Using a medical billing service is no longer a new approach for many hospitals, clinics, and healthcare facilities in the US. Outsourcing medical billing services is now the norm.
Using a medical billing service is helpful as it usually produces greater cost savings and better outcomes for your practice. This is because of its superior systems, streamlined processes, latest technologies, and economies of scale.
You will also benefit from skilled labor laden with specialized and in-depth knowledge and experience. There is no doubt that outsourcing various medical billing services in the US has now become very crucial as more doctors, healthcare practitioners, and physicians are benefiting from outsourcing their medical billing.
Did you know that an end-to-end medical billing service firm can handle your practice’s billing tasks as well as medical claims follow-up with all of your insurance carriers? And these billing companies may also offer some additional and valuable services, like analysis of your practice’s overall billing needs, new payer credentialing as well as compliance status.
If you run a small practice, your back office staff might be overworked meeting strict billing deadlines and having to perform insurance verification and other patient-related duties. This is where a billing service can come to your rescue and help your business grow.
You may not be getting your money’s worth with an in-house team of billers for your healthcare practice. Note that choosing the most suitable medical billing service is a lot more than merely finding someone to process medical claims.
For most medical practices, using a medical billing service can be an astute and sound choice. This is because by outsourcing your medical billing, you will be able to save on staffing costs. And that is not all; you may also save on many other office-related expenses, such as IT costs.
If you outsource your medical billing, professional and experienced medical billing vendors can properly and efficiently manage all facets of your medical billing, such as medical claims, scheduling appointments, and EHR software.
Here are five reasons you should start using medical billing services.
1. Reduces the Risk of Billing Errors and Mistakes
You probably know that experienced, knowledgeable, and highly trained medical billers have comprehensive knowledge and expertise on complex medical claim submission processes. Most medical billing firms in the US make sure that their employees undergo rigorous process training as well as complete the needed quality and domain-driven knowledge assessment.
Billing mistakes can be bad for your business. Patients can become quickly dissatisfied and annoyed if they receive an exorbitant medical bill in their mail that they were not expecting. Keep in mind that it is often enough to leave a bad impression and also keeps them from coming back to your practice for another appointment.
The medical billing software that professional companies use helps ensure that there are no coding errors, incorrect information, or transposed numbers in the claims before they are submitted to the insurance carrier. What does this mean for your practice? It means considerably fewer denials and fewer claims pending for additional information. All of this means less work and hassle for your practice team.
Professional medical billers ensure the accuracy and reliability of your submissions in a timely manner. They will not just lower the number of rejected medical claims but also help review and edit your claims for errors before these claims are sent to the payer.
2. Reduces Administrative Costs and Duties
This is another important reason to use a billing service. By working with a trusted and professional medical billing company, you will have to invest fewer dollars as well as employee hours, keeping all your internal staff updated on things, like medical coding changes, sub-sets, and modifiers. Did you know that an average company spends almost 40% of its collections on the medical billing process?
If you outsource these medical billing tasks, you can cut down on a lot of unnecessary costs. You can eliminate the need to hire a dedicated medical billing team by outsourcing medical billing, and you can also save the money that you spend on training your employees and keeping them updated with the latest laws and regulations.
Healthcare providers and hospitals can also save considerably on office infrastructure as well as a storage infrastructure for their medical records, which is great. And keep in mind that the improved and streamlined workflows can bring big savings for your hospital or clinic in the long term.
Another benefit is that your staff will spend significantly less time keying in medical information and preparing medical claims for submission. Your staff can spend this time educating your patients about their conditions and responding to various patient portal inquiries.
Also, it is worth noting that if your medical practice is growing, you may not be ready or willing to add additional staff yet. Outsourcing medical billing allows your staff and internal resources to spend their valuable time on patient care as well as managing the office.
3. More Time for Patients
If you outsource your medical billing processes to a third party, then you will have more time to focus on your patients instead of spending your time on billing processes. Note that with less stress and considerably more time to spend with your patients, your employees and physicians can concentrate on patients more, which will result in a better quality of care.
And it is worth mentioning that developing and maintaining long-term relationships is simpler when your patients feel like the lab technicians, nurses, and doctors that interact with them are truly interested in them, and not merely interested in quickly getting them in and out the door.
So, by redirecting your valuable resources from managing complex billing questions to better serving your patients, you can free up your staff’s energy and time, ensuring greater returns in the process. Keep in mind that these high-value and important activities not just generate more revenue for your medical center but also help create and sustain a more successful and thriving practice with a strong and loyal patient base.
As a healthcare professional, you can relieve yourself of navigating between several payers and regulatory requirements, so that you can concentrate fully on what you do best: practicing medicine and effectively treating patients. This is why it makes a lot of business sense to invest your valuable time into the core competencies, such as quality patient care while outsourcing ancillary business functions to a service provider.
4. More Security and Safety
We all know that a majority of cases of fraud often originate within a company. Although trust is important in every organization, note that sound internal controls are equally important for any business.
The good thing about outsourcing your medical billing is that it gives you outside and unbiased perspective on your finances. For example, you will gain some essential checks and balances to manage your practice better.
Also, note that outsourcing your billing processes to a reliable third-party provider is quite safe. This is because well-established and professional outsourcing companies offer a very transparent and streamlined billing process.
You know that medical billing necessitates storing sensitive and critical data about your patients. So, any breach of data can have grave implications for you and your patients. The good thing is that most medical billing providers in the US invest in the security infrastructure needed to safeguard and protect patient data against hacking and theft.
Also, note that most service providers in the country have HIPAA-compliant and 100 percent secure billing processes in order to safeguard against any theft or hacking attempts. As a medical practice owner or manager, you need the assurance that your data is kept confidential and safe at all times. Reputable outsourcing providers usually have the desired infrastructure and security to provide a safe haven for your medical billing processes.
5. Get Paid Faster
Most small practices usually cannot designate multiple employees to focus on medical billing. And note that with insufficient staffing, it often takes longer to submit medical claims, and follow-up can also be inconsistent. This means that money will come in later than it ideally should.
Automating various routine administrative tasks in your office will make your medical practice more efficient and productive. Did you know that a typical paper-based claim can take up to 2 months to move through all of the channels before you get reimbursed?
On the other hand, expediting a clean claim, appropriately coded for maximum reimbursement, as well as backed with suitable support in the EHR will likely result in full payment in seven to fourteen days.
Finding new avenues to improve revenue cycle management and reduce operating expenses is the way to go in the constantly changing and dynamic healthcare space. One of the most important and compelling reasons to outsource your medical billing processes is that it will help boost your bottom line. And having a highly talented and experienced billing team can do wonders for your business.
In most cases, it makes business sense to outsource your medical billing. However, you should use a competent and experienced billing service to derive the most benefits.