Medical billing is a complex matter, as there is a lot that goes on in the back-end to make it a success. Careful and sometimes tedious tasks are required and then executed by specialists in the arena. So, if you run or own a small practice and are considering the idea of taking your medical billing in-house, then we recommend you read a little further to understand the following variables involved and note there is a considerable likelihood this could lead to costly mistakes that would impact your core operations in a negative way.
That said, there are many medical billing companies out there built to help small practices efficiently manage their revenue cycle. Consider the following reasons why you should outsource your medical billing services to one of them.
Reasons why you should Outsource your Medical Billing Services
- Cost-Efficient Operations
A Medical billing company can drastically reduce your costs and speed up efficiency as well. For once, when you outsource your billing, then you have no longer need to invest in the latest billing equipment, nor do you have to pay hefty charges for the required software. Additionally, practices that own an in-house medical billing department spend 30% to 40% of their collections to meet the billing department expenses, whereas when you use a medical billing service provider, you pay much less on a per claim basis. And last but certainly not least, data safety is not an easy job, and to comply with HIPAA requirements takes careful consideration. Outsourced medical billing companies will ensure the data safety as part of the included service they provide.
- Efficient & Convenient Billing Solution
With billing experts working for you, you are spared time to focus on providing your patients the highest quality of care. Also, providers can give greater attention to reviewing their monthly reports and overall management of the practice. The medical billing professionals might need your approvals and reviews at some point in the process but that will likely require minimal effort or time on your end. Results are also made visible through reporting which gives you the opportunity to evaluate their ongoing success.
Also, by outsourcing your medical billing tasks to the professionals, you are opting for a package of services that will make your practice management a breeze. Surprisingly, they perform all those jobs for a small percentage of the amount they collect on your behalf. They have experts who conduct the fee schedule analysis to get you the highest reimbursement rate, ensure the correctness of the claims from all aspects before submission, put effective policies and procedures into practice for minimizing the processing time, and review the denials meticulously to remove the shortcomings. They make sure each EOB gets audited keenly so the accuracy of reimbursement is ensured.
- Faster, Continuous and Error-Free Outcome
If you are handling medical billing in-house, there is a possibility that your results and profitability won’t stay consistent depending on the absence of staff or other changes occurring within the practice. That also means your cash flows could be disrupted. The medical billing company, on the other hand, has a set process in place for getting all these tasks done, which ensures the consistency of deliverables. Also, a medical billing company has its unique knowledge base and real-time information to make use of, given their place and breadth of experience in the industry.