Skilled Manpower Shortage
According to a recent survey by AKASA, more than 57 percent of healthcare practices and hospitals have more than 100 open roles to fill, with one in four finance leaders needing to hire more than 20-plus employees to fully staff their revenue cycle departments. Whether its small practices owners or large healthcare organization, all of them are facing staffing challenges. Outsourcing your medical billing and coding operations to a revenue cycle company like Medisys Data Solutions can solve lot of staffing problems. For healthcare organizations, its not only manpower shortage but retaining skilled manpower and training them takes this challenge to next level. To tackle this challenge healthcare financial leaders should shift their mindsets and think about medical billing vendors as their partners in growth.
Outsourcing Can Solve Your Staffing Challenges
Outsourcing your medical billing operations not only solves your staffing challenges but also offer lots of other benefits, some of them are listed below:
Availability of Skilled Manpower
To receive accurate insurance reimbursements, you need medical speciality specific billers and coders. Every payer has unique set of billing guidelines and reimbursement policies, you will need skilled manpower to understands these guidelines and can bill accordingly. Medical billing companies like Medisys has skilled manpower as per your medical speciality. They will code accurately and will ensure correct use of modifiers where ever applicable.
No Need to Hire Full Time Employees
When you outsource your billing operations, you don’t have to hire billing and coding experts as full-time employees. Billing companies provide you flexibility of adjusting your workload. Whenever you need assistance in specific function of medical billing, they will provide expert accordingly. This is true when you need to add new providers to your practice and need credentialing & enrollment expert in your team. When newly added providers got credentialed with number of payers, billing company will assign their credentialing experts to other clients.
No Need to Provide Employment Benefits
With outsourcing, as you are not hiring full time employees, you don’t have to worry about providing employment benefits. When your hire a full-time employee, you have to bear their full-time compensation, insurance, training costs irrespective of your monthly practice collections. Medical billing companies like Medisys offers you flexible manpower options where you can hire their experts as Full Time Employees (FTEs) or pay on percentage basis on monthly collections. In any case with outsourcing, you won’t be paying for employment benefits.
Get Assistance from Experts
Providers are busy in patient care so it may not be possible for them to keep track of changed billing guidelines. We have observed this during COVID-19 pandemic, where billing guidelines were constantly updated. Experts from medical billing companies are dedicatedly working on billing operations only, so it’s easy for them to keep track of these billing updates and its implementation. Provider may not be able to dedicate that amount of time to understand billing updates. Experts from these billing companies also share industry insights, helping you to understand what other providers are facing reimbursement challenges.
Avoid Wrong Billing Practices
Sometimes practice owners tries to do medical billing and coding on their own. While doing that they tend to use few procedure codes and bill their patients without understanding of billing guidelines. We observed wrong procedures like incorrect use of modifiers, upcoding, incomplete documentation, and lack of medical necessity. Such wrong billing practices could be considered as fraud billing and might attract external payer audit also.
Medisys Data Solutions is a leading medical billing company providing complete assistance in medical billing and coding. We can assist you in receiving accurate insurance reimbursement from private and government payers. With our services like benefits verification and credentialing & enrollment, you can add more providers in your practice. To know more about our speciality specific medical billing and coding services, contact us at email@example.com/ 302-261-9187.