Managing a chiropractic facility and chiropractic billing and coding is a complicated undertaking. It stands especially vital when you factor in the ever-changing requirements and regulations of having to do with health insurance and federal/state government programs.
A modernized and efficient financial process is crucial for any successful practice and is a key to a healthy revenue cycle.
One aspect of billing that you must consider is whether or not your current or future staff can handle the entire financial workload of chiropractic medical billing and coding. If you happen to have a staff that has not worked with accounts receivable or taken on financial responsibilities previously, you may need an offshore billing team.
You must consider what you would like your staff to be accomplishing throughout the work week. If you would rather have them marketing your practice and gaining clientele, then a third party billing team sounds necessary for you.
Here are some points to ponder up regarding the rising Chiropractic billing questions:-
Should you go for an In-House or Offshore billing system?
In-House billing can be a quality option for an established chiropractor with a high-quality staff. If you already have a high client base and a highly trained staff, you may go for a specialty medical biller and coder. If your staffs have the expertise and the time to collect the money that is owed to you, then in house makes sense for your practice. If your staff will not be marketing because your client base is efficient, then they may have the time to run your financial department. This way the question asked would also be lowered.
Improve your billing system as the practice grows
As a chiropractor, your practice will eventually grow; and so will your medical billing and collections workload. You should (not) be worried about your practice growing… It is a good thing!
That is why you spend money on marketing; you know that it will increase your profit immensely. But that does not mean that you should be unprepared when it happens. With growth the patient questions will also amplify.
What you did not think about when you began to build your practice is the added work load you will encounter as your revenue rises. The way to prepare for this growth is to outsource your chiropractic billing as it is very simple. There are too many benefits for outsourcing your billing rather than ignore them.
Will outsourcing the billing and coding undertaking lesson the patient queries?
Let’s just start with why you picked Chiropractic as a profession. Reasons are many, but basically it to care for patients and make money. In order for you to spend your time caring for patients, you must not be concentrating on the day-to-day operations of running your practice. If you have a dedicated billing staff, your time can be spent doing what you were meant to do, which is treating patients.
A common question a chiropractor encounters is “Why should I hire someone to do what I can do myself? I don’t want to pay 8% of monthly collections, which is that is my hard-earned money.”
Yes, that is your hard-earned money and it should be in your pocket! You will not lose this 8% if you outsource your billing, in fact, the unseen gains are many. Your billing staff will actually collect more revenue monthly and your profit will increase. Your numbers will rise and your workload will decrease.
Outsourcing chiropractic medical billing can help to eliminate patient questions and inevitable headaches and financial loss that come with them.