Outsourcing Medical billing has been followed as the latest trend by many practices and several healthcare organizations. Yet, many raise a case of doubt to understand is outsourcing medical billing really a great decision. To make medical practices realize the need and importance of medical billing outsourcing, we have provided some of the strongest reasons that answer all queries, before making a decision.
Reasons to outsource your medical billing
# Lower costs
There are many surveys that have proved how outsourcing lowers the cost of operations when compared with in-house medical billing. If your in-house department’s cost turns out to be $1,00,000, outsourcing your medical billing can bring it down to $4,000 or $5,000. You may have thousands of claims in a day to deal at your practice, but the outsourcing company can deal with ten thousand claims a day, and it becomes their routine job. Right from the EHR software till sufficient manpower to handle your medical billing process, the outsourcing company keeps everything handy.
# Flexibility of making your fixed expenses variable
If you have your own billing department, irrespective of your business is up or down, you might have to pay salaries to your employees; therefore, the need for earning consistent revenue becomes mandatory. Instead of keeping fixed expenses for your practice if you outsource your medical billing, you can pay for the amount of work you outsource to your billing partner. In a month if you have only fewer claims, you will pay only for those claims and stay relaxed.
# Get Paid Faster
Since you choose a billing partner that has high experience in handling claims and reimbursements, you can expect your claims to be paid quickly, and rejections are handled without any delay and also resulting in reduced denial rates. Your billing and coding errors are corrected instantaneously and internally, before reaching the insurance company and thus all made electronic allowing you track your claims at one place.
# Throw away stress off your employees
By outsourcing medical billing process, you can stay away from ensuring your patient claims are submitted on time, monitoring whether they are submitted properly without involving any errors in medical coding and focus on providing high care to patients. All these activities will be taken care by highly skilled resources/medical billers and coders of your outsourcing company.
# Focus on what you do and provide only the best
The primary job of physicians in a medical practice is to provide proper care to patients and keep their flow always high, since your practice’s reputation and revenue growth both are independently depended on how you treat your patients. Rather than spending time to hire non-medical staff, medical billing outsourcing allows you spend more time with patients, by removing all the unwanted stress.
More than anything, outsourcing medical billing ensures greater consistency in submitting claims, obtaining payments, and revenue growth potentiality. You can see transparency in what’s happening with your account and claims. Moreover, being HIPAA compliant is an added advantage for medical billing companies since maintaining patient information is more delicate and sensitive for your staffs to follow at your practice.
Conclusion
However, a medical billing process is huge and complex where the billing company always update themselves with trends in the current, information on all billing needs and ease-out credentialing process. Since you have dedicated team and resources working for your project, you need not worry about payment reminders and improved returns. If you need any suggestion or guidance before outsourcing your medical billing process, here you have experts of 24/7 Medical Billing Services, who can help you make a wiser choice. For more details, call us at +1-888-502-0537.
About 24/7 Medical Billing Services:
We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses.
Contact:
24/7 Medical Billing Services
Tel: +1 888-502-0537
Email: info@47medicalbillingservices.com
