Should Your Practice Outsource Your Medical Billing and Collections? Are you tired of seeing denied claims? Tired of not getting a full refund for your services?
Most practices with limited resources cannot designate multiple employees to focus on billing. This means it takes longer to file claims, follow-up can be inconsistent, and your money arrives later than it could.
One of the biggest challenges physicians face is whether or not to outsource their bills and collections to a third-party medical billing services companies.
Here are seven reasons to outsource medical billing:
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Reduces operational costs
When medical billing jobs are outsourced, the capital investment required for the maintenance of innovative equipment, infrastructure, or software packages to perform tasks within the facility is saved.
Doctors don’t have to worry about the cost of insurance benefits, training, payroll, billing software, supplies, and employee sick pay and vacation pay. It is difficult for doctors to give up control of their billing.
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Dedicated billing specialists, timely claim submission
Healthcare billing professionals ensure that your claims will be submitted more quickly and follow-up will be more persistent, all of which will add up to faster and faster revenue for your practice.
The outsourced medical billing company will take the time and effort to follow up on all denied claims. They also keep track of all unpaid insurance claims and make sure all claims are paid correctly.
Your job is to do the billing and get it right. Most companies offer a global service to medical professionals. They will file insurance claims electronically on behalf of the provider.
This can greatly improve your cash flow. Rejections are also returned in 2-3 days so they can be corrected and reshipped much faster.
Medical billing professionals have the knowledge and experience to deal with all of your medical billing problems that arise with their practice. Outsourcing your services will allow providers and staff to focus on other aspects of running the practice.
They are dedicated to providing excellent customer service for you, the provider, your staff, and your patients. Outsourcing your services will allow you to save up to 30% – 40% of your operating cost. The fees are very reasonable. They will work hard to get paid.
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Reduced administrative load
Billing procedures in medical practices require considerable time and expertise and are quite complex.
Great concentration is required when performing these processes. If these tasks are outsourced to professional companies, the administrative workload in medical practices and facilities would be greatly reduced.
Tools such as Cloud based QuickBooks hosted on a cloud desktop service can help you to speed up your accounting tasks.
Any job becomes rewarding only when it is done with total dedication and attention to the smallest detail. There are jobs that you would do with joy and commitment, and those that you would rather avoid. Health sector entities are no different. Health professionals would rather spend time practicing medicine than doing administrative tasks.
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Minimize rejections, faster payments
Professional companies ensure that all medical claims are submitted without data inaccuracies. This in turn minimizes claim rejections and denials.
Outsourcing a medical billing company allows your claims to get paid faster and with fewer errors, so you’ll receive payments in the shortest time.
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It saves a lot of effort and time
Medical billing procedures are time-consuming. Entrusting these jobs to a trusted medical billing and coding company will save a lot of valuable time and effort.
Time is a crucial component regarding the completion of important tasks. Any business entity can choose to delegate non-core processes to trusted vendors and gain more quality time to spend on processes that require their presence. The healthcare industry can also benefit from outsourcing.
Billing and medical coding are tedious processes that are both important because they have a direct impact on a practice’s revenue inflow.
When performed by professionals, these processes, from the information gathering stage to data entry, complaint submission, and follow-up are carried out with remarkable efficiency and precision.
Outsourcing allows healthcare entities to spend more time on strategic planning and providing patient care.
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Optimized workflow
Professional services help streamline the facility workflow and medical billing system in a very effective way.
There are many small and large hospitals, doctor’s offices, health care institutions, and clinics that enjoy the benefits of outsourced billing services. In these companies, one would find billing professionals and experts who are highly competent.
They can deliver maximum results, efficiently and quickly, also at extremely reasonable rates. By outsourcing, the operational process of medical organizations becomes efficient and this leads to higher revenue.
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Increased control
Many people think that outsourcing to a medical billing company means giving someone else control.
However it is not the case; most practices feel that they have more control than before because someone is focusing on the most time-consuming work and dealing with headaches, so providers may have more room to review monthly reports and can take a look at the health of the office.
Monthly and yearly comparisons are made quickly and all questions are addressed in detail by account managers. Things like cost entry errors or payer reimbursement problems can be identified early before they get out of hand.
However, before a medical institution or healthcare professional begins using the services offered by a medical billing and coding company, one should look into the services offered and how it can benefit a particular specialty.
