Thinking about outsourcing your billing?
Most healthcare providers don’t possess the time or know-how to manage the medical billing process. Plus, very few have the means to take on an in-house billing team. This especially holds true for the medical provider.
By outsourcing such things as your statement preparation, data entry, filing and follow-ups to a third party, your practice benefits in the following ways.
- Reduction in unpaid claims
We get it. Nothing is more worrisome than disputing with the insurance company over unpaid claims. When you work with a billing service, not only will the number of unpaid claims go down, but they’ll also contest the ones that get rejected. Billing services take the irritation of dealing with insurers off your plate. That involves looking into claim rejections, tracking full payment of partly reimbursed submissions, and keeping up on approved claims that have not yet been paid. In short, third party billing services help you take command of your receivables once and for all. - A billing service will submit your claim accurately the first time
You’re clearly aware that proper coding is vital if you hope to be reimbursed promptly. The traditional therapist billing software utilized by a third-party billing service starts by authenticating the client’s insurance coverage. Next, they accurately code the claim and submit it straightaway. Not only will claims be clean the first time they are submitted but as mentioned above, you’ll witness a dramatic drop in rejections and partial payments. This will increase cash flow and help keep your focus on your patients. - Offer cost-effective solutions
With outsourced billing, your organization can free up in-house resources substantially. Rather than tasking your employees with time-consuming billing duties, they can work on things such as quality assurance and improving patient care. - Help to reduce your expenses
Healthcare providers can reduce their office expenses by using the services of a third-party biller as well as the existing software. All you need is a PC and access to the internet. The majority of practice management software is all-inclusive, even over the internet and is part of the service provided. No costly software updates or support fees. No hidden costs or added charges. - Improved communication
When you work directly with insurance companies, you’ll most likely be able to work with them only during their specified business hours, which may not even be in the same time zone as your practice. It’s also to be expected that you’ll end up talking with a different agent each time you call, obliging you to describe your circumstances again and again. When you use a billing service to help push through your claims, you’ll do away with these aggravations. - More time to provide direct care
Every minute spent tracking down claim information in the course of your business day is a minute you’re unable to devote to providing direct care. This disruption forces you to miss out on would-be income opportunities. Let’s say you charge $100 per hour and devote one business hour every day on billing. In this instance, you may be losing up to $500 every week. When you recoup this lost time by employing a billing service, you’ll be growing your income potential and, in many cases, producing added revenue that exceeds the cost of the billing service.
When should you consider outsourcing?
- When your practice’s billing process is inadequate
- When your practitioners and staff are not technologically sound
- When your practice has excessive staff turnover
- When your practice is new
Or, putting it another way, the real cost of billing is not the payroll expense. It’s really all the charges that were not billed in the first place or were not followed up after billing.
An expert billing service would pay for itself.
Conclusion: Outsourcing medical billing can allow offices to focus on patient services while realizing higher returns for services provide.
What should you look for when searching for a medical billing service?
It pays to take your time and be discerning when assessing possible providers for your outsourced billing. Before you make your decision, make sure to find out if the provider has the following capabilities and the wherewithal to do the job.
- Ensure they offer specialty-specific solutions. Failing to identify and understand the complexities of billing for this specialty can lead to needless holdups.
- By all means, verify that the company has substantial experience and the necessary know-how in the medical billing industry plus a demonstrated track record of improving the revenue cycle for their current customers.
- Your provider ought to have a policy of keeping up with industry trends as a means to ensure your practice is constantly making use of cutting-edge technology.
Another crucial issue is that the company provides suitable staff training. Inadequate training leads to added mistakes, further slowing the revenue flow to your organization.
Finally, and perhaps most important, you need an assurance the provider will keep the lines of communication open. You can expect them to contact you straight away in case of a problem, and they also need to respond promptly to any inquiries you have concerning bills and provider reimbursements.
In the long run, outsourcing provides so many benefits, you can visualize expanding your practice more rapidly than your business plans called for at the outset, since a third-party billing expert will be taking care of your revenue cycle management while you focus on patient care.
