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Why You Should Outsource to a Medical Billing Company?

Most practice owners are hesitant to outsource their medical billing and coding functions. Practice owners are familiar with basic medical billing and coding functions and try to do everything on their own. They will code themselves, use modifiers and will submit the claim, and will for insurance reimbursements. They will use online knowledge available for billing and coding and will follow a try-and-error method. They use a modifier and wait for a reply from the insurance company. After the claim is denied, they will use another modifier and again wait for a reply. Medical billing is more than just submitting a clean claim and waiting for a response from the insurance company. You need a proactive approach that will ensure that every claim submitted will get reimbursed and you will collect insurance as well as a patient portion of time. Medical billing is a complex process that requires a lot of time as well as medical specialty-specific knowledge and expertise. Even if you hire in-house medical billing staff, it has a lot of limitations as you have to deal with higher salaries, employee turnover, lesser specialty knowledge, and expertise. We shared the advantages of outsourcing it to a medical billing company and how it will make your life easier as you would have better control over your medical billing functions.

Benefits of Outsourced Medical Billing Company

Focus on Patient Care

When you are running a new or growing practice, you have to wear many hats and need to focus on multiple things at the same time. Medical billing is a full-time job as there are a lot of complex processes which need time, knowledge, and expertise. When you outsource, a professional medical billing company can cost-effectively handle medical billing operations while helping you meet your financial objectives. In order to stay on top of the volume of transactions in an accurate and timely manner, you’ll need personnel who are dedicated entirely to billing. By outsourcing medical billing operations, you can save hours, and that time can be used dedicated to patient care. 

Specialty Specific Expertise

Medical billing and coding are specialty-specific functions where you need the expertise to carry out those functions. Whether you are a big city hospital, a rural hospital, or a private practice specializing in pediatrics or cardiovascular health, you will have billing and coding challenges unique to your facility and specialty. You will require specialty-specific coders and billers who are fully aware of compliance and documentation requirements. In-house staff might struggle which could lead to coding inaccuracies, authorization errors, duplicate billing, claim rejections, claim denials, increased accounts receivables, and low cash flow. Partnering with an expert medical billing company can result in a streamlined workflow, reduced mistakes, and increased revenue and earning potential for your medical practice.

Reduced Costs

Maintaining an in-house medical billing team could be a costly decision. When you invest in the in-house team there are lots of hidden expenses like employment benefits, insurance, payroll, training costs, and office expenses. Even these expenses may not assure operational efficiency, they may not assure collection of submitted charges. When you outsource your billing services, you don’t have to worry about these fixed expenses, there are medical billing companies who charge you by the percentage of total insurance reimbursement collected. By outsourcing, you can connect with specialty-specific medical billing and coding experts. Outsourcing can offer you a   controlled and sustainable approach to revenue cycle management.

Faster Payments

Medical billing experts from medical billing companies can streamline your billing operations. They are aware of submitting clean claims, working of rejections, appealing denials, follow-up of patient and insurance collections. By employing an expert medical billing outsourcing company, you can enjoy streamlined workflows, increased revenue, and better earning potential for your practice which clears a path for payments to come through much more quickly and efficiently. When billing errors are minimized, reimbursements and payments can be received in a shorter amount of time. 

Following Compliances

Ever-changing healthcare regulations can make medical billing extremely difficult to keep up with. Medicare, Medicaid, and third-party payers have a unique set of coding and billing compliances that gets updated from time to time. Medical billing experts from these medical billing companies will stay on top of changes like these on a regular basis. This helps ensure they’re always submitting clean claims and that the practices they partner with are always in compliance. Properly following each changing protocol requires a dedicated expert to stay up-to-date on new information as frequently as it arrives.

Better Transparency

Most practice owners feel that they will lose control of medical billing operations if they outsource it to a medical billing company. They prefer having in-house teams in front of their eyes with the intention to have better control. In reality, medical billing companies focus more on providing transparent reimbursement pictures by sharing relevant reports. Medical billing companies will regularly supply you with comprehensive performance reports, and most will keep you better informed of delays and payment issues than your on-site staff does. That means you maintain control of RCM without having to micromanage or even oversee any billing staff.

Satisfied Patients

Every practice owner always tries to deliver excellent care and customer service but lack of time and lack of skilled resources makes it difficult to meet all your patients’ expectations. Your support staff is always going to be responsible for managing scheduling tasks, executing patient check-in and check-out, keeping the books, and handling clinical concerns. By outsourcing medical billing, you’re taking something off your team’s hands, something that can usually be better managed by another entity. In doing so, you’re freeing up your staff’s time to better attend to patient’s needs, resulting in higher satisfaction rates and better patient retention.

With MedicalBillersandCoders, you’ll get all of this and more. Our expert team ensures the financial success of clients, allowing your medical practice to focus on what it does best i.e., treat patients. To learn more about why you should outsource to a medical billing company, contact us at info@medicalbillersandcoders.com/ 888-357-3226

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Medical Billers and Coders

Catering to more than 40 specialties, Medical Billers and Coders (MBC) is proficient in handling services that range from revenue cycle management to ICD-10 testing solutions. The main goal of our organization is to assist physicians looking for billers and coders, at the same time help billing specialists looking for jobs, reach the right place.

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