Striving for quality patient care and outcomes is always the first priority for medical practices. However, providers also need to juggle between getting paid and compliance with healthcare reforms. Since timely reimbursement is vital for surviving in the business, they need experienced billing staff to increase profitability and maintain cash flow.
Considering the growing complexities of medical practice billing and unrelenting economic pressures, many providers are choosing to outsource their billing functions. By partnering with a reliable billing company, they have been able to ensure faster and full payments for rendered services.
From dealing with payers and tracking down unpaid patient accounts to reducing claim denials and complying with HIPAA and other reforms, there are several ways in which billing service providers are helping practices grow:
- Practices are saving money because outsourcing eliminates the cost of running an in-house billing team. Experienced billers and coders demand a heavy pay package. Besides employee salaries, practices also need to spend on infrastructure and technology which adds to the expense. But outsourcing eliminates these expenditures and helps practices reduce overall expenses.
- Providers don’t have to worry about claim denials because a good service provider has trained and experienced billers and coders who process clean claims for quick payments. They work without distractions and stay on top of the latest in billing and government or insurance industry regulations. They reduce A/R and rejection rates in order to strengthen the revenue cycle of the practice.
- By choosing a dependable medical billing company, practice gets more time to focus on quality care and other patient-oriented tasks. This helps improve patient satisfaction because patients get the time and attention they deserve.
- In small practices, the office staff has to wear more than one hat. They not only handle reception and A/R but also have to submit claims and follow-up with payers. Overworked employees tend to make mistakes which leads to denials. But if practices hire a dedicated team to handle revenue-related hassles, their office workflow improves and staff can focus on attending patient needs.
- A good service provider offers analysis of the practice’s claims management and also offers assistance in establishing a plan for improving billing, reducing errors and resubmissions. All these factors not only help increase the efficiency of the revenue-recovery process but also pave way for the better growth of the practice.