Why Outsource Your Billing?
First, Medical billing is a demanding, challenging and a expensive task for small and medium sized medical practices. Many physicians or practice managers make the choice to outsource their medical billing to a professional medical billing company. There are many advantages to outsourcing medical billing. It saves time and money and eliminates the burden of concentrating on too many aspects of the medical office and it reduces the risk of falling into the medical records review trap which could slow down or even stop your revenue stream. Unlike billing services of the past, YOU receive your reimbursements and we bill you for your services based on current reimbursement.
Consider all of the advantages of outsourcing your medical billing before making a decision about whether to bill in-house or outsource the billing of your medical claims.
1. MORE FOCUS ON PATIENT CARE
Spend more time focusing on what you do best and that is concentrating on patient satisfaction and providing quality care to your patients. This is specifically advantageous for smaller physician groups that cannot afford a large medical office staff. Therefor, physicians cannot be efficient at providing excellent patient care if they are bogged down by the financial side of the running a practice.
2. REDUCES BILLING ERRORS
Experience, professional medical billing agents can ensure that your claims are accurately submitted in a timely manner. Medical billing companies sole purpose is to provide medical billing services. It is our responsibility to ensure that the billing agents we hire undergo thorough training and are equipped with the knowledge to properly submit all types of medical claims. Not only will this reduce the number of denied and rejected claims due to billing errors but will provide the feedback to assist in maximizing reimbursements on future claims.
3. SAVES MONEY
By outsourcing your medical billing, you could save thousands of dollars in annual salaries and benefits, office supplies, furniture and maintaining billing software and computer equipment as well as billing agents yearly CME training. Medical billing companies charge a flat rate per claim or a percentage of the reimbursement of each claim. Either way it is less costly than what you would pay for a medical billing staff to provide the same exceptional services that are provided by a qualified outsourcing companies.
4. IMPROVES CASH FLOW
What happens when your billing agent calls out or goes on vacation? Claims have to wait until they come back to work in order to be submitted. Billing interruptions ultimately affects the timeliness of reimbursements and your cash flow. Using a medical billing service allows a continuous, steady flow of claims going out and cash coming in. A steady cash flow is important for your bottom line and the success of the medical practice.
5. IMPROVES PATIENT SATISFACTION
The ability to offer excellent healthcare service is what all medical professionals want to provide to their patients. However, it can be quite difficult to juggle the demands of treating patients and handling billing issues. The medical receptionist is responsible for greeting patients, answering the telephone and insurance verification’s. Reducing the burden placed on your front office staff by outsourcing can increase productivity, efficiency and employee morale. It can also increase patient satisfaction by improving patient flow. Your patients will be happy because they will receive uninterrupted courteous and professional assistance for their billing questions or issues.
6. ENSURES BILLING COMPLIANCE
Healthcare is an ever-changing industry and insurance companies are mainly to blame. One reason that makes medical billing a challenge is keeping up with the changes in Medicare, Medicaid and third party payers and the upcoming regulations of the Affordable Healthcare Act (Obamacare). It is a full time job to make sure that the medical office is following the proper protocol required by each payer. Medical billing companies must stay up-to-date on all new regulations associated with all payers.