Considering medical billing outsourcing is one of the best choices you would have while thinking about sustaining and expanding your medical practice. While there are so many articles about whether you should outsource your medical practice or not, a few are talking about the myths it holds.
We know medical billing is a complicated process in today’s healthcare system. It is a complex process of submitting and following up on claims with insurance agencies to clear payments for care provided by the healthcare provider. To make sure that the practices receive payment for the services, the medical biller is responsible.
Therefore, a medical practice needs to have a knowledgeable medical biller and coder who can optimize revenue for the practice.
For this, you have two options. Either you can hire an in-house medical biller or simply outsource your medical billing to an expert agency.
Is in-house medical billing more beneficial?
Some practices prefer having control over their medical billing by hiring an in-house medical billing expert. Well, this was a common situation. Nowadays, many practices are emphasizing outsourcing their medical billing and coding. Investment in outsourcing medical billing services is indeed fruitful.
With so many issues like revenue fluctuations, salary stress, employees being on leaves and vacations, outsourcing seems like a safe option for the practice.
Rather than spending so much on in-house salaries and technology, why not simply outsource medical billing? Some practitioners have some common myths in their minds.
Why outsource the medical billing process?
Handling medical billing services is as important as handling patient care, even though it looks like a hectic task, it’s important for revenue management, expanding your business, and control insurance claims in time. At 24/7Medical Billing Services, we have a pool of clients having some doubts about medical billing at the start, but now, they are now relaxing with their medical billing handled by the experts.
We have a collection of myths about outsourcing medical billing services
1. Medical billing and coding is just about data entry
Medical billing and coding are not just about data entry. A medical coder reads and understands medical records or notes, then determines what information is relevant and finally translates that information into valuable codes.
2. Patients are just a limited part of the medical billing process
Patients rank third on the payers’ list. Stressed with increasing financial responsibility for healthcare costs. Practices are now in need to focus on providing accurate patient estimations before delivering services and also collecting fees.
3. You lose control over your medical billing once you outsource it
This is a very funny misconception with the medical billing services. Medical billing agencies help you with managing revenue generation and reconciliation. The medical billing company tends to only look over this particular task and report it as needed. They make sure that the practice is well informed about every process and also strive to offer a better outcome.
4. Outsourcing is expensive
This is also one of the common myths our clients had. Maybe you have it too. External medical billing services are not expensive but profitable for your practice. By enhancing your collection process, outsourcing companies like24/7Medical Billing Services can increase total collections for different practices. Your outsourced company can save their patients money by turning their practice’s revenue cycle into a well-running machine.
5. Outsourcing can only cut down operational costs
One of the many benefits of outsourcing is cost reduction, but it’s not limited to it. The value and efficiency you get through the billing companies’ results help in enhancing other management departments. So, outsourcing does not only help your operations but overall practice too.
6. I can afford to outsource only if my practice is big enough
Although medical billing companies are more suitable for bigger practices, it’s a partial truth. Outsourcing medical billing can be outsourced by any sized practice. Although, small and medium-sized practices are top on the list of their clients. Outsourcing companies prefer all sizes of customers so don’t hesitate to get in touch with 24/7 Medical Billing Services if you think your practice can’t outsource medical billing. We will have a plan for you in place.
7. Medical billing companies reveal confidential information to third-party service providers
So many practices are scared that medical billing companies reveal their information to other parties. This is not at all true (at least with 24/7 Medical Billing Services). At first sight, many practices assume that medical billing companies see through every transaction and activity of their clients. Well, the security and safety of a company’s data is a top priority of revenue management vendors. If they follow malpractice in their process, practices will lose confidence in their company and this will show an impact on their business in the long run.
Let’s move beyond the myths
Medical billing companies need to understand various insurance companies and should interpret all the right codes to have an intact claim. Even well-established practices cannot excel at everything at all times. Outsourcing revenue management lets practice focus on its patients and their care.
As mentioned in this article, medical billing outsourcing will help you reduce costs and increase profits without a doubt. Practices need to be competitive and grow rapidly along with expanding their business. By partnering with an expert medical billing company, you can improve efficiency at the same time increasing your revenue.
To learn more about 24/7 Medical Billing Services and how we can help you with revenue cycle management, drop us an email at firstname.lastname@example.org and we will discuss new opportunities for your practice.