Medical Billing is one of the most time-consuming, tedious, and demanding tasks. Practitioners and physicians often get confused between keeping the medical billing in-house or outsourcing the billing function.
Medical billing also requires you to spend a large amount of money no matter whether you outsource it or decide to keep it in-house. It is a very stressful job that requires you to be both mentally and physically active.
Anyone who has worked in the medical billing function of any organization can tell you how challenging the job is, which certainly comes with many responsibilities and added pressure. Because of that, many providers are now opting for outsourcing their medical billing.
Now, there are healthcare providers who are skeptical about outsourcing. They believe it might cost them more or they will lose control. Moreover, there is this fear of things going south with the third party providing the services, which can jeopardize the company revenue cycle management process. In fact, providers collect a higher percentage (70 percent) when they outsource billing.
However, medical providers who choose to outsource their billing operations observed surprisingly better results all over the US. The pressure and mental exhaustion went down and an increase in claims’ approval rate has been reported. Similarly, the providers were able to save more money and have witnessed their profits increased.
Outsourcing your medical billing gives you a chance to not worry about micromanaging everything. It becomes the billing company’s job to provide you support. This gives you more time to get your hands on the latest and up-to-date performances of your company, giving you time to concentrate on your work.
So, let’s talk about how outsourcing your medical billing services can be cost-effective and beneficial for you.
Expert Staff and Cost-saving
The biggest problem with in-house medical billing is to find expert people who have sound knowledge of medical billing. It can get extremely frustrating especially at times when your staff is either incompetent or lack the knowledge to do the work. Not to mention, they can also quit anytime leaving you in the pool of billing work.
The main benefits of outsourcing are that you do not have to worry about finding the right staff, which will save you time as well as money. The outsourcing company has adequate expertise to carry out the medical billing task while you relax and focus on your patients.
The staff hired by the billing service provider company is obliged, contractually, to provide you with services that can help you improve your company’s performance hence saving you time while allowing you to maintain consistency. You don’t have to worry about hiring and firing of staff to stay consistent in your billing work as this is the service provider’s job to do so.
Importance of Expert Staff and Time-Saving
So, the question is why do medical providers focus on hiring expert staff? The answer is, hiring staff who know what they are doing is going to save you your precious time as well as money. Experts who are well-versed with medical coding and billing guidelines and procedures will make sure there are no delays in work.
Experienced staff means fewer errors and lesser canceled claims. With skilled staff, you do not have to worry about misplaced documents and incorrect coding, saving you money in the process. Your staff will have to stay updated with changes in coding guidelines and restrictions, meaning more profit and less worry at your end.
Higher Revenue Generation
According to research, outsourcing increases the chances of generating more and timely income. The third party that you choose to outsource your medical billing to has to provide on-time, error-free claims. They also have the responsibility to negotiate the best rates for your claims with the insurance agencies.
Saving on Cost
Now, it is true that you have to pay a good amount of money on outsourcing depending on the service provider you chose. However, there are many things like buying software and equipment that are no longer your headache as the company you hired is responsible for this cost. There might be an overhead cost, however; you no longer have to incur the entire cost.
Freedom with Outsourcing Medical Services
When you know that your medical billing is in good hands, you naturally feel more relieved and calm. You do not have to worry about catching up with the staff all the time to see if they are doing the billing and handling the operations according to the rules. This means you can focus more on your patients and even focus more on your social life. Outsourcing to an expert medical vendor means you can have more claims with fewer errors, thus increasing your revenue. You do not have to worry about negotiating with insurance companies as you know the vendors will take care of it.