If your growing practice is unable to offer quality patient care while processing medical billing, it is time to outsource medical billing. Read this blog post to understand if your hospital/practice needs to outsource.
Managing a healthcare practice is similar to running a business, as you have to handle an endless list of administrative tasks, apart from providing quality healthcare services to your patients. Tasks like medical billing can consume all of your spare time and drain you of energy. On the other hand, it is extremely important to get your medical billing coded correctly and in a timely manner, without which your hospital/practice could get into financial trouble. The way out of this dilemma is to outsource medical billing to a third-party expert.
Medical billing outsourcing is no longer just good business sense, but a matter of survival. Find out about the five paybacks that only come with outsourcing billing services.
Deciding whether to outsource medical billing can be a hard decision. However, with the steady increase in the complexity of medical billing and with the requirement of specialized skill sets, outsourcing has become an absolute must. Outsourcing is a great way out from increased regulations, carrier red tape and minimized carrier allowances. Outsourcing medical billing is no longer just good business sense, but a matter of survival.
Keep up with the changing industry
In the recent past, the healthcare industry has been changing at an unparalleled rate, not sparing medical billing. Even under the best of circumstances, keeping up with constantly changing requirements and rules can be difficult. There are new and deleted CPT codes that come out every year, while carrier rules and fee changes seem to change daily. Keeping up with these changes requires constant vigilance and education. Outsourcing can help, when you just don’t have the time to focus on such changes.
Get faster reimbursements
Do you know what your average Medicare cycle time is? You can cut this in half by outsourcing. More days in your revenue cycle time can have a momentous impact on your bottom line. With outsourcing, you can submit claims quickly with fewer errors, so that you receive payments from payers within the shortest amount of time. Denials can be detected upfront, since there will be fewer errors while payment posting. You can also be assured that claims are transmitted electronically to all the possible carriers and are set up to receive ERAs, thereby minimizing your turnaround time. Achieving the highest reimbursement within the shortest amount of time comes only with outsourcing.
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. Continue reading →
The information on this website is protected by copyright. Users of this website are not authorized to redistribute, reproduce, republish, modify, or make commercial use of the information without the written authorization of Flatworld Solutions Pvt. Ltd. We are committed to the prevention of copyright infringement.