If you are a healthcare provider, you would like to enhance the bottom line and profitability of your medical practice by streamlining medical billing procedures. However, for most healthcare providers in the US, billing is, unfortunately, a big source of anxiety in terms of both time spent as well as unpaid reimbursements, which is concerning.
You may know that despite many challenges, such as recruiting and retaining talented billers, many practices in the country still employ their teams of in-house billers. The good news is that this trend is changing. If you would like to make your hospital or clinic’s workload a little lighter, you should consider outsourcing your medical billing to get the best results.
It is no secret that medical billing is a demanding and time-consuming task. This is true regardless of the size of your practice or hospital. Note that outsourcing medical billing will help save you time, and it will also minimize legal and regulatory headaches.
To be handled the right way, note that billing requires expertise and focus. This is the reason why countless healthcare providers in the US are outsourcing their medical billing to experts at a reliable medical billing company.
If your medical practice is having trouble finding, training, and retaining medical billers, you are not alone. There is no doubt that an increasing number of hospitals and medical practices are now deciding to outsource their billing. Below are seven advantages of medical billing outsourcing that you should consider.
1. Improve cashflow
It is challenging to focus on medical billing while running your healthcare organization. This is because medical billing is a complex and time-consuming task. Did you know that the errors and mistakes that occur during the medical billing process are the main reasons for interrupted cash flow?
Moreover, what happens when your in-house medical biller goes on vacation? In many cases, claims need to wait until the person comes back to the office. Keep in mind that billing interruptions finally impact the timeliness of your cash flow, and you don’t want that.
Delays and denials in payments from your health insurer can contribute to a considerable reduction in your cash flow and can have disastrous impacts on your practice.
If you outsource medical billing to an experienced and reputable firm, you will be able to make the most of efficient and productive billing procedures and practices and boost cash flow in the process.
2. Stay abreast of industry changes and trends
Remember that there are several industry changes and regulations that will impact how your practice approaches medical billing. You likely know that staying compliant with all the relevant rules and regulations isn’t optional. For example, the transition to ICD-10 is still one of the significant hurdles for many medical billers.
A reliable medical billing firm will help ensure that your medical practice stays on top of key regulatory changes. This is important as it will save you plenty of time, providing you with legal as well as financial protection.
3. Lower costs
One of the best aspects of hiring a medical billing company is that these companies usually operate on an economy of scale. They keep individual costs low because of a high production volume and disperse overhead costs across several clients.
You will be glad to know that utilizing a medical billing company will provide you with several benefits that will lower costs. Some of them are software, streamlined processes, and staffing. Note that these could be expensive if you tried taking them on yourself.
When you do billing in-house, besides salaries and other benefits for your billing staff, your facility also bears the hefty costs of hiring, onboarding as well as training them.
On the other hand, if you partner with an experienced medical billing company, a team of competent and highly skilled experts will help you slash your operational cost and offer you the best billing services cost-effectively.
4. Improve relations with your patients
If you give your patients the attention and care that they deserve, they will likely develop a strong relationship with you. This is important as it helps create a better environment within your practice. You should know that reducing the burden on the front office staff by outsourcing medical billing can increase efficiency, productivity, and employee morale.
If you release your staff and physicians from the hassle and tedium of lengthy billing procedures, it will help them concentrate more on patients. And that is not all; it can increase overall patient satisfaction by improving and streamlining patient flow at your practice.
Your patients will likely be happier and more satisfied as they will get uninterrupted professional and courteous assistance for all their billing questions and issues.
5. Outsourcing billing reduces the risk of billing errors
Keep in mind that experienced, competent, and professional billers can ensure that your medical claims are accurately and timely submitted.
As the main purpose of any medical billing firm is to offer top-notch medical billing services, it’s their responsibility to make sure that the billing professionals they hire undergo thorough and rigorous training and are also equipped with the skills and knowledge to adequately submit medical claims.
This will not just reduce the number of rejected and denied claims because of billing errors, but it will also help maximize reimbursements on future medical claims.
6. Boost revenue and profit
With the timely submission of claims, reduction in various overhead costs, and higher reimbursements, a higher profit is another crucial advantage that medical outsourcing can offer to your medical office. This is important as it allows your medical office to offer the best quality healthcare services using the latest technology and products as well as the best staff.
In addition to being a valuable service, outsourcing medical billing can increase revenue for your practice. Did you know that medical practices tend to lose a lot of money each year because of dropped medical claims?
Having a reliable and effective system in place, managed by talented and experienced billing professionals, also reduces mistakes. This results in fewer denied and rejected claims and boosts your practice’s bottom line.
7. Comprehensive services
When you hire a medical billing company, you will get more than a professional to handle your paperwork. Note that medical billing services can also take care of several things, such as:
- Medical credentialing
- Prompt medical claim submissions
- Charge entry, medical coding, and claim scrubbing
- Patient statement organization
- Verification of deposits, payment posting, and EOB reconciliation
In other words, a good medical billing service can handle the various facets of the billing process from start to end.
In many cases, the decision to outsource is generally financial i n nature and is ideal for hospitals and other organizations that recognize they do not have the expertise in billing professional claims.
Are you interested in outsourcing the medical billing services at your practice? They will help you improve and streamline the medical billing processes with their reliable outsourcing services.
Find out more at UControlbilling about how medical billing outsourcing services can save both your time and money.
This post has been shared by Omer Riaz, Director of Finance and Marketing at Urtasker.