Higher collections and reduced workload are two main reasons why practices are choosing to outsource medical billing. Outsourcing has revolutionized the way healthcare professionals are working but unfortunately, there are certain myths that are stopping many providers from taking advantage of outsourcing.
Here are to five common myths related to outsourcing:
- Unnecessary expense – Many healthcare facilities believe that outsourcing is an unnecessary expense and a ‘nice to have’ service only for profitable practices. They think hiring a billing company will only leave a bigger dent in their pocket. This of course is further from the truth because hiring the right billing partner can not only help them save money but also boost their revenue.
- Outsourcing not for new practices – The second common myth is that outsourcing is meant for established and profitable practices only. They think that new or small practices cannot afford to hire a medical billing partner. But in reality, new medical practices can gain a lot from outsourcing their revenue management needs while they are getting started. For a new practice, figuring out revenue challenges can lead to friction and bottlenecks. But if a reliable company handles their revenue needs, they can easily get more time to focus on other important tasks.
- In-house staff is enough – In-house staff can easily handle billing complexities is another myth due to which many providers don’t want to outsource. What they fail to realize is that billing industry regulations keeps changing and only specialists can keep up with the alterations and innovations and make use of latest technology to submit faster, error-free claims.
- No control on revenue cycle – Another common myth is that outsourcing means providers lose control of their revenue cycle. But in reality, a reliable medical billing company will maintain transparency, work closely with the provider’s staff and keep sending frequent and detailed communication and reports so that the providers are able to keep a better track of their revenue cycle.
- Time consuming – Lastly, some providers feel that outsourcing is an extremely complex and time consuming process. But the fact is that having a reputed third party on board can save them a lot of time. This is because expert professionals will be working on their claims and revenue cycle, handling denials, A/R and various other tasks. Since claims are being handled by professionals, the practice can expect accuracy in claims and an increase in reimbursement.