You often observed that instead of enjoying the benefits of outsourcing medical billing, many medical practices process billing with in-house staff and hold the responsibility for the potential complications that come with the billing process.
Even though you have skilled staff and a dedicated billing department, small errors in the medical billing will results in claim denial and ultimately affects your revenue cycle. For example-30% of the claims are denied or lost or ignored and reworking of denied claims can take extra efforts which are nearly tough for the in-house staff owing to their busy schedule.
Outsourcing medical billing increase your revenue as well as it is a pain-free process giving you ample amount of time to concentrate on your patients. However, you can avail of maximum benefits only if you consider the following factors before outsourcing medical billing.
Comparative analysis of outsourcing medical billing cost
For every business looking to optimize the cost incurred to maximize profits, the same holds for medical billing. The main aim behind outsourcing is to improve your business bottom lines through reduced operational costs and you need to check periodically if your outsourcing objectives are met else you will end up spending more than saving
You can easily do a comparative cost analysis of in-house and outsourcing medical billing based on the amount of capital required in hiring employees and equipment. For instance, if you outsource accounting, you need to see if carrying out this function is taking up more resources and costs as compared to outsourcing it.
Vendor Capability Analysis
You should consider future requirements of your practice while choosing vendors as your practice grows your medical billing and collections services will need to handle more patients. A capable vendor easily handles all your growing needs without causing any impact on clean claim submission while you might struggle to keep up on handling on your own.
Pricing also an important factor while doing vendor capability analysis as you will get several vendors offering their resources at a competitive price. However, instead of the cheapest vendor, you can compare and find out what are you going to get from other vendors as well.
For example, some vendors provide value-added services like free customer support which is important while dealing with medical billing but the only price should not be criteria to choose a vendor. You need to find a balance between the price and capability of the Vendor.
Medical billing experts and application of advanced technology stack
A vendor that has certified billing experts, as well as expertise in using advanced technology stack for medical billing, will offer better services and can help to improve your business as a direct result. If they act more like a partner and less like a gun for hire, they can help provide your practice with a stronger competitive edge. Hence technology and resources are two considerations that are essential before outsourcing medical billing
Minimum supervision medical billing
Time is always a crucial element for the practice and as a provider, if your outsourcing partner needs continuous supervision then your outsourcing purpose is not fulfilled. Hence when you hire an outsourcing vendor to work on your business requirements, it’s a given that they are going to take care of everything from the scratch. You should choose a responsible vendor who will be in charge of the projects and need to supervise them minimally. This will give you more time to focus on your core business functionalities.
Reliability of the service providers
Trust is an important aspect while finalizing an outsourcing partner which can be built by visiting the vendor’s site, research on the internet to find more about the firm, the infrastructure, safety practices, and the team that works there. Moreover, a referral from any known will be helpful to assess the reliability of the service providers.
Collaboration and communication
Communication and collaboration are important while working onshore or with an offshore team. Vendor-side communication should be clear without creating any room for cultural or other communication barriers. This ensures that they have clearly understood your requirements and can address any issue that may crop up. Moreover, the vendor should collaborate to handle your queries and promptly reply without keeping you on hold for a longer time.
Now, you are pretty much ready to go for outsourcing your medical billing and we can help you as an outsourcing partner. We do consistent with all the factors mentioned above and have a legacy of doing business in the US.
Are You Ready to Get Billing?
Want to hire an experts in Medical billing and coding for your Practice? You are at the right place, what you need now is a partner who can finish out the rest of the work and make the technology and implementation just as simple. That’s what the best medical billing company like Medisys Data Solutions Inc. can do. If you’re ready to get started, schedule a meeting with our Medical Billing Manager from filling out enquiry form from our website!