Medical billing can be a demanding and challenging task for small medical practices. For this reason, many physicians or practice managers make the choice to outsource their medical office billing to a professional medical billing company. A knowledgeable biller can optimize revenue performance for the practice.
Outsourcing medical billing to experts significantly reduces overall provider liability since certified billers and coders keep themselves abreast with changing laws and regulations. Instead of being solely responsible for miscoded records – corresponding procedure and diagnosis codes (CPT and ICD-9), practices can share that responsibility with the billing company who has coding expertise on board.
Providers can discuss all the changes with certified coders to educate themselves as well as help billers to prepare cleaner claims. If nothing else, this offers peace of mind for administrative staff and medical professionals, so they can focus on their jobs instead of being distracted by medical billing and coding ever-changing requirements.
Therefore, we can summarize 7 advantages of outsourcing medical billing.
- More Focus on Patient Care
Spend more time focusing on what you do best and that is concentrating on patient satisfaction and providing quality care to your patients. This is specifically advantageous for smaller physician groups that cannot afford a large medical office staff. Physicians cannot be efficient at providing excellent patient care if they are bogged down by the financial side of running a practice.
- Reduces Billing Errors
Experienced, professional medical billers can ensure that your claims are accurately submitted in a timely manner. Medical billing companies sole purpose is to provide medical billing services. It is their responsibility to ensure that the billers they hire undergo thorough training and are equipped with the knowledge to properly submit medical claims. Not only will this reduce the number of denied and rejected claims due to billing errors but will provide the feedback to assist in maximizing reimbursements on future claims.
- Saves Money
By outsourcing your medical billing, you could save thousands of dollars in annual salaries and benefits; office supplies and furniture; and purchasing, upgrading, and maintaining billing software and computer equipment.Medical billing companies charge a flat rate per claim or a percentage of the reimbursement on each claim. Either way, it is less costly than what you would pay for medical billing staff to provide the same exceptional services that are provided by outsourcing companies.
- Improves Cash Flow
What happens when your medical biller calls out or goes on vacation? Sometimes claims have to wait until they come back to work in order to be submitted. Billing interruptions ultimately affect the timeliness of reimbursements and your cash flow. Using a medical billing service allows a continuous, steady flow of claims going out and cash coming in. Steady cash flow is important for your bottom line and the success of the medical office.
- Improves Patient Satisfaction
The ability to offer excellent customer service is what all medical professionals want to provide to their patients. However, it can be quite difficult to juggle the demands of treating patients and handling billing issues. The medical receptionist is responsible for greeting patients and answering the telephone. Reducing the burden placed on your front office staff by outsourcing can increase productivity, efficiency and employee morale. It can also increase patient satisfaction by improving patient flow. Your patients will be happy because they will receive uninterrupted courteous and professional assistance for their billing questions or issues.
- Ensures Billing Compliance
Health care is an ever-changing industry and insurance companies are partly to blame. One reason that makes medical billing a challenge is keeping up with the changes in Medicare, Medicaid and third party payers. It is a full time job to make sure that the medical office is following the proper protocol required by each payer. Medical billing companies must stay up-to-date on the latest changes in regulations and requirements in order to maintain compliance and ensure the submission of clean claims.
- Increases Revenue
With the reduction in overhead costs, the timely submission of medical claims and the increased reimbursements, a higher profit is another advantage outsourcing can provide to the medical office. This allows the medical office the ability to provide the best quality services using the best technology and products and the best staff. Patients are becoming more knowledgeable about health care and are making choices based on what provider can offer them the best services. For this reason competition in health care has grown quickly over time and to stay in business health care professionals must maintain a competitive advantage.