Along with doctors and caregivers, a clinic and hospital only get stronger with a strong backend staff. The people handling medical billing and coding are the invisible engines in the healthcare machinery, and this engine needs to handle this task properly and all the medical codes need to be kept up-to-date, to ensure their patients are reimbursed properly.
However, medical billing and coding can be demanding and daunting tasks for many practices and firms with no access to the required skilled team to handle the tasks properly. As a result, physicians, healthcare providers, and practitioners prefer outsourcing medical billing tasks to a third-party service provider.
But why outsourcing medical billing is beneficial? Why practices should outsource medical billing?
As a practice, you need to consider all the benefits of outsourcing medical billing before actually getting in contact with an agency. With this article, our team at 24/7 Medical Billing Services is providing a list of various reasons as to why medical billing outsourcing is good in certain cases.
1. Increased Revenues: Practices can save a lot of time and money by outsourcing medical billing. This is served in terms of salaries, purchasing, office infrastructure, upgrading, and maintaining billing software. With decreased overhead costs, increased reimbursement, and timely submission, practices can experience improvement in their revenues too.
2. Increased Control: Practices have a misconception that medical billing outsourcing may make them lose control over their business processes. Many practitioners have stated that they now have better control over their medical billing processes since they outsource along with saving money on training and billing staff. This control is directly connected with your operational benefits, which stand to benefit from outsourcing.
3. Improved Safety: Medical billing outsourcing to a third-party service provider is perfectly safe. Expert outsourcing agencies offer a very transparent billing process. Most medical billing agencies have HIPAA-compliant and 100% secure billing processes to keep practices safe against any hacking attempts. Companies need to have the assurance about their data safety and well-regarded outsourcing agencies have the required security and infrastructure to provide a safe environment for medical billing outsourcing operations.
4. Reduced Labor Costs: An average healthcare practice spends around 30-40% of its collections on the medical billing processes. Outsourcing medical billing processes can save a lot of unnecessary costs for the practice. Having a dedicated medical billing team in-house can be avoided by outsourcing, and the money spent on training it and keeping them up-to-date with the latest regulations.
5. No Capital Investment: When your practice decides to outsource medical billing, you no longer need to invest in the billing software or any of the equipment. With no software on board, you also don’t have to spend extra on costly software upgrade investments as well. As you outsource the medical billing process, the costs are hugely reduced, and in most cases, you can get started easily without any initial capital investments at all.
6. Trained Specialists: Various offshore agencies have trained staff that is highly experienced and the team is experts in all the business requirements of outsourced medical billing and coding. This team reviews and follows up on all payments and makes sure all the carriers are paying the right amount. An agency expert in medical billing and coding tracks until it is processed and the full amount is paid, thereby reducing overheads.
7. Changing Regulations: The medical billing world is highly exposed to the changing rules and regulations. Tracking and maintaining pace with all these changes can be time-consuming for any practice. Outsourcing your medical billing can be managed by the outsourcing partner.
8. Adherence to ICD 10: The latest development in ICD may be a rising concern amongst the medical community. The new coding changes always create a massive impact on the time management and payment outcomes for healthcare practices. Once you get a team offshore to handle all your medical billing, they get to handle ICD, most of whom are already well-versed with the sweeping regulations involved.
9. More Time for Patients: When you outsource the medical billing, health practitioners get more time to focus on the patients. It’s good for business to invest your business time into your core competencies.
10. Happy Patients: Visiting a healthcare facility is a time-consuming process for most patients. Mostly, a bad experience. When you have a reputation for a smooth billing process, your patients find themselves happy and with no additional stress. Most of the time, medical billing outsourcing can help you get this reputation.
So, it makes good sense in outsourcing medical billing for your practice and business. That said, the outsourcing must be done to an expert agency and 24/7 Medical Billing Services is the one you find here with this article.