The decision to outsource or not to outsource your medical billing could be a tough one for many of you. However, you should not hesitate at all in taking this vital decision just like you would not think twice about performing your own appendectomy. Medical billing is a thoroughly professional field and it requires highly specialized skills. Over the past few years, medical billing has become far more complicated and increasingly marked by red tape. No matter whether you are an experienced veteran, a brand new practice startup or trying to upgrade to a more advanced system, it is a good idea to seek the expert service of a professional medical billing services provider. Here are some advantages of outsourcing medical billing.
A medical billing company would be distributing their expenses across its entire client base thus; it provides an economy-of-scale. They are able to operate at a much lower cost as compared to a single practice. These savings would be passed on directly to you. A medical billing service could afford to employ the most competent and qualified staff, so you are required to pay less for practically the same or sometimes, higher collection percentages. Not only do you gain direct financial advantage involving lower costs and higher returns, you save on office space, time, and stress. All medical billing services including billing by anesthesia services offer economies-of-scale.
Offers Highly Trained & Dedicated Specialists
When you outsource your medical billing, you would be delegating the work to highly trained and dedicated experts. The professional team would be working towards one primary objective of boosting the profitability of your hospital or practice. They would be reviewing and posting all payments making sure that all the carriers are paying the right amount and taking care that there are no incorrect adjustments. They would be tracking each and every outstanding claim till it has been processed and full payment has been done. They should not be treated as a separate team. The highly proficient team would be integrating with your existing office staff and would be sharing the same focus and goals. They are fully aware of the fact that if your practice does not get an income, it would not be able to make money. Your practice would have easy access to a valuable knowledge base of medical billing experts that would guide them while tackling the ever-changing industry scenario.
You Could Still Exercise Control
Outsourcing medical billing does not imply that you would be giving up control over the billing issues completely to a third party. In reality, you would be very much in control of the entire process. Now that someone else would be doing the time-consuming work and tackling all the problems, you would have enough time and scope for reviewing their monthly reports. Annual and monthly comparisons are made quickly and all queries would be addressed in detail by the account managers. Certain things such as payer reimbursement issues and charge entry errors would be promptly identified before they get out of control. You could run any report round the clock and there is 100% transparency. Everything would be very much in your control.
Payments Made Faster
Cash flow is vital to any business. If you outsource to a competent medical billing service, you could submit all your claims promptly and with negligible errors, so you would be getting faster payments in the shortest possible time. Your payments would be posted by specialists who would be preventing errors associated with payment posting and so the denials would be detected upfront. As such, these would be worked out and submitted again for timely payment.
You have devoted all those years in medical school to be a dedicated doctor who would be helping people. Obviously, you did not spend enough time learning all the complexities of medical billing. If you do your own medical billing in-house, you would be wasting a lot of time and energy. You must stay focused on your objective of giving more time to your patients. You must realize the advantage of outsourcing medical billing to a professional billing service.