There is no denying that the entire healthcare industry has faced numerous changes over the past several years; from the introduction of the Affordable Care Act, next-generation vaccine platforms, outsourcing medical billing, and implementation of ICD-9/10, and much more.
You also might have found it difficult to keep up with all the changes, especially changes related to coding and billing.
Administrative duties in the medical industry are complex and time-consuming. While implementing electronic health records (EHR) streamlines the workflow, but adding this technology will not make your organization leaner.
However, outsourcing medical billing can help you allocate your resources efficiently. It maximizes the revenue for your medical practices, frees up internal assets, and allows more focus on patient care.
Here are some other reasons to choose to outsource over in-house billing processes:
Reduces Billing Errors
According to Derek Fitteron, CEO of Medical Cost Advocate, 80% of the medical bills contain errors. Further, in 25% to 30% of those bills, the errors were of a significant amount.
So, to reduce these errors, the best approach is to outsource medical billing.
The professional medical billers make sure that your claims are submitted in an accurate and timely manner. They check that the claims are not rejected and also provide you with regular feedback to maximize the reimbursements on future claims.
A good billing company will employ certified medical billing coders which know the correct amount to bill to maximize voluntary payments made by carriers, this will also reduce undercoding scenarios where you billed less than the allowable maximum.
Leads to More Focus on Patient Care
As a physician, you should spend more time providing quality care to the patients. In this case, outsourcing is beneficial for smaller practices that cannot go for a large medical staff. There is a chance that your entire is not able to provide the best care when they are stressed by the financial tasks of a practice.
Leads to an Increased Cash Flow
Whenever your staff is away, on vacation or for other reasons, the claim submission gets delayed. These lags lead to a lot of backlogs and issues with cash flow.
But irrespective of your current staffing situation, the billing services provider maintains a continuous flow of claims going out and cash coming in. So, with this, you will typically get paid faster by investing almost nothing in staff training.
Increases Patient Satisfaction
Did you know that patients judge healthcare organizations not only by their medical procedures but also by the communication they offer?
With less stress to spend time on billing processes, you can focus on your patients, which results in a higher quality of care. Even, your front office staff will be less burdened and have increased attention on solving patient’s queries. Patients will also be happy as they will receive professional assistance throughout their treatment.
Improved Security of Patients Data
When it comes to medical records, data protection, it is important. According to a study published in HIPAA Journal, there has been a 70% increase in healthcare data breaches in the last seven years.
As information stored in health records is more valuable than anything, it becomes expensive to maintain an IT system to guard that data.
But if you assign all your billing services to a professional team, they make a patient repository and protect all data records. They also ensure that there is a no or minimal possibility of a data breach.
Other benefits of outsourcing medical billing include improved scalability, billing compliance, and increased revenues.
Allows Consistent Claims Follow Up
Many practices appoint a specialist to keep a check on the status of their claims. They want to make sure that the insurance companies are giving them proper attention, and all the submitted claims are reimbursed in no time. Outsourcing helps you save extra hires expenses and streamline your entire medical claims submission process.
Ensures Billing Compliance
There is no denying that healthcare is an ever-changing industry. Among all the changes, keeping up with medical billing comes as a challenge the practice owner has to make sure that the office is following all the rules and protocols. In addition to this, the medical billing companies have to stay updated on the latest changes to ensure proper submission of claims and maintain compliance.
The best approach is to outsource the billing as the service providers are already compliant and save you from the hassle of extra work.
Outsourcing billing and collections work is a tough decision, but it will save you money and time.
Whether you are planning to outsource the billing or want to do it yourself, GreenBills is a doctor-friendly billing solution that focuses on maximizing insurance receivables by automating the processing of your claims.
Our solution reduces the overall burden of paperwork and paves the way for you to grow your practice.