January 02, 2015
The business of providing healthcare services is evolving every day. In the current scenario, where insurance reimbursement rates are declining, operating costs are rising, and administrative challenges are increasing, an efficient medical billing service can help healthcare providers increase their operational efficiency. It can also lead to collecting maximum collectibles and higher the practice revenues.
Outsourcing billing to a medical billing service provider helps reduce the administrative workload of healthcare organizations and individual practitioners as well. This way the physicians can focus on their core service of patient care. Medical service providers have provably found outsourcing billing services to be cost effective which ultimately strengthens their position to sustain in the dynamic nature of the healthcare industry. Some of the benefits of outsourcing billing services are:
Saves your money:
By outsourcing their practice billing, the providers can potentially save thousands of dollars in the form of annual salaries and benefits that an in-house billing team demands. Having an internal billing staff and department adds to the operational and administrative costs as well. One important point to consider here is that the technical necessities are upgraded and changed regularly to meet the federal and insurance guidelines. By outsourcing medical billing, the healthcare providers simply pay for the basic operations and the billing company takes care of the coding and claims filing procedure, employee training and do the needful for updating all the billing-related software or infrastructural maintenance demands.
Reduces claim rejections:
A professional billing service provider submits accurate medical bills and files claims on time, which eventually increases the number of medical reimbursements. A great deal of claims are rejected because of errors in coding, and an outsourcing billing service provider concentrates solely on these issues to cut down the error rate and save revenue.
Improves cash flow:
Billing companies employ modern technology and software to make the process more efficient and accurate. Since their team of professionals captures and accurately reports the information, there is a considerable drop in the processing time. If a medical house employs an in-house billing system, claims would have to wait if the biller goes on a holiday or falls sick; whereas in case of an outsourced medical billing system, such situations are taken care of. A continuous and steady flow of claims is maintained and that’s the primary reason of cash coming in.
Billing compliance: One of the biggest challenges of medical billing is keeping up with the changes in billing regulations and complying with the healthcare reforms. Medical billing service providers keep themselves up-to-date with the changing regulations and insurance requirements. They keep up with the latest industry regulations, procedures, and the annual updates on ICD and CPT codes.
More focus on patient care:
By outsourcing billing, providers can reduce their administrative workload and have more time to focus on providing quality healthcare services to their patients. It is difficult for doctors to balance extending quality patient care and managing the financial side of running the business.
MedicalBillersandCoders.com can help medical houses reduce their denials rates and simultaneously cut operational costs. Their teams of expert professional billing specialists identify the reasons behind claims denials and analyze what will boost the RCM. In this way MBC works on the in-house billing mechanism to work on the denials and maximize reimbursements. Their billers are updated with the latest in specialty billing regulations, state billing regulations and government regulations as well. Their coders’ expertise includes the ICD-9-CM, E/M and ICD-10 coding standards too.
Outsource Medical Billing