Here at 24/7 Medical Billing Services, we always push our prospective clients to outsource their medical billing services. Why? Do we get more business? Yes, that’s one reason. But most importantly, outsourcing medical billing brings so many benefits to any practice out there. Our NOW clients did not have an idea about these benefits until they tried our services and are here for years.
Fortunately, we kept records of their queries over the years and surprisingly, we found so many myths they had in mind before they turned to us.
This article is created for our readers where we have tried to clear up some of the common myths about medical billing outsourcing and why medical billing outsourcing is a great option for you to consider. Keep reading to learn more!
Why do so many practices opt for outsourcing the medical billing process?
Handling the process of medical billing is as important as treating patients, even if it seems to be a daunting task. Managing insurance claims is the single most important source of revenue for the practice. Most common mistakes occur when a beginner is handling this responsibility relating to medical billings, where there is a demand for a concrete solution to augment your practice by improving the revenue cycle. Various leading medical practitioners have trusted 24/7 Medical Billing Services, where we have proved to be exceptionally beneficial. But still, there are some myths that some practices have, regarding outsourcing their medical billing.
More than anything, the biggest myth about medical billing outsourcing is its limitations and scope. Practitioners judge this process based on the myths they have heard from other people or read on a few untrusted sources. These myths can make or break decisions to outsource, and misled decision makers at practices might lose the benefits they can get from outsourcing.
Myth 1. Medical coding and billing are mostly limited to data entry.
Medical billing is surely more than just data entry. A medical biller and coder needs to first understand medical records or notes; then they need to determine relevant information and finally translate that information into codes.
Myth 2. Patients are only a small portion of the payer mix.
Patients count for the third-largest payers, as they have a burden of the increasing financial responsibility for their healthcare costs. Healthcare practices, thus, need to place a higher focus on offering correct patient estimations before offering care and also collecting fees upfront.
Myth 3. Medical billing outsourcing makes practices lose control of their revenue process.
Medical billing agencies offer the service to manage revenue generation and reconciliation. The medical billing outsourcing company tends to only over this particular task of the practice and report it accordingly. They make sure that the practice is well informed about all the processes and progress and also strive to provide the greatest value.
Myth 4. RCM technologies don’t offer any great returns on your investments
With cloud-based technology, RCM outsourcing offers various benefits by integrating financials with patient portals. It also offers electronic payment options, sending electronic statements and reminders. Outsourcing RCM can also enable patients to pay for their services in advance. The back-office in the practices can be freed from recurring administration activities. A trusted medical billing company can reduce days in A/R and lower practice’s claim rejection rates at the level where they can outpace industry averages. Hence, outsourcing RCM can give you benefits like stronger reimbursement and strengthening cash flow.
Myth 5. Medical billing outsourcing is expensive
Although it may seem like paying medical billing outsourcing agency will cost you more money, it boosts your total revenues to extreme levels. Medical billing outsourcing improves the collections process, and agencies like 24/7 Medical Billing Services can increase total collections for practices in various healthcare arenas.
Myth 6. Medical billing outsourcing is only for big practices and hospitals.
Although most medical billing agencies are attracted to bigger clients, there are no doors closed to small businesses. Small and medium sized practices are the big chunk of the medical billing agencies’ clientele. For most practices, outsourcing their revenue cycle management is a common practice.
Myth 7. Outsourcing only helps in cutting operational costs.
Reducing costs is one of many benefits of medical billing outsourcing. The efficiency and value the medical billing agencies offer are meant to improve and spending up other management departments.
As you have seen, even though there are so many myths about medical billing outsourcing operations.
Medical billing and coding experts can offer you the best ways to boost revenues, improve reimbursements, and lower costs for a medical practice.
To know your way out, visit us at 24/7 Medical Billing Services and explore our services.