April 22, 2015
Partnering with a medical billing company alleviates the burden of running a private practice in today’s complex healthcare environment. It helps physicians ensure an efficient workflow, get paid faster and focus more on quality care provision.
Today, physicians are required to manage their practices more efficiently, creating the right balance between financial and administrative tasks. From staffing and managing their business offices to filing timely claims, following up with insurance companies and completing enormous amount of paperwork, there is a lot that distracts physicians from their primary task- patient care. However, in case of outsourcing, they get more time for patient care because a dedicated team of billing experts work 24/7 to keep their practice on top of claims billing and coding.
Reducing Stress and Billing Costs
If physicians choose to partner with a billing company, here are some of the benefits that they can enjoy:
Daily electronic claims submission for timely payments
More time to concentrate on quality care provision
Eliminating the expense on billing staff salaries, payroll taxes, employee benefits
Eliminating the need to conduct training sessions and make expensive system upgrades
Maximum payment procurement with extensive follow-ups and appeals
No hassles of employee turnover
Medical billing companies provide comprehensive RCM support to hospitals and physician practices. They have a team of experts who work with the latest billing and coding software that are integrated with EHR systems.
RCM Outsourcing Picking up Pace
According to a report by MicroMarket Monitor, RCM market is set to expand at an annual growth rate of 7.2% by 2019
As per a Black Book poll, demand for large end-to-end outsourcing vendors for RCM is growing
Partnering with a medical billing company not only brings timely payments but also helps physicians maximize cash flow and enhance work efficiency. RCM experts help practices identify loopholes in the revenue cycle and also formulate solutions. This process of continual communication and education helps physicians grow their business.
A One Stop Solution for all Billing Needs
Billing companies act as a one-stop solution for varied practice needs such as medical billing, EMR, practice management, electronic data storage, credentialing, enrollment and much more. Physicians don’t have to hire a financial expert to manage and overlook the revenue cycle functions.
Not just timely payments but backlog clearance and cleanup of old accounts receivable also becomes easy if physicians choose to outsource. Due to patient influx, stringent documentation requirements, administrative challenges, billing complexities, compliance to HIPAA and other healthcare reforms- physicians are left with less or no time to focus on old AR accounts. Even the in-house billing team remains immersed in handling growing bills and denials due to which AR cleanup gets ignored.
In such cases, outsourcing has various benefits because billing companies like MedicalBillersandCoders.com offer a team of skilled AR callers who work vigorously to procure maximum pending payment from insurance companies. In a nutshell, partnering with a billing company has various benefits for physicians in terms of saving hours of paperwork, streamlining billing process and enhancing practice earnings.
Outsource Medical Billing