Outsourcing medical billing and code administration is proven to be a strategic advantage point for healthcare practitioners in today’s complex and growing healthcare economy. Its streamlined processes, superior systems, state-of-the-art technologies, economies of scale, and experienced workers with specialized knowledge and experience often result in more significant cost reductions and improved outcomes.
Assume you’re a small group of doctors with essential expertise. You’re just getting started, so you’ve recently invested heavily in your offices, business hardware and software, furniture, medical equipment, marketing, hiring office and medical staff, purchasing people, and practice insurance, and you’re excited to start seeing more patients and growing your practice. However, you’re witnessing an increasing income gap.
Surprise! Some of your most cherished patients are not paying their bills on time. Payments from Medicare, Medicaid, and various health insurance companies are late to arrive due to errors in coding or filling out forms.
There’s nothing new here; reimbursements have dropped in the healthcare industry while HIPPA-compliant paperwork has expanded. The chances of running a lucrative business are dwindling all the time.
On average, 70-80 percent of patients owe their healthcare providers at least $500. More than half of the patients owe more than $1000. The cost of therapy will never be recovered if a bill is not eventually paid or settled.
How can a small or medium-sized medical practice hope to become and remain successful when operating costs are so high, and most rates are capped by what insurance companies would reimburse?
Because medical billing companies provide coding and billing, a Healthcare BPO can prioritize your billing process. BPOs have a track record of boosting revenue and lowering expenses for healthcare providers worldwide. It’s the simplest and quickest approach to boost the profitability of your medical practice.
The entire billing procedure is both costly and time-consuming.
Healthcare practitioners are focused on their patients, and they stay up to date on the most current treatments and medications. The bulk of their employees is in the same boat. It’s no surprise, then, that Medical Billing is near the bottom of the priority list.
Medical Billing Outsourcing now provides clients with world-class service. Healthcare providers can save up to 30% on billing and receiving costs by leveraging the latest technological innovation and experience.
1. Allows Medical Personnel To Focus On Patient Care:
Medical professionals may focus on patient care by outsourcing filling out claims and interacting with payers, knowing that experts handle their billing and other revenue cycle management (RCM) chores.
Spend more time focusing on providing high-quality care. This is particularly beneficial for smaller practitioners who cannot hire in-house medical staff. Physicians who are overburdened by the financial aspects of practice management cannot provide quality patient care.
2. Medical Billing Outsourcing Reduces Labor Costs and Billing Errors:
When billing is done in-house, the facility/practice bears the costs of hiring, onboarding, and training the billing employees in addition to their salaries and benefits. The costs reoccur whenever there is a turnover.
Medical billers with experience and expertise can ensure that your claims are submitted appropriately and on time. The medical billing company’s main objective is to provide medical billing services. Their job is to ensure that the billers they hire receive extensive training and know-how to submit medical claims correctly. This will not only reduce the number of claims denied or rejected owing to billing problems, but it will also give information to help maximize reimbursements on future claims.
3. Lowers Logistical Costs:
Billing staff also need office space, computers, and software, which are eliminated when billing is outsourced. Medical billing services operate independent of medical practices, in their own offices, with billers who are their employees.
Medical billing service companies operate independently in their offices. They hire billers as their employees to complete the assigned work.
4. Keeps Patients’ Data Safe:
Outsourcing medical billing ensures that patient data is transmitted in the safest possible manner because it contains so much private information, such as addresses, family tree (mother’s maiden name, etc., medical history, and so on, the information transferred back and forth between the provider/billing business and the payers is highly personal and incredibly valuable on the market.
Hackers are continually devising new ways to steal this information, so digital security firms must update software defenses ahead of the game. Medical billing services employ the most up-to-date (and constantly updated) software to protect patient information while it is communicated to payers.
Medical billing companies that are HIPAA compliant ensure the data’s security while exchanging information between the provider/billing businesses.
5. Increases Practitioners Revenue:
Despite being a valuable service, outsourcing medical billing raises income for their clients. Medical practices lose a significant amount of money each year due to denied claims. Outsourcing medical billing companies prevent that revenue leakage and allow a continuous flow of claims going out and cash coming in. A constant cash flow is important for your bottom line the success of the medical office.
6. Speeds Up The Revenue Cycle:
Effective medical billing services have a system in place for swiftly filing claims. They can be reimbursed faster if they are filed as soon as possible.
Outsourcing medical billing increases revenue for their clients. Medical practices lose a significant amount of money each year due to denied claims. An efficient EHR system and expert medical billing services decrease errors that lead to decreased rejected claims and keep unpaid claims in the system until they are paid.
Medical billing agencies normally work on a small percentage of your income, reducing the risk to the practice.
7. Maintains Billing Accuracy By Adhering To The Most Recent Rules and Regulations:
Because medical billing companies rely on innovative software to accomplish their jobs, small clinics or independent laboratories may not purchase that software. BellMedEx uses its Electronic health record software to make the entire process faster and more efficient. This ensures that the codes utilized are up to date and that new payer rules are considered.
If you haven’t outsourced your medical billing yet, it’s time to consider if you cannot afford in-house billing services.