Medical billing is the most important yet underestimated part of your healthcare organization’s revenue cycle. However, there are a few things that are commonly believed about them that just aren’t true! These myths range from considering medical billing as a data entry process to misconceptions about outsourcing. We wanted to clear up some of the common myths about medical billing and highlight what makes outsourcing a great option to consider.
Myth: Medical Billing Is Just A Data Entry Process.
Truth: Medical billing is a complex process of submitting claims to private and public insurance payers and collecting pre-decided fees for medical services. It also includes collecting pending amounts from patients that are not covered by insurance. Submitting a claim may seem like data entry but actually, it requires medical billing and coding expertise along with knowledge of payer policies. Medical billing requires expertise in medical coding, claim submission, denial management & resolution, and accounts receivable management. Every team member of the billing team like biller, coder, and AR analyst has a unique set of expertise. Like medical coders must be able to read physician notes, understand nuances in a medical record, and ensure the relevant information is in a patient’s chart to justify billing for specific services. Data entry Is just one process in medical billing.
Myth: Medical Billing Is Easy; I Will Do It.
Truth: Most practice owner tries to handle medical billing all by themselves. They may not have many claims to submit so they try and submit claims. Just because the person doing medical billing and coding is sitting behind a desk instead of taking their blood pressure or performing phlebotomy, medical billing and coding are simple. It’s important to consider the fact that in order for someone to translate a diagnosis or procedure into a code or process that code for the appropriate billing, they must have a strong understanding of the human body and its systems and the possible issues that a patient could have. You should have a good understanding of medical billing, medical coding, medical terminology, anatomy and physiology, insurance policies and the larger companies, billing and coding guidelines, how to use the coding manual, HIPAA regulations, and much more!
Myth: I Will Have Better Control With The In-House Billing Team.
Truth: If you see your billing team in front of you, it is obvious to feel you are in control. In fact, many practitioners believe that in-housing billing is the best way to improve their revenues and reimbursements in the long run. Unfortunately, this approach can end up being more costly for practitioners and less effective in boosting revenues. As mentioned earlier, medical billing is a complex process that requires expertise, hands-on technology, and a thorough understanding of payer policies and guidelines. You might be spending thousands of dollars every month if you insist on having billing experts in-house. For an in-house team, you have to deal with employee turnover, constant supervision, and costly training. The right medical billing company will keep you in the loop on everything happening in your billing and revenue cycle every month, or more often if you prefer. Easy-to-read reports help you see the big financial picture or dig into the details.
Myth: Outsourcing Is Expensive.
Truth: There are lots of stats that show outsourcing your medical billing reduces your operational cost and improves monthly patient and insurance collections. The cost of having an in-house billing team will include salaries, benefits, office expenses, and training. There is always a constant threat of employee turnover as retaining in-house billing experts for a long time is difficult. Most medical billing companies offer flexible plans where you can hire billing experts as FTE (full-time employees). With short notice of few days, you can either increase or decrease team member’s strength as per your workload. Medical billing companies also charge by monthly percentages. Rather than charging a fixed amount, they will charge a fixed percentage on your monthly patient and insurance collections. In this way, your practice will get benefited from billing experts and you will be paying in proportion as per practice collections.
MedicalBillersandCoders is a widely appreciated medical billing company in the US with the purpose to help physicians with appropriate solutions. We have customized billing plans as per your practice’s specialty and size. Our medical billers and coders are well versed with the latest billing guidelines and payer policies. After busting common medical billing myths, if you feel outsourcing could be a great option for you then contact us at info@medicalbillersandcoders.com/ 888- 357-3226.
FAQs
1. Is medical billing just a data entry process?
Medical billing is a complex process requiring expertise in coding, payer policies, denial management, and accounts receivable management. While data entry is one part of the process, medical billing involves specialized skills to ensure accurate claim submissions and timely reimbursements.
2. Can I handle medical billing for my practice on my own?
While it’s possible, handling medical billing requires in-depth knowledge of medical coding, billing guidelines, insurance policies, HIPAA regulations, and more. Without proper training and expertise, it may lead to errors, claim denials, and revenue loss. Outsourcing ensures that professionals manage your billing, saving you time and resources.
3. Does an in-house billing team give better control over revenue cycle management?
It may seem that way, but in-house billing can be costlier due to salaries, training, office expenses, and employee turnover. Outsourcing to a reliable medical billing company provides detailed reports and transparency, allowing you to monitor your revenue cycle effectively without the overhead costs.
4. Is outsourcing medical billing expensive?
No, outsourcing often reduces operational costs by eliminating expenses related to in-house staff. Many medical billing companies charge a percentage of collections, making it a cost-effective solution that aligns with your practice’s revenue. Flexible plans allow you to adjust team size based on your workload.
5. Why should I consider outsourcing to Medical Billers and Coders?
Medical Billers and Coders offer customized billing solutions tailored to your practice’s specialty and size. Our experts stay updated with the latest billing guidelines and payer policies, ensuring accurate claims and improved collections. Contact us at info@medicalbillersandcoders.com or 888-357-3226 to learn more.
