Scores of medical professionals now prefer to outsource their medical billing. More and more people are considering this choice as the sector is expanding. Doesn’t that dumbstruck you? However, on the other hand, there are a few myths floating around outsourcing medical billing. To burst this smokescreen, you should first take the time to dispel these widespread misconceptions about outsourcing your medical billing before deciding whether it’s appropriate for your medical setting or not.
Let’s face facts, shall we? Smaller businesses mean overworked employees. At any medical setting, the medical billing might be said to be a crucial aspect of your business. However, a lot of businesses overlook it and don’t pull up their socks to do this efficiently. This is especially true for smaller and mid-sized businesses. The staff at these businesses is typically overworked since they are required to participate in several activities outside of their primary duties. This strategy helps small businesses save money because they don’t always need to hire a specialist. However, this can cause a major loophole in their medical billing process.
Now, let’s uncloud the common myths when it comes to the medical billing outsourcing services, shall we?
Myth 01: You won’t be able to keep a track of your finances
The success of outsourcing depends largely on the medical billing company you select. Finding a company who can deliver more than just medical billing services is crucial, and they should also be able to deliver in-depth reports, financial analyses, and patient statements.
After completing their cost reports, hospitals are required to maintain their records for at least five years. Please bear this in mind as you determine if outsourcing your medical billing is the best course of action for you.
Additionally, medical billing services charge on a monthly % basis. A defined percentage of your monthly patient and insurance collections will be charged instead of a set fee. By doing this, your practice will benefit from the services of billing professionals while paying a proportionate amount based on practice collections. Thus, the finances can be tracked at an ease, with crystal clear numbers.
Myth 02: Specialty Isn’t Important
It is reasonable to believe that medical coders and billers who are knowledgeable about your area of expertise will be more productive and make fewer mistakes—the longer they have been using the methods, the better. When it comes to accuracy, payer expectations, and productivity, having a solid understanding of the codes, language, anatomy, and internal workings of a practice like yours is priceless. Isn’t it?
Myth 03: It Costs a Lot to Outsource
It’s true that outsourcing your medical billing lowers operational costs while increasing monthly patient and insurer collections. However, having an internal billing staff will cost money for salary, benefits, office costs, and training. Since it is challenging to keep in-house billing experts on staff for an extended period of time, there is a constant fear of employee turnover. The majority of medical billing businesses provide flexible scheduling that allows you to employ billing professionals on a full-time equivalent basis (full-time employees). You can adjust a team member’s strength depending on your workload with only a few days’ notice.
Busting the greatest myth of all!
“Medical billing is simple data entry!” What really? Well no! The reality is that medical billing is a complicated process that involves sending claims to both private and public insurance carriers and collecting unpaid amounts from your patients. To support billing for certain services, medical coders must be able to interpret physician notes, comprehend subtleties in a medical record, and make sure the pertinent information is in a patient’s chart.
Additionally, they must be aware of the codes that are in use and valid in order to avoid undercharging or overcharging for services that weren’t rendered (billing for less or less complex services). Both of these actions are unlawful, and a lack of knowledge of medical billing and coding regulations is not a valid defense in court.
You are paying for people with knowledge and experience in billing when you pay for outsourced medical billing.
What is the big deal about?
As you can see, there are a lot of misconceptions about contracting out medical billing and coding work. Despite the credibility of these beliefs, outsourcing has a much greater capacity for issue solving than internal teams.
Experts in billing and coding help identify the most effective strategies to increase income, maximize reimbursements, and reduce expenses for a medical business. They are regularly taught to stay abreast of industry norms and regulations and have access to the most recent billing technologies. Additionally, outsourcing frees up internal employees from having to worry about these issues, which increases patient happiness and loyalty.
Getting beyond the Myths
To have a flawless claim, the billing specialists need to be knowledgeable with many insurance providers and be able to decipher all the necessary codes. Even well-established procedures are not always successful in every endeavor. The practice may concentrate on its patients and enhance patient engagement by outsourcing revenue cycle management.
Instead of pushing the limits of your personnel and trying to maintain all processes internally, it is preferable to outsource to a provider with more experience, knowledge, and resources. By designing clear processes that are adapted to the needs of the practice, outsourcing aids in creating a strong line of communication between the specialists and the practice.
Now is the time for change. The industry is changing more than ever, and we must adapt. Long-term costs will only increase if you continue with outdated procedures. The most recent cloud-based technology for revenue cycle management, which minimizes the rate of claim rejection at your clinic and eliminates errors, is used by medical billing experts. They also provide a variety of payment methods, send e-statements and reminders. All of these capabilities enable you to receive reimbursement more quickly, improve your cash flow, and maintain legal compliance. Not only that, but it can also assist you in keeping a solid rapport with your staff so they can pay attention to what matters to them. If you’re looking for a hand, Medisys Data Solutions is merely one tap away! Your experts await you!