Being a healthcare institute, all patients don’t pay on time. According to an estimate, around 70% to 80% of patients owe $500 on medical payments. 45% of the patients owe $1000. Some of the claims remained unnoticed, and the resubmission process starts late or never starts. The reimbursements from Medicaid or Medicare, and other insurance companies, can be slow due to late submissions and non-resubmissions. The estimated value of the in-house billing process is around 30% to 40% of all cash inflow. The only answer to these problems is Outsourcing Medical Billing Services.
Benefits of Outsourcing Medical Billing Services
Staffing Issue Resolved:
You don’t need to hire or maintain staff at the office. The cost of setup, staffing, employee benefits, and remunerations is an ongoing expense. Medical billing companies hire experienced staff on high salaries and control the cost of infrastructure. Office staff’s salary remains the same irrespective of the number of cleared bills. Clearing fewer medical billings and fixed salary payments leads your medical practice to suffer loss. Training the office staff also needs costs and time. Hence, staffing is a huge process, and outsourcing is a one-click solution to all these processes.
Outsourcing medical billing experts can resolve the staffing issues of your organization. The outsourcing company has better control over the medical billing process and revenue management cycles.
The capital cost of setting up an infrastructure for the billing staff may include building, equipment like computers, internet, server installations, data centers, compliance management, etc. Maintaining all this may sometimes cost a fortune. Outsourcing medical billing services saves the unnecessary capital cost of the healthcare institute. Outsourcing your billing process helps you control accumulated costs. Hiring a medical billing company can help you save tons of money spent on equipment, buildings, and maintaining them.
Comply with Industry Regulations & Updates
The medical industry is upgrading with the new coding and billing regulations each day. Your coding and billing staff should be well aware of the updated regulations. In-house billers usually don’t have any updates on industry regulations.
Besides Government rules and regulations, government and private insurance companies keep changing the methods and requirements for reimbursements. When you outsource your billing to a company, your insurance companies rely on it for the accurate submission of your bills. Outsourced companies comply with HIPAA regulations and insurance procedures.
Expand Cash In-Flow
Medical bills are quickly prepared and reimbursed promptly to keep the medical billing process continuous flow. Increased number of cleared claims are helpful in the expansion of cash in-flows. An outsourced billing company provides automated software, quick follow-ups, and recovery. A good medical billing company maintains the cash in-flow consistency and expands over time.
An expert revenue management team accumulates revenue and keeps accounts receivables running smooth. A/R is one of the most significant issues in the healthcare industry. Older claims often get written off, and money is lost. The billing experts are responsible for resolving denied claims on time and reducing the account receivable level.
Security & Compliance
Knowledge about healthcare compliance and the security of healthcare data is critical. An outsourcing company like BellMedex will be responsible for the security of the healthcare records of your patients. The patient’s health privacy can be achieved by eliminating threats of the loss of data. Keeping an in-house record may have threats of the breach. The data is completely lost after office computers and servers crash in some cases.
The established medical billing company can ensure security during and after the billing process. Medical billing companies invest in security measures to meet the current HIPAA regulations.
Good medical billing companies keep everything transparent and provide you with the data which helps you make better decisions. Outsourcing medical billing services can give you better control over operations and revenue management. Choosing an outsourced medical billing company will add value to your business by maintaining medical billing, transparency, and accountability.
Outsourcing medical billing services will help you with clean claim management. The more clean and on-time claim submissions and resubmissions lead to increased revenue cycles. The proper denial management system is required to get the submitted claims processed again. On time resubmission is imperative. If the time margin between the two is stretched, it may lead to total rejection or again denial.
Outsourcing billing and coding experts
The companies like BellMedEx are equipped with the latest technology and the staff with up-to-the-date industry knowledge. BellMedEx will help you eliminate complications in the billing process. They take care of claims and revenue cycle management. In other words, a complete set of billing services are provided, making your goals achievable and manageable.
More time for Your Fundamental Responsibility
The fundamental responsibility of the healthcare professional is patient care. Provision of excellent healthcare services is only possible when your focus is entirely on the patient. Outsourcing medical billing and revenue cycle management gives you relief from billing problems, complications, and procedures.
A satisfied patient.
Extreme care and an accurate bill bring in Patient Satisfaction. A satisfied patient becomes your permanent visitor and becomes your ambassador by spreading positive word of mouth for your practice. This is the best way to grow your business organically. An outsourced medical billing company takes the responsibility of billing more seriously. They can transmit the same deliberation to your patients.
Why outsourcing is better than an in-house setup
To run a medical business, you must be concerned about your finances. The cost in-flows are necessary to fulfill the expenses of the business. To keep your business running smoothly, you should take care of your accounts receivables and expenses. Outsourcing once again helps you reduce your costs of in-house billing.
Healthcare professionals are least bothered about bills, claims, and other financial issues as they are busy in their fundamental patient care role. The absence of a billing expert team, the high volume of accounts receivables, unprocessed claims, delayed resubmissions can be your obligations. Outsourcing is the best option to reduce this burden.
Understaffing is reported to have uncompleted tasks left behind. Over-staffing can be an extra burden on your business. Managing staff for medical billing operations is not an easy task in the pandemic era. The labor market is lacking finance and billing experts. To hire experienced billing and financial experts, you will have to pay them more than the competitors. Secondly, coding and billing require certification in the field and experience as well. Training is also a costly and time-consuming factor. Suppose your staff is inefficient or lacking in the knowledge of updated regulations like coding and other regulations regarding fraud or abuse. Maintaining this staff would then be a waste of time and money.
BellMedEx is a group of billing and coding experts with a track record of cost-cutting and growing the revenues of healthcare professionals. Join hands with us, Forget about your billing process and take your healthcare business to new heights