Medical billing outsourcing services to experts can ensure that your claims are submitted accurately and without errors. Outsourcing is now a common choice for many medical practices, as they seek solutions for the ongoing changes in the healthcare industry. These changes include evolving billing requirements and regulations, like those brought about by the ACA and the shift to ICD-10 coding.
Coding changes brought about by ICD-10 have led to greater complications in billing procedures that give rise to more delays and denials. At times, the effort and time required to recover small amounts and resolve coding problems may not justify the process. In such cases, the decision to write off the collection is made, which can have a negative impact on profitability.
A small practice may not be able to endure the expenses of having an in-house billing staff considering all this. Under the ACA, there are more patients that are covered by insurance, as a result of which there is an increase in very High Deductible Health Plans. Given this, patients are having a tough time covering their out-of-pocket costs.
The billing rules are changing at a fast pace which is getting frustrating for an in-house billing staff. All these complications give rise to potential benefits of Outsourced Medical Billing and Coding which seem attractive.
Benefits of Outsourcing Medical Billing Services for Reducing ICD-10 Claim Denials
All these issues can be addressed by choosing a good medical billing partner to outsource to. This will enable you to free yourself from the administrative work and improve your cash flow. Some benefits are listed below.
- An outsourced medical billing company ensures the staff is conversant with all billing and electronic records and claim submission rules.
- They are well-trained in ICD-10 coding and come with unbeatable assurance of zero revenue loss with ICD-10.
- The professionals come with a sound knowledge of the latest practices and required legalities.
- Billing errors greatly contribute to the delay of the claims process and even result in denials. Errors include incorrect coding, slow claims processing, decrease in follow-up, appeals filed in an untimely manner, etc which result in a decrease in revenue
- With an improved revenue cycle, there is more revenue resulting in better cash flows. This all helps improve your financial performance, allowing you to focus on your patients rather than chasing claims.
- Overheads like staff salaries, insurance, and benefits are taken care of by the billing company, and as such financial commitments are not a burden for you.
- You will be left with more time to deal with real patient illness. As far as billing issues are concerned, the billing partner will be able to provide transparency in real-time.
Outsourcing, especially with ICD-10 will not only increase revenue and save costs, but also leave you with a good flow of cash to meet your financial requirements in lean times. This allows you to focus on patient care and run your practice more efficiently. To know more about our medical billing services, call us at 888-357-3226 or email us at: email@example.com