How Technology Can Help Improve Your Patient Collections
In an industry that increasingly relies on patient payments, healthy patient collection...
July 16, 2019
Growing your practice means more than just growing your billing and revenue, it means growing your patient base, improving the patient experience, increasing patient engagement, improving outcomes, and much more. There are many different ways to accomplish this and develop each one of these areas while growing your practice. Whether it be introducing different technology, opening the lines of communication, or partnering with your patients and community, there are many ways to reach your goals. One thing that many medical providers fail to realize is that their billing practice have a direct impact on their ability to effectively grow patient engagement, improve outcomes, and offer quality care to their practice. A poorly structured billing depart can impact your practice negatively in multiple ways, inhibiting your practice from growth and opportunity. Outsourcing medical billing at your practice may be the solution many providers need to grow their practice and here is why:
Whether you believe it or not, outsourcing medical billing directly impacts things like patient engagement and the patient experience. Providers who are constantly focused on their medical billing are often too distracted to be able to offer their patient’s full attention. A poor revenue cycle pulls a provider’s attention away from the core focus of their practice and keeps them from remaining efficient. This prohibits them from offering the kind of care patients are looking for when they come in for a visit. By outsourcing medical billing, providers gain more control over these areas.
1) Strong Revenue Cycle=Strong Practice
While many providers are hesitant when it comes to outsourcing medical billing, doing so can promote a strong revenue cycle and, in turn, a stronger practice. Outsourcing medical billing means passing off the frustrations of your billing department to expert coding professionals. These experts learn your practice inside and out to optimize your billing practices. By outsourcing medical billing at your practice, you are delegating your complex and time-consuming billing needs to a vendor who knows how to maximize your revenue by maintaining high levels of clean-claims and timely payments.
By outsourcing medical billing at your practice, you can refocus on your patients knowing that your billing department is being managed by professionals who know exactly what they are doing. This gives providers the opportunity to focus more on other areas of their practice that are more patient-centered. A stronger revenue cycle allows providers the resources to invest in the tools they need to grow patient engagement and improve patient interactions. For example, a resource that might have previously seems unattainable is the digital patient intake form. The digital patient intake form directly impacts the patient experience by allowing patients to efficiently update their personal health information from their home, decreasing wait times and the frustrations of the in-office visit. The digital patient intake form also impacts the accuracy of patient information by eliminating the transcription process, allowing patients to update their information directly into their chart. All of this adds up to a better patient experience and better clinical decision making. Outsourcing medical billing creates opportunity to grow in this direction and utilize new tools.
The negative impact of in-house medical billing on a practice involves never having the resources you need to accomplish your goals of training, clean claims, and improved bottom line. By outsourcing medical billing to a quality vendor of services, providers gain access to a number of high-level resources that not only help them reach their goals, but exceed them. By outsourcing medical billing services providers gain dedicated account managers, educational materials, and guarantee clean claims up to 99%. Each component adds to an improved bottom line.
To learn more about how outsourcing medical billing can help grow your practice, click here.