Outsourcing any aspect of your practice is intimidating to many providers. To put an important element of your practice in the hands of a vendor is sometimes risky, and leaves providers feeling like they no longer have control over that part of their business. The truth is, a provider does not need to be scared of outsourcing. With a quality vendor, outsourcing can raise the standard for work completed in many areas of a medical practice like Chronic Care Management or medical billing services. Medical billing services specifically, providers need to consider the positive impact that choosing to outsource could have on their practice. Not only financially but also in other areas as well. While there is some risk associated with handing over the workload of billing to an outside vendor, the reward is far greater. Outsourcing medical billing services can benefit a provider in terms of accuracy, efficiency, staffing, costs, and revenue. Here are four benefits of outsourcing medical billing services.
1) High Percentage of Clean Claims
The reason providers and their staff sometimes struggle to maintain a consistently high percentage of clean claims if due to a few different factors. The first being that a provider’s billing staff often has multiple things to focus on throughout their day other than claim submission. It is unavoidable for staff to have their attention pulled in other directions due to the busy nature of a medical practice. By choosing to outsource medical billing services, providers hand their claim submission process over to experts dedicated to making sure your claims get approved. With the right vendor, providers can achieve a clean claims rate of up to 98.6%. While many vendors insist they serve to increase clean claims, a quality vendor can ensure peace-of-mind with a clear reputation for high clean claims rates.
2) Decreased Denials
For in-house medical billing services, the margin of error can run much higher than it should. This produces denied claims that must refiled correctly, affecting revenue and causing it to generate slower than it could be. Outsourcing your medical billing services guarantee that your claims are submitted accurately the first time by someone who understands billing codes inside and out. This helps to ensure that revenue is realized much more quickly, benefiting a provider’s bottom line and driving their practice to keep moving forward. With in-house services, providers might be saving money up front, but end up losing more in the long run via denied claims and staffing costs.
3) Eliminate Staff Overturn with Outsourced Medical Billing Services
A frustrating consequence of in-house medical billing is staff overturn. Staff members are constantly vacating their positions, leaving a provider empty handed and forcing them to train a new person all over again. Not only is this a costly investment in each individual, but it is an investment that does not result in a reward. With high staff overturns, providers are left with many denied claims and a staff built of unqualified and untrained individuals. By outsourcing medical billing, providers can eliminate staff overturn by partnering with billing specialists. This eradicates staffing and training costs while also developing a long-lasting partnership with a vendor who will not leave after a short period of time.
4) Account Manager
This long-lasting partnership is created and developed due to a quality vendor putting in the work. Outsourcing medical billing services means receiving a dedicated account manager whose job it is to understand your practice thoroughly. Not only are these account managers experts on medical billing services, but they become experts on your practice. Providers should make sure they find a vendor who offers them consistency with an account manager who is available to communicate each time you have a question. Not a different person each time you pick up the phone.
By outsourcing medical billing services, providers will find that their clean claims rate can and will achieve percentages as high as 98.6%, decreasing denials substantially. They will reduce and even eliminate staff overturn in their billing department. Lastly, providers will form a long-lasting and involved partnership with a vendor who has their best interest in mind. To learn more about a quality vendor of medical billing services, click here.