Medical billing can be a demanding and challenging task for small medical practices. For this reason, many physicians or practice managers make a choice to outsource their medical office billing to a professional medical billing company. There are advantages to outsourcing medical billing. It saves time and money and eliminates the burden of concentrating on too many aspects of the medical office. While there are a couple of disadvantages for some practices, outsourcing medical billing is one option that can help you allocate your financial and human resources more efficiently. If you are still hesitant to relinquish total control over your billing cycle, these benefits may change your mind.
Spend more time focusing on what you do best—concentrating on patient satisfaction and providing quality care to your patients. This is specifically advantageous for smaller physician groups that cannot afford a large medical office staff. Physicians cannot be efficient at providing excellent patient care if they are bogged down by the financial side of running a practice.
By partnering with a trusted medical billing company, you'll invest fewer dollars and man hours keeping your internal staff up-to-date on medical coding changes, modifiers and sub-sets. Plus, your staff will spend less time keying in information and preparing claims for submission. There have been horror stories about a doctor's staff being on the phone for two hours or more trying to get pre-authorization from insurance carriers. That is time “wasted” that could be spent educating patients about their conditions or responding to patient portal inquiries.
When you partner with a revenue cycle management (RCM) company to handle your outsourced medical billing, you could boost revenue potential as much as 30%. You typically get paid faster, with less effort from practice staff members, and you don't have to invest in on-going training. A company that focuses on medical billing, and not medical care delivery, usually has state-of-the-art technology and a staff trained to maximize coding for higher revenue capture. More money in, and less money out.
Experienced, professional medical billers can ensure that your claims are accurately submitted in a timely manner. The sole purpose of the medical billing company is to provide medical billing services. It is their responsibility to ensure that the billers they hire undergo thorough training and are equipped with the knowledge to properly submit medical claims. Not only will this reduce the number of denied and rejected claims due to billing errors, but will also provide feedback to assist in maximizing reimbursements on future claims.
The ability to offer excellent customer service is what all medical professionals want to provide to their patients. However, it can be quite difficult to juggle the demands of treating patients and handling billing issues. The medical receptionist is responsible for greeting patients and answering the telephone. Reducing the burden placed on your front office staff by outsourcing can increase productivity, efficiency, and employee morale. It can also increase patient satisfaction by improving patient flow. Your patients will be happy because they will receive uninterrupted courteous and professional assistance for their billing questions or issues.
One of the major concerns that prevents physicians from outsourcing their medical billing is internet security. Protecting patient and practice data is critical. We've all read about data breaches that exposed private health information. Information stored in a private health record is more valuable than other types of black market data. Some experts estimate a personal medical file will bring 10 to 20 times more money that other types of digital data, like a credit card number. It is expensive to maintain a rigorous IT system to guard privileged information. If your practice assigns medical billing to a professional firm, they have the responsibility to protect all patient information. And, they invest the money, not your practice, to ensure the possibility of a data breach is minimal.
Health care is an ever-changing industry and insurance companies are partly to blame. One reason that makes medical billing a challenge is keeping up with the changes in Medicare, Medicaid, and third-party payers. It is a full-time job to make sure that the medical office is following the proper protocol required by each payer. Medical billing companies must stay up-to-date on the latest changes in regulations and requirements in order to maintain compliance and ensure the submission of clean claims.
Finding places to reduce operating expenses and improve revenue cycle management make sense in our constantly changing healthcare environment. What you give up in control by outsourcing, you are likely to gain many times over in time and money saved. If you're practice is trying to decide between to continue processing claims in-house, or hire an outside agency, contacting Medical Billers and Coders (MBC) could be great option. To know more about our in depth medical billing and coding services you can contact us at firstname.lastname@example.org