December 23, 2014
Over the last decade or more the collection procedures and policies towards patients who are uninsured and under-insured have come under intense scrutiny. This has given rise to the controversial “Affordable Care Act” (ACA).
It is no surprise that every hospital thrives to provide quality care besides meeting the patients’ needs and the community they serve. These services may vary in every healthcare unit for various reasons. However, there is one common issue that nearly all the healthcare facilities, hospitals and practices face, i.e. billing issues. With many hospitals still lacking in resources and staff, there is no positive resolution, which leads to unhealthy relationships and loss of reputation for hospitals.
The loss of revenue caused due to errors in the billing process amounts to 20 to 30% in most of the American hospitals. Many hospitals also have inadequate privacy and security concerns and bear the brunt of violating HIPAA laws.
Outsourcing the medical billing can lighten up the complicated insurance claims procedure. Billing partners also take entire ownership of medical documentation, making it a much profitable deal. It can give a practice certified coding professions within budget, improving their system.
Given the constant healthcare reforms, the administrators and physicians are bound to spend their time and resources to remain up-to-date and also educate their staff. This consumption of time in administrative tasks has a direct effect on the cash flow, payment collectibles and profit of a healthcare organization.
Here are a few reason how outsourcing is actually a profitable venture:
Flat service charges:
Most medical billing services only charge a certain percentage of the revenue earned against every successful case. Thus there is no question that the professionals employed are not diligent towards their work. The prompt services aides in faster collection rate
Save on resources:
To employ a staff for the purpose of billing is an expensive affair with training costs, salary, employee benefits, insurance coverage, taxes and other turnover. Hiring a billing agency for doing the job helps eliminate these expenses
Pay for the expertise:
The billing professionals have a better exposure of doing the job and they bring in their expertise along with modern techniques and updated resources
HIPAA compliant services:
They are guarded with the latest laws in healthcare (HIPAA), like the Health Care Reform bill to ensure that all the laws are followed besides being up to date with it
More time for patient care:
With an effective team of billing and coding professionals, hospitals can operate to their maximum potential, minimizing errors that may occur while doing multiple jobs at a time. Thus, they can concentrate solely on patient care
Patients lack tolerance that encircles the entire process of securing insurance; not to mention the bureaucratic hurdles. Through outsourced billing and the ease it gives to the patients is an aide to physicians for creating a satisfying patient experience
Thus, a positive collaboration with a billing partner to bring in the best billing experience can lead to a financially strong base for a healthcare facility, with a smooth cash flow, more revenue, patient satisfaction, and optimized use of resources.
MedicalBillersandCoders.com is one such partner that has been serving physicians for over 15 years with their expert coding and billing team.
Outsource Medical Billing