As a physical therapist, you may have outsourced your physical therapy billing services because billing is demanding and challenging. You may also have hired a third-party biller because you want to focus more on your patients’ treatments.
The above are the top two reasons why many medical practitioners outsource their medical billing services. But outsourcing your billing process does more than save you time and improve the way you relate to your patients.
And just in case you aren’t convinced that you need a third-party biller for your practice, here are six reasons why it’s necessary to outsource medical billing rather than having the process completed in-house.
1. Minimizes Claim Errors
Claim re-admissions due to errors are expensive and waste a lot of time. These errors often occur when billing is done by inexperienced coders or by staff with multiple responsibilities.
Third-party billing companies have experienced coders who ensure billing is done correctly. They are experts in the field of billing and have no other projects on the side. They also have the best software to get the codes right such that your claims will be submitted after thorough checks.
Rejections are also handled quickly, errors corrected, and the bills resubmitted. The result is that there will be fewer claim denials, and you’ll receive your payments in time.
2. Saves You Money
If you’re a small practice, outsourcing makes the most financial sense. Doing medical billing in-house requires you to invest in training medical coders and billers and investing in billing technology. It will also cost you when you have to make software upgrades to meet billing requirements. Not forgetting that you’ll have to pay billing employees monthly whether they are working or not.
When you outsource your billing needs, you no longer have to buy costly software, equipment, or train staff. Additionally, most billing companies charge a percentage of the claims paid, which is often more cost-effective than hiring employees to do the same job.
3. Improves Cash Flow
When you’re busy taking care of patients, you may forget to submit claims on time. Unsubmitted claims may pile up, leading to a backlog that may be too much for you to handle. This may further lead to long waiting times for the settlement of your patients’ medical claims. When patients are dissatisfied with how their bills and treatments are handled, they seek alternatives.
Outsourcing your billing services allows professional billers to keep billing moving efficiently. These specialists will submit claims on time and follow up to ensure claims are expedited in the shortest time possible. This translates to timely and increased reimbursement resulting in more revenue for your practice.
4. More Time for Your Patients
You didn’t go to medical school only to end up dealing with loads of insurance paperwork.
When you outsource your medical billing process, you can concentrate on your patients’ needs. You’ll also have more time to engage with your patients and focus on their treatments.
Quality patient care brings in more customers meaning more business for you. More personalized service will also see patient satisfaction levels go up.
5. Compliance with Billing Regulations
Healthcare regulations are always changing. If you aren’t compliant with many of these regulations, you are bound to face severe consequences. For instance, failure to adhere to patient data privacy rules may see you to lose your Medicare compensation.
Similarly, failure to adhere to the latest ICD 10 coding regulations will result in your claims being denied or rejected. If you don’t hire a billing company, you’ll need to research these new regulations and train your in-house staff to use and follow them.
A third-party billing company will be aware of any new billing regulations that they need to adhere to. They are also aware of any changes in the pipeline, allowing them to make preparations for these changes beforehand.
6. Enhanced Transparency
There is a notion that when you outsource your medical billing needs, you lose control of your billing process. This couldn’t be further from the truth.
Outsourcing your billing services gives you more control and greater transparency as you can review or monitor the billing process at any time. You can also request remote meetings or timely reports from the third-party biller. Besides, you can always rely on the results that indicate if the company is doing a good job or not.
In closing, outsourcing your medical billing needs has many benefits. You save time and money, and you also get more time to spend with your patients. Outsourcing also allows you to stay compliant with changing billing regulations while enhancing the control you have over the medical billing process.
