Summers are to relax and get away to have fun, but what if your fun was interrupted by some illness or allergy? You might be wondering how someone could have flu symptoms when it's not even flu season or cold out! The fact is that your illness can come from over 200 different viruses that bring those first symptoms of a cold, sneezing, scratchy throat, and runny nose and other types of illnesses and allergies.
Doctors on demand have witnessed more patients in summer compared to other seasons, for various reasons hence; it is important that the hospitals/clinics have appropriate in-house staff to handle the medical emergencies flawlessly which include medical billing as well. Hospitals and clinics which are not well-equipped can choose to outsource their medical billing to a professional medical billing company.
Why Outsource To Medical Billing Company? It's Simple
Medical billing & coding
has always required a specialized set of skills, and in the last few years we have witnessed a steep increase in complexity. Whether you are a new practice startup, experienced veteran, or in the midst of turmoil like upgrading to the new system, referring to a specialist outsourcing makes a lot of sense.
A medical billing company
providing revenue cycle management services has become a necessity. Profit margins are shrinking in the private sector due to reduced carrier allowances, increased regulation and carrier red tape. Operating efficiently is now more a matter of survival than it is good business sense.
Below are few substantial reason to outsource to a medical billing company:
1. Because You Are In Ever Evolving Industry
IThe healthcare landscape is changing at an unprecedented rate and medical billing is not spared from the upheaval of change. Keeping up with the ever changing rules and requirements is difficult under the best of circumstances. It requires constant education and vigilance. New codes come out annually, fees change, and carrier rules seem to vary daily. Most people just don't have the time needed to dedicate to this task.
2. You Need Highly Trained & Dedicated Specialists
An outsourcing medical billing company has just purpose, to increase the profitability of your practice. They review and post all payments ensuring that the carriers are paying the correct amount and preventing incorrect adjustments. Every outstanding claim is tracked until it is processed and paid to its fullest. They are integrated with your existing staff and have the same goals in mind. If the practice does not make money, the billing service doesn't make money. They work closely with office staff to ensure an efficient overall workflow and provide training when needed.
3. Get Paid Quickly
Cash flow is the key. Your days in AR, or revenue cycle time, has a significant impact on your bottom line. Outsourcing medical billing service can submit your claims faster and with fewer errors, so you receive payment from payers in the shortest amount of time. Your payments are posted by professionals who will prevent errors in payment posting, resulting in denials being detected upfront. These are worked and resubmitted for timely payment. A professional billing service will ensure that you are transmitting claims electronically to all possible carriers and are set up to receive ERAs, further reducing turnaround time. Achieving the highest reimbursement possible in the shortest amount of time puts money in the bank and not on the books which makes a great impact.
4. It Let's You Focus On What You Do Best
You spent all those years in school to become a doctor so that you could enjoy a good career helping people. Little of that time was spent learning the complexities of medical billing. Doing your billing in house requires a lot of time and effort. Even if you aren't the one that actually spends 15 minutes trying to contact a carrier to follow up on a single claim, you will still need to deal with the high level management and all of the headaches that come with it. An outsourcing medical billing service can free up a substantial amount of time that could be spent with patients. A billing service is an ideal way to free up your valuable time while maintaining the same patient volume and potentially increasing your revenue at the same time.
5. You Are In Absolute Control
People think that outsourcing medical billing means giving up control to someone else. The opposite is true, and for most practices, they feel more in control than ever before. A professional company is taking care of the time consuming work and dealing with the headaches, so the providers have breathing room to review their monthly reports and see at a glance the health of the practice. Things like charge entry errors or payer reimbursement issues can be identified early before they spiral out of control. Transparency and the ability to run any report 24 hours a day gives a sense of control that they never had before.
Who wouldn't want more time to devote to patients? Outsourcing Medical Billing Companies ensures that you have more time to focus on core competencies like better patient care. Once the experts take charge of your billing processing, you are left with more time on your hands for the most important factor in your practice be the welfare of your patients.
