As a healthcare service provider, if you consider outsourcing your medical billing, there are important aspects that you must understand to make an informed decision.
Benefits of outsourcing medical billing
Outsourcing has become quite a popular trend in the past decade due to various benefits of outsourcing medical billing. For a provider, the first responsibility is the medical care it provides and then comes the billing and the revenue sequence. With the whole plethora of ICD and CPT codes now in practice, medical billing has become more tough and demanding. Here are the benefits of outsourcing.
- Outsourcing medical billing facilitates keeping the focus on health care, the most important aspect of your practice. With added time available and a relaxed mind, you will be able to deliberate more on the quality of the service you offer to a patient and a more contented patient.
- Medical billing is not taught in medical school so a billing service may be very useful in helping you to remain focused on delivering the quality of care while they do all the back office billing work for you.
- Benefits of outsourcing medical billing include lessening costs as having a dedicated biller in staff can be expensive when it comes to payroll, benefits, vacation time, office space and the upkeep of medical billing software. To choose the outsourcing option is more cost effective as most outsourcing companies have very inexpensive solutions. They have a solid team of specialized and dedicated people who can help you take care of this complicated part of your business.
- These billing companies know to comprehend the medical insurance language and are confident in dealing with medical insurance professionals. They are able to keep up with continuously varying rules and processing requirements of the insurance companies and third-party payers.
- Being trained in their profession, these outsourcing companies help keep your bills claims more specific, comprehensive and reduced chances for billing miscalculation. The claims are more accurate and timely. Resultantly, this keeps the volume of rejected claims low, helping you maximize your reimbursements.
- The outsourcing also offers you to have a better custom based solution to your billing requirements as they work with a range of clients and are well informed of the latest development in the medical business. They extend support in maintaining a transparent and error-free practice environment and can offer detailed monthly analysis to enhance the profitability of the business aspect of your service.
Things to be considered before outsourcing
Most medical billing service providers charge a definite percentage of the collected claim amount, with the industry average being approximately 7 percent for dispensation of the claims. However, cost should not be the only parameter for medical practices to consider whether or not to outsource.
The first and the foremost thing to understand the outsourcing your billing needs is that the issues and problems you might face with outsourcing originate from making the wrong selection and choosing the incorrect company.
- All-inclusive Contract/ Services offered to you: Things might get intricate and difficult to handle if you and the billing company understand the agreement in a different way because legal language can be a bit complex to validate so make sure you comprehend what’s exactly being said and what you actually need. Read your contract cautiously and minutely, take your time and do your research before making an outsourcing decision. You may have to hire a lawyer or a liaising person to correspond and convey your requirements and understand what’s being offered to you in the contract, this means additional costs.
- Privacy of patients: There is a bit of ambiguity when it comes to patient privacy with a third party involved. This can cause accidental or intended violations of the HIPAA as more people have access to the patient’s financial, personal and medical information. Choose a trustworthy and renowned firm especially when it comes to them taking care of the privacy laws.
- Expertise: It can get problematic in cases when your patients want to have unusual payment selections or may want to converse face to face about the exact numbers before availing your medical service. If your setup is complex it may result in non-satisfaction of patient and them being driven away.
- Knowledge of your Specialty: If your medical practice specialty involves large billing amounts like laser treatment or cosmetic surgery specialties, ensure that the billing company has knowledge in those as payment options.
• Transparency: Even when you outsource to established companies, it is important you still know what’s going on with your claims. A reputable firm should provide you with regular reports that show what they’ve been doing on your behalf. You need to have knowledge of where you stand with claims to ensure that it is being handled in a timely and well-organized manner.