Whether you are a medical facility, a small group of physicians with some specialties, or have just started your practice and have invested in your office, software, and hardware, medical equipment, furniture, medical staff, insurance, or hiring the staff. You must be eager to see more patients improve your practice and reap the financial benefits of it. But wait, is your money getting drained because patients are not paying? Also, your claims might be getting rejected because of certain mistakes in your coding. Finally, all this will lead to a failure to submit the bills on time and no follow-up in case of denials. Here we can know how to add profits to your practice by outsourcing your medical billing services.
None of these is new or unique to even your case. But unfortunately, there has been a significant decline in reimbursements in the healthcare industry due to the failure of HIPAA-complaint paperwork. Hence the opportunity to develop a thriving practice is constantly shrinking.
As per the study, on an average 70 to 80% of the patients owe about $500 to their healthcare providers. Also, over 45% of patients owe about $1000+.
In such a case, whether you are a small or a big practice, you would want someone else to take care of your medical billing process, so it can be converted into a profitable practice for you. You can easily add profits to your practice when you outsourcing medical billing services since the outsourced medical billing company will take care of the billing, coding, and follow-up. At the same time, you can also concentrate on your patients.
Here are ten ways that outsourcing medical billing services can add to your practice’s profits:
1. Establishing relationship with payers
With a significant chunk of the reimbursement coming from commercial and private insurance companies, it is essential to establish a relationship with the payor. It will ease any fallout but collaborating with them can keep you updated about the insurance policy and regulation changes, so there are no wrong medical coding and billing.
2. Adhering to compliance
With HIPAA standardizing the medical codes and safeguarding patient privacy, confidentiality, and security, every healthcare provider must adhere to all the rules and regulations. In addition, any violation would mean a loss of revenue as the practice will come under scrutiny.
3. Using Interoperability
Interconnectivity between the healthcare facility’s multiple domains and subdomains is necessary for the practice to thrive. Interoperability helps in removing the blockades between the department and the medical billing system. Connecting between the health systems is a must in this day and age.
4. Use of the advanced methodology
The use of the latest medical software can help manage the denials, maintain the tax ids, and track the claims while staying relevant with the regulation changes made by HIPAA, Medicaid, and Medicare. In addition, most of the medical billing software can now update itself with the latest changes, so the revenue management stays on track.
5. Reduce overheads
Outsourced medical billing and coding can help reduce overhead costs, like hiring and training people for billing, follow-ups for the claims, and updating the software and hardware.
6. Leverage data analytics
With the latest technology in place, data analysis can minimize the inaccuracies and help find the issues that drain the revenue. It also improves transparency in practice, so one can derive a certain conclusion and work on the problematic areas using the tool.
7. Automating the coding process
It is part of improving the claim procedure by automating the medical billing and coding process. In addition, there is much HIPAA compliant software and can use the right codes for the medical billing procedure.
8. Bridging the gap between services
Any practice that wants to thrive needs to scale and offer primary care, ER, outpatient surgery, and other services. Medical billing companies have the resources to implement accurate coding and billing for all the services, thus helping you to bridge the gap between the services seamlessly and not lose out on revenue.
9. Focus on revenue generation
Undoubtedly, making a profit with the practice is a good idea but that should not be the only focus. With the help of outsourced medical billing, you can move towards revenue generation by saving money. When you file a claim on time and get the reimbursement on time without any denials and resubmission, you save time and improve the revenue cycle ROI.
10. Boosting the infrastructure
As you improve your service and business, there will be more substructures, and you should be ready for that. Not only would you need the manpower, but you would also have to meet new demands in handling the claims and revamp the technology to scale up. Hence when you tie-up with a third-party medical billing partner, you are in a good position to boost the infrastructure when needed.
As a healthcare professional, you must carefully read through these 10 points to understand how outsourcing medical billing services can add to your profit in this competitive market.
Whom To Collaborate With?
The medical and healthcare facilities are different in implementing different tools, operations, and methods. Therefore, you should be able to leverage the Expertise of Professionals in Medical Billing Services such as 24/7 Medical Billing Services.
Over the years, 24/7 Medical Billing Services has helped healthcare facilities streamline and improve the claims and made the entire medical billing process and the revenue management hassle-free. The workstation of 24/7 Medical Billing Services is equipped with all the latest software and technology that can help the medical billing process for practice.
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