Did you know? According to an American Hospitals Association report, the total cost of uncompensated hospital care since 2000 has exceeded $620 billion. As per another survey, 99% of medical bills in excess of $3,000 were not paid in full. Furthermore, bankruptcies in the health care sector have tripled with eight hospitals declared bankrupt and nine others closed their doors. Also, failures in claims processing, payments, billing, and bad debt collection cost healthcare providers $300 billion per year. All these statistics highlight a major issue confronting US healthcare providers today, i.e., revenue erosion. That’s why it is important to deal with these issues at the earliest and OUTSOURCE your medical billing is a one-stop solution to all your problems.
Let’s have a deep dive into the different reasons for medical billing outsourcing:
- Fewer Errors:
Incorrect patient data, duplicate billing, and authorization errors can all lead to extra costs. You can benefit from experienced medical billing and coding experts by outsourcing your medical billing and coding operations. They also have quality assurance measures in place, so they make far fewer mistakes. Therefore, fewer errors can lead to a more efficient workflow, fewer denied or rejected claims, and increased revenue for your medical facility.
- Consistent Cash Flows:
Denied claims and payment delays all contribute to a decrease in cash flow. Outsourcing billing can keep your billing and coding process moving more efficiently, resulting in timely bill submission and an increase in cash flow. Your medical billing outsourcing partner is committed to your financial success by understanding the need for consistent cash flows. You can submit claims and collect payments more quickly with outsource your medical billing services.
- More Time to Concentrate on Patient Care:
Nobody goes to medical school with the intention of spending the majority of their time filling out paperwork and negotiating with insurance companies. It only makes sense to devote your time to your core competencies such as patient care while outsourcing other operations to medical billing providers who are trained and experienced in carrying them out. Allowing an experienced medical billing company to handle your billing permits you to devote more time to your patients.
- Accurate Credentialing:
A physician must be credentialed in order to provide care to patients who are covered by their insurance carrier. Credentialing, on the other hand, is a time-consuming process that may result in delays or rejections. You can rely on a dedicated medical billing company to take charge and provide these services for you by outsourcing the tasks. A third-party service provider’s fast and accurate credentialing will simplify the process and provide quick results, reducing stress in your already overworked office.
- No More Overdue Collections
Collections are essential to the expansion of a medical facility. Skilled and experienced professionals can increase collections and efficiently reduce revenue loss due to denials by outsourcing medical billing. They can submit claims more quickly, resulting in faster payments.
They even use a seasoned team of tireless and tough negotiators to go after every last dollar. You will receive timely, relevant, and accurate information in an understandable format. They don’t just help you get money; they also help you grow financially.
- Pay When You Get Paid:
You can convert fixed labor costs into variable costs by outsourcing medical billing. This conversion means that you only pay for the services you use rather than paying full salaries all year. Outsourcing provides you with the flexibility to base your pricing on the amount of time you use their medical billing and coding services. This means that you can pay only when you are paid. Outsourcing medical billing also allows you to pay only for the services you use while maintaining the dependability of a skilled, qualified, and dedicated professional team.
- Maintain Patient Satisfaction:
Having to juggle so many tasks in a day can make meeting all of your patients’ expectations difficult. The added stress may also result in more errors, further frustrating patients. You can relieve your staff of the time-consuming task of managing the billing process by outsourcing medical billing. As a result, your facility can better attend to the needs of patients, resulting in happier patients and higher satisfaction rates.
- Constant Upgradation in Technology:
Depending on your medical billing department means staying technologically prepared to handle the billing process internally. This necessitates additional costs to cover the billing software that must meet industry standards, which can be very costly due to the constant changes in the billing process. You won’t have to worry about buying new equipment or training your staff to use it if you outsource your medical billing services. They integrate with cutting-edge software, allowing us to input coding instantly and execute collections quickly and efficiently.
- Save Money:
When it comes to hiring an in-house medical billing team, there can be a lot of hidden costs. Training costs, full salaries, benefits, insurance, modern billing software and many more can be added to the list. Not all facilities have the disposable income or the time to find and train a replacement every time an employee leaves. You can reduce, if not eliminate, fixed expenses by outsourcing your medical billing. As a result, a medical billing firm can offer a more efficient, long-term, and controlled approach to your revenue cycle management.
- Timely Access to Reports and Data Analytics:
Using an outsource your medical billing services makes it easier to get reports and data on time. Analytics of this data will provide you with valuable insights into where they are and in which direction they are going. The information gleaned from this data can also be used to make healthcare decisions and plan growth strategies.
24/7 Medical Billing Services – Your Outsourcing Partner!
The most compelling reason that strengthens the case for medical billing and coding outsourcing is that it increases your bottom line. If you need a dependable medical billing outsourcing partner with the expertise to assist you in meeting your revenue targets, contact the experts of 24/7 Medical Billing Services. Our team can expertly manage your entire revenue cycle, allowing you to focus on the most important business of all, i.e., saving lives.
In fact, our team works on the approach that it gets benefited when your revenues increase and suffers when your revenues decrease. As a result, we align our medical billing company’s objectives with your goals of better patient care and revenue.