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10 Signs You Should Invest in Outsourcing Medical Billing Services

December 02, 2015



10 signs-you-should-invest-in-outsourcing-medical-billing-services

Most hospital CFOs and Health Information Managers are turning to outsourcing, which is another word for subcontracting. Today we face challenging times with ever tightening budgets, unrealistic deadlines, and vast amounts of information that are getting more difficult to manage. The only solution seems to lie with outsourcing most of your tasks, including Medical Billing Services. Here are 10 signs giving a green signal for investing in outsourcing Medical Billing Services.

  1. Better Revenues
    What better reason can one look for than increased revenues with minimum effort? Whatbs more is you are still in absolute control of things like your billing and money as well. With a dedicated outsourced billing staff working around the clock, you get to monitor the work at every stage, thanks to the Internet.
  2. Tight Leash
    Although your work is being done offshore by total strangers you still get to keep them in a tight leash. Having control over outsourced work is like having your cake and eating it too. Youbve got nothing to lose, though the only things you lose are a whole lot of frustration and frayed tempers. Having control from a remote location has its own benefits, and whatbs more is you can pull up any record at any time of the day or night and make your own notations.
  3. Qualified and dedicated workforce
    You get to enjoy the services of a qualified and dedicated workforce, and in most cases you may not have to go through the cumbersome process of recruitment and training. The dedicated team is trained to keep track of all your claims. Their exclusive focus will be on improving and maintaining the financial status of your practice, leading to increased revenues and profits.
  4. Tangible Results
    The major advantage of outsourcing Medical Billing Services is that you have the reports detailing the current monthbs billing and collections on your table promptly. Simply scanning through the reports youbll be able to evaluate and calculate the exact amount of money you save every month. The reports will be concise and carry minute details of all aspects of the process. You can call for web-based meetings to thrash out issues, if any.
  5. Safe and Secure
    Contrary to popular belief and misconception, it is absolutely safe to streamline your billing and simplify the workflow by outsourcing. Most vendors are transparent and would be happy to render full visibility to the process. Whatbs more is the process is HIPAA- compliant, assuring the confidentiality of your patientsb charts.
  6. Keeping track of changing regulations
    Once the process is outsourced, you donbt have to break your head about keeping track of the ever changing regulations, which can be a daunting task. Simply leave this to the vendors who are trained and have the wherewithal to figure out how to apply new rules and follow the several guidelines, laws, and publications that keeping changing at regular intervals.
  7. Cost cutting
    It is increasingly difficult to run a business, what with the cost of billing eating up close to 30 to 40% of billing revenues. Outsourcing Medical Billing Services helps keep costs under control as you save on expenses youbd have to incur on billing staff, extra space to accommodate them and other welfare costs as well.
  8. Saving on Software and Hardware costs
    Outsourcing Medical Billing Services helps you save a lot of money that you would have to otherwise spend on expensive software and hardware. Practice management software does not come cheap, and can go up to $200 per month per doctor. Hardware and maintenance costs work up to around $500, whereas these problems do not exist once youbve decided to outsource.
  9. Saving on Capital Outlay
    Everyone knows expensive it is to own a billing system, what with the prohibitive costs of latest equipment and regular upgrades on software. By outsourcing Medical Billing Services you do away with the need to invest on capital for setting up a complex billing system. Outsourcing to experienced vendors helps save on the initial costs involved in setting up a business.
  10. More time for patients
    Who wouldnbt want more time to devote to patients? Outsourcing Medical Billing Services ensures that you have more time to focus on core competencies like better patient care. Once the medical billing experts take charge of your billing and insurance processing, you are left with more time on your hands for the most important factor in your practice b the welfare of your patients.

It is safe to conclude that outsourcing Medical Billing Services has more tangible benefits, with hardly any strings attached. Todaybs technology helps businesses keep up with the fast-paced world and get a fair share of the pie.

 

Category : Outsource Medical Billing