Five Things to Know About Revenue Cycle Management (RCM)
A recent industry survey of physicians showed that their #1 priority was running a more...
The billing aspect of any practice is arguably one of the most important, if not the most important component of any practice. It is incredibly necessary that a practice and its providers accurately and efficiently complete and understand their billing reports. Most practices suffer through having to run difficult reports they do not always understand. Deciding whether to outsource medical billing is a difficult, yet important, decision providers need to make in order to control Revenue Cycle Management and ensure cash flow. Figuring out which route to take is a decision that has the ability to make or break the future and success of a practice. Outsourcing medical billing offers key benefits to providers that make the switch worth it. Here is why providers should consider outsourcing medical billing in 2019.
There are common myths associated with outsourcing medical billing including that it costs too much, or that the job will not get done the right way. This is not the truth. Outsourcing medical billing has the ability to cut costs while still lightening the load of the provider. By outsourcing, providers can cut costs on staffing, training, software, among other things. The costs outsourcing amounts to nothing compared to the amount providers save overall.
One of the main benefits of outsourcing medical billing is the transparency providers see from the company they choose to outsource with. Providers should have simple access to the understanding of their billing process, even if it is being outsourced. With the right vendor, providers should have access to a practice financial dashboard any time they want so that they have better insight into their practice. Without having to put in the bulk of the work, providers have a comprehensive view of where their practice stands.
With trained professionals whose only job is to focus on the billing component of your practice, providers can receive peace of mind that the number of coding errors their practice is used to seeing will decrease substantially. Outsourcing medical billing ensures that the person who is handling all of the processes has one goal and one goal only, to increase the revenue the practice sees each month. See a massive reduction in errors due to billing being completed by experts whose daily focus is medical billing, and nothing else. By refocusing staff on what you know they can accomplish perfectly, providers improve accuracy in other areas of their practice as well.
With increased transparency and a decrease in errors, outsourcing medical billing offers the ability to increase claim approvals. Unified EHR and Billing Service work together to make sure that providers are achieving their highest claims approval that is not achievable while managing medical billing in-house. A higher clean claims rate means an increase in claim approvals. This is more than possible by outsourcing to billing experts.
By eliminating the amount of time that billing consumes, providers see an increase in efficiency by outsourcing medical billing. Providers receive peace of mind knowing that their billing is being handled accurately and efficiently. Outsourcing medical billing takes the burden off of your staff and allows physicians to focus on healing their patients, not dealing with problematic insurance billing and collections headaches.
These five benefits prove the outsourcing medical billing is the right choice for providers who are eager to cut costs, improve understanding, increase clean claims, and focus on the patients who are coming into the practice. Don’t waste time trying to prepare your staff to manage billing in-house. Finding a quality company to outsource your medical billing to will set any practice up for success and peace of mind.
If you want more financial peace of mind for your practice, check this out: Outsource Medical Billing