When you go to a clinic, the main people you see and interact with are doctors, nurses and medical assistants. But, aside from them, there are other people who work at the clinic who act as the invisible engines that help medical practices up and running smoothly. I’m talking about the people in charge of medical billing and coding. These individuals ensure that all billing processes are done correctly and that providers are properly reimbursed for their services.
Medical billing is oftentimes a demanding and tedious task. If you ask a medical biller or an office manager, I’m sure they’ll agree. And, it is even more challenging at small medical practices where there are only a handful of people working on all aspects of the billing cycle. This is the reason why physicians and office managers prefer to outsource their medical billing tasks to a medical billing company because it’s more convenient and it saves money.
If you don’t send your patients their bills in a timely manner, there is a possibility that your account receivables will suffer and that your collection rates will decrease. In today’s blog, we’re going to discuss the benefits and advantages of outsourcing your medical billing. So, what happens when you outsource your medical billing?
Outsourcing Your Medical Billing
The process of outsourcing your medical billing is pretty straightforward. All the billing operations is handled off-site. From data entry and prior authorization to submitting and following up on claims with health insurance companies, the medical billing company handles all of that. All the superbills and other relevant documents needed to process all the billing requirements are sent electronically to the billing company. And the process is easier if the medical practice is using an EHR software, as the information collected from the patient will be directly stored in the EHR. Plus, the accuracy of patient information will be improved as there would be no second round of data entry.
Here are some of the main benefits you’ll experience when you outsource your medical billing:
I mentioned earlier how medical billing can sometimes be demanding and cause a lot of stress. Imagine if you or your medical staff are not the ones doing all the billing tasks - wouldn’t you feel relieved? And on top of that, you can actually focus on taking care of your patients. This is actually more beneficial and advantageous to practices who are new or cannot afford to hire a medical staff to do the billing tasks. Aside from that, hiring a third-party organization give physicians much-needed relief from doing time-consuming billing processes. It also makes good business sense to invest time and effort on your core competencies like patient care as it sets you apart from the competitors.
Outsourcing improves cash flow and revenue.
By outsourcing your medical billing, you can actually save a lot of money as you don’t have to invest in office infrastructure, medical billing software, and the salaries of additional staff. And sometimes, medical billing can be lost in the shuffle of running a practice. However, if you employ a medical billing company, this will be avoided. Billing companies have an efficient way of getting claims approved by insurance companies. Overall, the timely submission of bills increases your revenue.
It reduces billing errors.
Medical billing rules and regulations are constantly changing, and keeping up with all the changes can be pretty time-consuming. This is even truer if you only have a few people doing all the billing tasks at your practice. By outsourcing your medical billing, you won’t have to stress about all the rules and regulation changes. The medical billing company that you hire should be up-to-date on the latest changes. Furthermore, medical billing companies are also equipped with the knowledge and equipment to ensure that claims are submitted properly. Because of this, there will likely be fewer medical billing errors made, and this reduces your denied and rejected claims.
Outsourcing provides staffing consistency.
In-house billers put medical practices at a higher risk for workflow interruptions or revenue loss due to changes in staff or unplanned employee leave or absence. However, this can all be avoided when you employ a third-party agency. As mentioned earlier, medical billing companies do all the necessary tasks and activities related to your medical billing requirements and that includes making sure that all billing processes are not affected when someone is out of the office. They have contingency plans to ensure that everything will be done properly and on time.
Outsourcing improves patient satisfaction.
For some patients, going to the clinic is cumbersome and inconvenient. Not only do they have to come to terms with the news they may receive about their health, but they also have to understand the costs involved when seeing a physician. A knowledgeable and friendly staff can ensure that your patients are satisfied and happy throughout their visit, while all the financial aspects are handled by an expert medical biller. This helps everyone to be more efficient and productive.
Why is Outsourcing Medical Billing a good idea?
Outsourcing may be the best solution for your revenue cycle leaks. You can save a lot of time and money by outsourcing your billing to the experts. Your practice can have a steady and noticeable increase in revenue. If you answer yes to these questions, then it is time for you to leave it to the experts:
- Are you struggling to keep up with billing and credentialing?
- Do you need a more thorough analysis and better reporting of your financial performance on a weekly, monthly, and quarterly basis?
- Is it hard for you to find experienced, certified medical billers who can get the job done with minimal errors?
- Are you constantly falling behind on reimbursement and compliance issues?
- Are your claims constantly being denied due to simple billing errors that could have easily be prevented?
Is it necessary to Outsource Medical Billing Services?
It is not really necessary but if your revenue is suffering then yes, it’s time to outsource. You can leave it to the medical billing experts to increase your revenue, maximized reimbursements, and get a healthy and transparent revenue cycle. It is essential especially during this global pandemic. Insurers have waived their requirements but it doesn’t give any assurance that they will pay for the services.
Whether you decide to outsource your medical billing or not depends on what you need. You should look at your practice’s capabilities and finances. Outsourcing can save your practice time, money, and effort which gives you more time to focus on more important tasks. If you're convinced about the benefits of outsourcing and would like to give it a try, you should look for a trusted billing company that has a team of expert medical billers. This is where DrCatalyst comes in. We are an end-to-end RCM company. We provide over two dozen different medical billing services plus administrative and marketing. Should you want to work with us, give us a quick call and we’ll get you started.