regulations involved.
9) Access to Trained Specialists – Outsourcing your medical billing will gain you a staff of highly trained and credentialed billing specialists. Their sole focus is following up on your claims. These field experts will work exclusively to improve the financial performance of your practice — increasing your revenue and profitability. They review and follow-up all payments and make sure all the carriers are paying the right amount. Every outstanding claim is tracked until it is processed and the full amount is paid, thereby reducing overheads. They’ll also take care of printing, mailing, and processing your patient statements.
10) Measurable results – Well, you’ll be able to see advantages of outsourcing your medical billing every month. You’ll receive report packages that detail the prior month’s billing and collections. Think of it as a report card that lets you measure
the value of outsourcing and shows you how much more money you’re getting back. These reports will give you a clear view of your practice’s billing and collections.