A medical billing company can help a great deal to the physician office and hospitals if they are lagging on the finances. No matter how zealot you are toward patient-care, you can only accomplish your mission if you have a proper medical billing department to take care of the financial needs. You can hire expert billers, or you can outsource the work to a medical billing service. Both are helpful for the practices and hospitals, but more helpful is hiring a medical billing service and here is why.
1. They provide more expansion opportunities
With a team of medical billing experts, you cannot expand your hospital or even if you can, you are limited to the specialists. Suppose if you get a new space, you will have to repeat the hiring process again, which is no doubt arduous and somewhat boring, when you have to do it repeatedly. Plus, monitoring and training the employees is an uphill task. But when you outsource, you don’t have to worry about all these problems. The professional medical billing service, to which you have outsourced it, takes care of the rest.
2. They have trained & updated professionals
If you have medical biller in-house, you will have to pay for their training. But if the process is outsourced to a reliable medical billing service you don’t have to worry about paying them to update their skills and credentials by certificate courses, because all that is taken care of by the agency employing them. You, as the healthcare unit, will only be charged for the claims that have been accepted by the insurance company.
3. They provide more control on expenses
A medical billing service provides more control on the finances because errors in reports are easier to monitor. With a medical billing department in the healthcare unit, this wouldn’t be possible because you have to take care of the department as well as handle the monthly reports. The whole process is tiring and you one cannot monitor glitches in reports. But when the process is tendered to another agency, you get more breathing space and therefore, things like extra charges, errors in payments and non-payments can be monitored easily.
4. Less stress, better management
A good medical billing company will only charge a small percentage of the money collected. So, lesser the erroneous adjustments and claim rejections mean more money in your pocket. Further, the medical billing service will also conduct fee schedule analysis to see if you are being reimbursed at the highest possible rate by the insurance company. It utilizes efficient policies and procedures to reduce cycle time. They send audited EOBs of correct payments to ensure you are paid for all your services provided to the patient.
With so much being done by the medical billing service, the management of the practice is drastically improved and it starts to see profit in its first few months.
5. Help you do your job better
With the hard tasks being chopped off by the medical billing experts, you are left with your actual job i.e. to be a doctor. All those years in medical school, you didn’t spend to stand on medical billers’ toes all day long and keep track of bills but to be a doctor that provides better care to patients. With the hard part lifted, your job becomes even easier. The extra time at your hand can be spent with patients or to improve your practice.