Whether or not your practice should outsource billing services is a question that many before you have asked. Some say, under your own nose is where medical billing belongs, but that is not the case. Many providers manage their medical billing processes in-house only to have denials slip through their fingers, payments go unpaid, and an increasingly frustrating administrative responsibility in front of them. Outsourcing medical billing services is the solution for many providers looking to escape these responsibilities without sacrificing the integrity of their billing department. Providers all over the United States are achieving the best claims and payments results in the life of their practice by outsourcing medical billing services.
Outsourcing Medical Billing Services Equals Cost-Saving Solutions:
1) Higher Reimbursements
By handing their complex billing processes over to trained and experienced billing experts, providers are able to accomplish record highs in their reimbursements. Expert coding professionals remain trained and current on today’s medical billing codes and are able to code your claims more accurately. They scrub your claims to make sure it is coded correctly and track them so that they can be stopped before they ever have the chance to be denied. By attacking your denial rates and improving your clean claims, outsourcing medical billing services earns your practice quicker and higher reimbursements on average.
2) Reduce Money Lost
When a claim is denied, providers have a small window to resubmit that claim to earn their best chance at reimbursement. If one of these denials slips through the cracks, then that payment is lost or put into the lap of the patient. Outsourcing to a trusted partner will prevent as many denials as possible from happening in the first place. They will also make sure none of your denials slip through the cracks and that your practice has its best chance at getting paid for the services they have rendered.
3) Increase in Patient Payments
Outsourcing medical billing services does more for your revenue than increase reimbursements from payers. By outsourcing medical billing services at your practice, your practice will also see a positive impact on patient payments received. With a trusted vendor taking over the management of your difficult patient collections, your practice will see more on-time and in-full patient payments on average. The key to this is finding a vendor who is willing to offer your patients the compassion and empathy they need while navigating their medical expenses. Your vendor should work in detail to make sure your patient understands their medical bill and work with them to find the best and most doable payment options for them. Even a small payment is better than no payment at all.
4) Cut Staffing Costs
For providers who manage their billing in-house, staffing can be a frustrating and unavoidable cost. In many practices, medical billing staff exist as some of the hardest to keep employed and their turnaround rates are astronomical. Staffing costs do not only include the wage or salary of the employed person, but also the cost of their training. If your practice is stuck in a hiring cycle with their billing team, training costs will never end. Outsourcing medical billing services eliminates these costs and replaces them with the lower cost of the vendor. It not only reduces the financial burden, but also the cost and headache associated with the administration part of running billing in-house.
Peace-of-Mind with Outsourcing Medical Billing Services:
Outsourcing medical billing services to a quality vendor gives providers peace-of-mind that their claims are clean, their patients understand their billing responsibility, and that their practice is in the hands of expert billing professionals who will not let them down.
If your practice is considering outsourcing medical billing services and wants to learn more, click here.