What Can Happen When You Outsource Your Medical Billing?
The top priority for any physician is patient care. However, we must keep in mind that a medical practice is still a business. Doctors need knowledgeable, reliable, and dependable personnel to support their medical coding and billing.
Outsourcing the revenue cycle process to a professional billing company, allows the physician and the talented office staff to better focus and care for their patients’ health. A competent billing company promises that you and your practice have accurate claim submissions, along with a lower rate of claim denials, as errors in billing and coding are less likely to happen when the job is undertaken by the experts. It can be stressful for the doctor and the office employees to concern themselves with staying on top of all the latest rules and guidelines from payers. By utilizing the services of a billing company, the doctor can feel confident that all claims will be receiving the maximum rate of reimbursements.
Third party medical billing companies have shown to reduce expenses and help free up physicians and other skilled medical staff to focus on patient care without having to worry about the time-consuming clerical tasks. For these reasons, they have become an extremely popular alternative to in-house billing. Outsourcing your medical billing is financially practical and it can streamline your revenue cycle and result in improved practice proficiency, evolution and production. It may seem at first like you are hiring a new employee, but once you get started, you will see the benefits and your practice will begin to thrive.
Getting the ultimate results for their patient care is what every provider will strive for. But, simultaneously treating patients and checking on the billing department can make that ultimate patient care difficult, if not impossible, to achieve. Focusing on giving excellent patient care, can be achieved more certainly when a physician allows the billing company to handle the billing process.
Some of the services the billing company will be taking over, and thus freeing up time for the office staff, are verifying insurance coverage, claim follow-up, assisting with collections, managing the AR, tracking payments and sending patient statements. When the billing is outsourced to proficient billers, the physician can rest assured that claims are submitted and followed up in a timely fashion, and with accuracy, avoiding the number of denied claims and billing errors, which can interfere with the revenue cycle.
A medical billing company must constantly keep up with the continual transformations of the healthcare industry. Medical coding, fee schedules, HIPPA and MACRA compliance, a new set of ICD 10 codes, payer rules, new incentive programs and documenting requirements can create chaos for a practice trying to keep up with the times. It makes sense to rely on a company that stays current with all these changes and engage with them. The right billing company can make sure any financial losses are minimized and make sure payers reimburse what they owe you.