10 Reasons Why Outsourcing Medical Billing
Posted 1 month ago;
Is there any rule book that claims a medical organization or practice must conduct their billing services in – house?
In fact, outsourcing your medical billing department can open a new world of possibilities for your practice. And can prove extremely beneficial overall. At the same time, you need to weigh down your options and assess the best solution suited to your individual needs.
At Billing Freedom, we have collaborated and worked with numerous medical practices. Both big and small. In this manner, we have helped them deliver the highest quality of care to their patients. Over the years, we have seen most practices redefining themselves, with outsourced billing solutions.
This article is going to be spanning ten of the biggest reasons why every medical practice should seriously consider outsourcing their billing department as a viable option. These points may help you figure out if this is the right path for your practice.
Automatically Being Able To Check On Insurance Eligibility:
Think about this. Does your practice have to rely on interim workers? Or bring in part-time workers to be able to sift through the basic task of verifying a patient’s insurance coverage?
If the answer to this question is yes – you are wasting a lot of resources that could otherwise be contributing to your cash flow.
Outsourcing your billing department will allow a medical billing company to do this on your behalf. You would be able to check this data automatically. And get the details on all your patients, swifter, and sooner.
Drastically Cutting Down Billing & Coding Mistakes:
Even in the most professional of practices, errors are common. Everyone makes mistakes. Your staff may already be handling mistakes in billing and ensuring they’re putting in the right codes for diagnosis and treatment. But the room for error is vast.
Once you outsource, you can count on drastically cutting down these mistakes. Since a company will dedicate its entire team, and staff singularly to the task. Pair that with years of experience working with different practices. The errors will go down, and the company would be able to track them down and fix them quicker too.
Ensuring Patient Data Remains Safe:
You are gathering sensitive information from patients. For a hacker, this might as well be a goldmine of data. It is not always easy for your computer team to stay on top of all industry standards and best practices.
Again, a company brings a lot more experience to the table. With updated regulations, they can ensure your patient data is in safe hands. Your IT department would then be able to focus more on ensuring servers and workstations are stable.
A Boost In Productivity:
Once you decide to outsource, the company will come well – equipped with tools that can be used more effectively in contrast to your in-house team.
For instance, adjusting staff schedules. Handling patient flow. Identifying obstacles on the sound basis of previous data. The possibilities are limitless! A little knowledge can steer you a long way.
Scaling Up Patient Satisfaction & Engagement:
To remain credible, any practice would need to ensure patient satisfaction. A practice’s long term success will be based on the critical comments and feedback received from patients.
Since your team members are no longer caught up in billing and information collection when outsourcing, they now have more time to work on patient engagement. By offering more personalized service to patients when they walk in the door, you are boosting patient satisfaction by multiple degrees.
Enhancing Customer Service:
How would you rate your customer service performance these days? Once staff has more freedom to move around, and make patients feel like they are being listened to, and guided through daunting processes – you are enhancing your customer service, and boosting sustainability.
Remaining Compliant With All Regulations:
In the healthcare industry, staying on top of the industry guidelines can become a tedious task. If you don’t adhere to them, you are risking severe problems. Such as losing out on compensation.
If members of your staff are already working double duty, this can become a burden, hard to shoulder. They’ll likely spread out too thin, and end up not doing a good job at anything.
It is always best to outsource and allow people to focus on what they excel at.
Suppose you are a practice situated in Dallas Texas. If you choose to outsource to one of the medical billing companies in Dallas Texas, they would ensure they remain consistent in ensuring compliance.
Lowering The Cost Of Normal Billing Activities:
Your practice probably follows a process of printing out and mailing bills. Additionally, your team would also be staying on top of payments that are falling behind.
Allowing a third party to handle this tiresome task, can cut down costs for your practice drastically. After all, office space and salaries account for a large chunk of your cash leakage. You would now be spending lesser money on overlooking payments at the time of service. And be lowering the cost of another very valuable resource; your time.
Faster Claims Processing Resulting In A Stronger Cash Flow:
Patients can tend to lag behind when it comes to paying their bills. This means more staff overhead. When outsourcing, the company is able to issue timely payment reminders to patients that need a little nudge. And now that your staff does not have to fret about this facet, you can dedicate more time to taking care of your patients.
Going back to our Dallas example. If you opt for one of the medical billing companies in Dallas, you would definitively witness a stronger cash flow.
Freeing Up Administrative Duties:
Are you fully aware of how much time and attention your administrative manager, or team members have to devote to administrative duties? Right from training, to staying up to date on the latest billing codes. There are numerous, basic, clerical duties involved in the entire process. Yes, this also includes typing in all patient information from start through finish.
Do not let your staff waste their precious time on low – level duties that can easily be optimized, and which experts can do better.
Billing Freedom is a leading medical billing company, dedicated to consistently innovating solutions suited to the unique needs of each medical practice. Get in touch with a team of experts today, and witness enhanced revenue cycle management.