Every healthcare provider is looking for timely and efficient reimbursement from payers for the services rendered to patients, but it requires clean and error-free insurance claims in the first place. Correcting billing mistakes requires time and other resources from your facility and staff, which time and resources could be better spent on providing quality medical care. Being the owner of a business, think about how you hire your staff. You want a qualified surgeon holding the scalpels, while trained nurses assist patients. Have you given a thought about “How could you avoid all the operational tasks of medical billing and get reimbursement on time?” The answer is “A Third-Party Medical Billing Company”.
A Third-Party Medical Billing Company?
Just looking at the name you will gain clarity as to what third-party medical billing is, however, it can be a little more complicated than it sounds. When an outside company contracted to manage payments and claims for a medical facility called a third-party medical billing company.
These companies may focus on one or several types of medical claims, which gives their staff special expertise in handling the minutiae of certain cases. With dynamic billing codes and regulations, it is better to outsource your medical billing to qualified billing professionals who stay on top of the current complexities surrounding medical billing.
Outsourcing your medical billing has a lot of other advantages apart from only saving time and money. One should consider all the benefits of outsourcing medical billing before deciding.
In this brief you will encounter various reasons as to why should you opt for a third-party medical billing company?
Efficient billing handling is carried out with software but upgrading and maintaining these softwares are costly. Moreover, companies can save a lot of time and money in terms of salaries, office infrastructure. With the decline in overhead costs, timely submission of claims and increased reimbursements will lead to revenue enhancement.
Streamline the Billing Process
Streamlining the billing process is very important to gain the confidence of patients as well as making your practice efficient. If your medical facility develops a reputation for poor billing practices, you could lose patients and clients. Now, you can avoid the problem of inconsistent billing altogether by working with third-party medical billing companies. The billing company provides an uninterrupted flow of professional billing services, so you can continue to focus on providing patient care.
Focus on core competencies
Every individual fears the change and depending on the size and routine of your in-house billing department, you could face some employees who push back against the decision to use a third-party medical billing company. However, if you keep your staff apprised of the positive parts of the change, then you can underscore the benefits of the decision.
Your staff can utilize time otherwise used for chasing claims from delinquent accounts, receiving training on complex new coding requirements, or managing a virtual storage system of patient billing data for improving patient care.
The Affordable Care Act has substantially increased physician credentialing requirements for Medicare and Medicaid enrollment to reduce fraud and abuse. Now physician credentialing is required by the federal government, each state government, and each accreditation agency. Taking care of the hard work of insurance credentialing can be a laborious and lengthy process.
If your staff isn’t up to the challenge or has limited experience, why not take advantage of a third-party medical billing firm, and outsource this work? The billing company is capable of providing what kind of details your staff will need to provide for verification as it negotiates this complicated task.
Introduction of ICD-10
With the introduction of ICD-10 health providers facing a massive impact on time management and payment outcomes. Outsourcing medical billing enables you to transfer all the complexities of ICD-10 to the outsourcing company, most of whom are already well-versed with the sweeping regulations involved.
Patient satisfaction can be obtained with a knowledgeable and friendly staff which can ensure that your patients remain happy throughout their stay, while all the financial problems are handled by an expert service provider. This means patients can speak directly with the professional medical billing staff of the service provider without your intervention. This helps everyone to work more effectively and efficiently.
Work with Medical Billers and Coders
We always ensure that all the bills are submitted on time and with the correct information. Our HIPAA-compliant billing experts are always updated with the current regulatory changes to avoid any kind of claim denials. Moreover, our skilled staff is trained to perform medical and coding related to patient demographics, CPT and ICD codes with modifiers, etc.