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Speed-Up Receivables and Improve Cash Flow by Outsourcing Billing Services

November 24, 2014



Do you run a large hospital or a small clinic that could do with some additional help in the administration? If yes, then you might need additional help with the medical billing process which is a very precise field that demands a lot of accuracy. Mistakes in the process can result in stringent auditing and harsh penalties thereupon. In order to avoid such a situation, medical establishments are now outsourcing their billing services to companies that are specialized in the said task.

The outsourced services include processing the billing statements, printing and mailing them, and presenting the bills electronically for online payments. Some of the advantages of outsource billing services are as below:

Saves Time and Money

This is the biggest advantage of outsourcing. Physicians and medical practitioners are supposed to spend their time looking after the well-being of their patients and not running behind medical billing and coding, filing claims, etc. When such administrative services get outsourced, practitioners get more time to spend on patients.

This means customers receive their bills in shorter and lesser turnaround time for getting their medical expenses paid. Outsourcing medical billing speeds up the inflow of cash by at least three days. In addition, postage expenses are saved resulting in considerable cost cutting as compared to running an in-house billing department.

In case of an in-house billing department, you have to search for a qualified, certified and experienced individual first. Then you need to spend time on planning the department, providing infrastructure, equipment, etc. All the time spent in finalizing these details can be saved if you were to outsource.

Convenience for Management

It is understandable to have apprehensions against outsourcing something as important as accounts receivables. However, in this case the managers have one department less to look after, especially in a medical establishment where the number of people turning in for treatments is enormous. In other words, they can focus on issues that are more vital for the day-to-day functioning.

Understanding the Codes

Medical coding and billing needs a specialised training and certification to understand the various codes of medical procedure and services. A wrong code means not charging the patient right. They may get under-charged or over-charged, both of which is not suitable for the finances of the hospital or the patient. A medical billing partner understands these well and hence they would deliver on time with minimum or no hassles.

Online Billing Solution

In today’s times of technology, the world is going electronic. The healthcare reforms also advocate EHR software which makes it only logical to adopt electronic billing facilities. It enables a simple and quick option for patients who want to pay bills at their leisure and without any hassles. Online billing systems also give customers the option of archiving their bills and accessing them whenever they wish to.

As for the physicians, going electronic will enable to access the patient records without depending on their billing staff to produce a certain patient record. Similarly, it will also to quicker and efficient tracking system for reimbursements.

It is also one way of ‘going green’ since you are opting out of paper bills. This of course is translated to cost saved and resources conserved in the process. Outsourcing billing services is an advantage for the medical practitioners as it is one less administrative work to handle. MedicalBillersandCoders.com is the large entity of expert coders and billers who handle outsourced billing procedures deftly. They serve over 40 medical specialties across the US and are also the most popular on social media platforms with their clients.

 

Category : Outsource Medical Billing