Whether you run a hospital or an independent practice, in order to succeed, you need to take care of its financial health. You can do this by having a responsible plan for medical billing. Medical billing is a very demanding task especially for independent practices because they usually do not have access to skilled manpower for medical billing. In situations like these, it is highly advisable to consider outsourcing.
Here are a few reasons to consider outsourcing:
By outsourcing, you gain an army of trained professionals who are experienced in medical billing and well-versed with updated medical codes. They ensure that all the carriers are paying the correct amount. They responsibly review and follow up on all the payments. If there is an outstanding claim, it is tracked until the processing has been completed and the required amount has been paid in full. Or, if you are outsourcing, you are less likely to have major overheads.
If you hire such a team in-house, it will cost you ten times more. The outsourcing services usually give you a great package.
With outsourcing, it is possible to save a lot of money in terms of salaries, infrastructure, and maintenance of relevant software. Whether you have a private practice or group practice, as you outsource medical billing services, there will be reduced overheads, timely claim submissions, and increased reimbursements. So, you end up saving on labor and maintenance costs and improving cash flow, which will eventually result in increased revenues for your business.
Most medical billing companies usually provide you with control over medical billing through an integrated database. You can decide who gets access and who does not. These databases help you visualize the situation and speed up processes that require your approval.
Compliance with Regulations
Compliance with various codes can be very challenging. If you fall out of compliance because you didn’t update your coding and billing to the latest regulations, the consequences can be severe. This usually calls for a compliance officer, but if you outsource medical billing, you will not need one. This is because the medical billing companies stay up to date on any new changes in the regulations and give training to their employees as well.
Improve Patient Satisfaction
An indicator of how your business is going is the comments and feedback from the patients on how satisfied they are with your services. Part of your services is to make billing easier and efficient. When your staff does not need to be concerned with correct codes and long statements, they are free to engage and look after the patients.
Outsourcing not only saves time and money but also lets you have the freedom of staying focused on your practice. When there are lesser coding and billing mistakes, faster claims processing, lower overheads, and better collections, your business will thrive and your patients will be satisfied. So, consider the above reasons, if you’re still debating on in-house or outsourced medical billing.