Outsourced medical billing is a great way to deal with problems of increased regulation, low operational efficiency, reduced carrier allowances and red tape.
Making a decision on whether to outsource medical billing or not can be a difficult one. Over the years, the complicated field of medical billing has always required specialized skills. Referring to a specialized medical billing company makes a lot of sense if you are new start-up, an experienced company or even if you are in the middle of adapting to a new system.
Here are five benefits that your medical practice can leverage by outsourcing medical billing services.
1. Higher economies of scale
Since a medical billing service provider can operate at a much lower cost, those savings will be passed on to you. Medical billing companies in India can afford to hire the best professionals, thereby giving you quality services for a lesser price. Apart from leveraging higher returns and lower costs, you can also save more in terms of stress, time and infrastructure.
2. Dedicated team of specialists
An outsourced medical billing team has only one purpose and that is to double the profitability of your medical practice. Payments are carefully reviewed and posted, to avoid inaccurate adjustments. Outstanding claims are tracked and processed. The team would work closely with your resources to ensure that you benefit from an efficient workflow. Only outsourcing can put you in touch with such a dedicated group of medical billing specialists.
3. Gain better control
Outsourcing can put your company more in control of medical billing. Since an external provider will be taking care of your tedious medical billing process, you will have more time to review monthly reports and assess the health of your medical practice. You can make monthly/annual comparisons and identify issues regarding payer reimbursements or charge entry. Better transparency will also give you an added sense of control.
4. Keep up with the changing industry
The healthcare landscape is constantly changing, with pivotal changes happening in the medical billing field. Keeping up with constantly changing rules is not only difficult, but also requires vigilance. CPT codes that are new or deleted come out every year and carrier rules or fee charges vary frequently. Outsourcing medical billing can help your practice to easily adapt to changes.
5. Cope up with ICD-10
A medical service provider can keep your practice informed about how to bill for an injection or which modifier should be used. With the introduction of ICD-10 CM, the number of DX codes has risen from 13,000 to over 68,000, with an increase in payer denials and a reduction in the cycle time. Such changes can affect your billing cycle. However a medical billing practice can help you cope with their vast knowledge and inside information. Such real time information can help your practice adjust to unprecedented changes in the field of medical billing.
The above are just a few reasons why outsourcing your medical billing to specialists is a good idea. Outsourcing can also help you get paid faster with less stress. Finally, with medical billing out of your hands, you and your staff can focus on what you do best.
What do you think is the biggest benefit of outsourcing medical billing? Would you prefer outsourcing over in-house medical billing? Share your viewpoint with us by leaving a comment in the box below. We, at Outsource2india love to hear from you!
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