As a healthcare provider, your primary concern is with your patients. For you to provide better financial wellbeing your practice enables the highest quality of service. Unless your practice gets the permitted level of return for this you need to provide the best of patient care. To make your practice ready for the best of patient care and in turn channelize your reimbursement.
Here some aspects which will help you to verify the reason of outsourcing your billing with regards to your patient care:
Compliance with federal regulations is one of the most important steps. HIPAA and federal regulations set for providers if not followed can cause some hefty fines on your claims. Each insurance company has different types of compliance issues when it comes to claiming submission you have to understand different regulations in the billing process. If you have a claim which not compiling with the specified format would cause a denial.
The complications have now increased with providers needed to participate in the patient care program set by CMS. Though the compliance will affect your patient care but make to channelized so that your reimbursement process doesn’t get affected.
Outsourcing billing comes down to a single fast fact that is increasing your collection and reducing the denials. It’s as simple as this for any outsource billers and providers. The staff cost for any biller is almost $80,000 per year while for an outsource billing company you have to pay $15 per hour based on the claim.
Mostly when it comes to paying a coder and biller the cost is distributed among all the providers who are interacting with outsource medical billing.
Software and Hardware cost also go up with the expansion of any practice but with an outsource medical billing company we can implement the strategy of making better revenue management. With a view of channelizing the reimbursement.
Value for your Medical Billing:
With a team of billers and coders, all your compliance issues can be solved with an end to end revenue management. They will not only implement the collection increase channel but also take a burden of your documentation and administrative work for a patient billing. Outsource billing companies will certainly add value without affecting your patient care.
As a provider, you have to be emergency ready for many cases but with unloading of admin work you can further implement your patient care values in daily practice.