Undoubtedly, medical billing is a complex field rife with mistakes and mismanagement. As the costs of managing medical billing processes in-house rise, so do the pressures of keeping up with the healthcare industry’s multiplying rules and regulations. In fact, your healthcare organization’s compensation depends on accurate and efficient medical coding and the submission of medical claims. That’s why it is critical to hire the right medical billing company to understand your organization’s unique requirements and provide a tailored solution. The best and most viable option available is hiring an experienced medical billing agency that can assist you in achieving success while protecting the interests of your patients. Hire a medical billing company can shift the administrative and financial burden from medical professionals to those more qualified and capable of handling it.
Let’s have a look at what all benefits can be enjoyed by hiring a medical billing company:
Reduced Billing Errors
Hiring a medical biller will assist you in reducing the possibility of errors in form submissions and insurance claims. Almost four of every five medical bills contain errors of some kind, jeopardizing your ability to receive timely reimbursement from insurance providers for services rendered.
According to NerdWallet’s research, approximately 49% of all Medicare claims result in errors. Other errors include mishandled underpayments, incorrect procedure codes, missing information, and upcoding.
Outsourcing medical billing services to a professional medical billing company will assist you in preparing and distributing error-free documentation and processing insurance claims quickly. Using their billing experts means better office management and compliance, fewer coding and billing errors, and higher savings per patient.
Greater Revenue for Practitioners
Due to denied insurance claims, healthcare practitioners frequently experience significant revenue losses on an annual basis. According to the AARP, one out of every seven claims is denied, resulting in over 200 million daily denials. This happens for numerous reasons, such as missed deadlines, claim form errors caused by inaccurate information, incorrect medical coding, insurance coverage issues, and many more. According to reports, approximately 30% of all insurance pay outs are either neglected or denied.
A professional medical billing company enhances the net revenue collection and rectifies any shortcomings within the pre-existing revenue cycle. In-house administration costs, along with the errors in form submission that can lead to lengthy delays with insurance claims, are significantly reduced.
Almost every medical biller relies on smart software to streamline and automate the entire revenue management cycle. This ensures the highest level of accuracy and prevents the human error from interfering with your practice’s financial performance.
Hiring experienced medical billers eliminates most of the capital costs associated with purchasing and operating new software. Furthermore, medical billing companies are entirely HIPAA compliant and adhere to all regulatory standards. A reputable medical billing company will also help your practice stay current on state laws and regulations, market trends, and codes.
Higher Financial Transparency and Analysis
Transparency in medical billing is difficult to achieve. Hospital staff and healthcare professionals can significantly improve the patient experience by streamlining the critical billing and payment processes.
A medical practice can quickly reduce costs and delays by hire a professional medical billing company. An experienced medical billing company can boost cash flows and enhance operating margins by automating and restructuring your billing operations. The resulting operational transparency and financial efficiency will assist you in improving the patient experience, thereby enabling business success.
Streamlines Daily Billing Operations
Medical codes and insurance policies are constantly changing, and only someone who is intimately familiar with them can effectively follow and apply them. A medical billing and coding specialist is knowledgeable about medical coding, billing, and the workings of the Affordable Care Act, Medicare, and Medicaid.
Expert medical billers and coders can effectively identify compliance issues, limiting insurance denials and allowing the medical practice to receive more cash and maximize revenue. The hired medical billing company staff will now be responsible for reducing stress, reclaiming rejected insurance claims, and allowing you to spend additional time enhancing patient care or growing your medical practice.
Maintaining and updating software solutions can be costly in terms of both capital and time. Outsourcing the responsibility of constantly updating and implementing newer software can further result in significant cost savings.
Partnering with 24/7 Medical Billing Services!
Choose the outsourcing option if you want to improve the timeliness, accuracy, and consistency of your medical coding and billing. This approach has numerous advantages, making it an excellent choice for many healthcare organizations.
24/7 Medical Billing Services is a leading and experienced medical billing company that has worked with some of the country’s largest healthcare providers for decades. We have a large team of certified, skilled coders ready to provide the high-quality medical coding services you require.
We offer a full range of services to assist our clients in dealing with the increasing workload that threatens to overwhelm healthcare providers. Contact us to learn more about our medical billing and coding services.