Medical billing outsourcing solutions are changing the perceptions of medical practices the way they work but unfortunately many of them fail to counter the myths they face about outsourcing and struggling with the dilemma of whether or not take the advantages of these services. So, we will take on the myths one by one and provide you with the big picture.
In-House Staff Can Handle Billing Tasks smoothly
Healthcare setups often end up believing that in-house staffs are equally capable of managing the medical billing process and revenues as outsourcing company. It may be that the staff is familiar with the billing tasks but it’s mostly unlikely that they have the potential to handle the billing operations as the professionals.
What the practices needs to understand is that this industry is constantly changing; it takes the experts to tackle the new software and other innovations that are always popping up in the market. And that’s why it makes a lot of sense to let the billing professionals to manage these revenues based tasks.
Billing Outsourcing is just another expense
Many of the owners have this biased opinion regarding outsourcing that it will leave a huge dent in their wallets and would rather handle all the tedious processes in-house. Now, it may seem like spending on another medical billing provider will cost you more but in reality it can boost your revenue significantly. Outsourcing not only help in submitting claims much faster but also with the help of outsourcing professionals you face less errors which is reworked helps in reimbursement.
Only Established Medical Practices should outsource
This is the most popular misconception among the new medical practices. They think that once they have established themselves they can go for these services. But the matter of fact is that a new medical practice requires the collective coordination of hundreds of tasks and flawless business system. It causes a lot of friction in the practice if it tries to execute the billing and revenue management on their own.
By outsourcing these complicated tasks, brand new medical practices can focus on more high-priority tasks like taking care of their patients and maintaining the reputation. Losing Control of the Business Medical billing companies are responsible for managing the revenue generation for the healthcare setups. Now, the misconception in this whole scenario is on the controllability and accountability of the business. A practice often thinks that maybe it’s losing the grip on the whole system due to outsourcing but it’s exactly opposite of losing. The professionals just look over the specific tasks of which they are paid and that’s it.
Outsourcing only helps in cutting operational costs.
Reduction in costs is one of the benefits of medical billing outsourcing and not just that but the efficiency and value provided by the medical billing companies results help in rectifying and accelerating other management departments.
Lack of Knowledge on the Services
A medical practice often doubts on the expertise area of the professionals whether they have the abundant knowledge on their specific services. But, on the contrary outsourcing is based on the foundation of expert panels because they have to handle numerous services at a time.
Limited or restricted access to data and reports
When a medical practice works with an accountable outsourcing partner then they are bound to share the routinely reports with the practice. It’s their responsibility to build up the rapport with the practice and share the relevant, detailed reports of the payments, reimbursements.
Violating HIPAA policies:
There’s nothing to worry regarding any kind of violation because the billing partners share the information with a secure online encrypted system
Losing control of revenue
One of the most prevailing fears of a practice is that they are at the total mercy of the billing company. The important thing is that when a practice seeks for outsourcing for their billing process, the experts works with just one motive which is helping the practice to control their revenue and they are all for your financial success.
Outsourcing RCM is Time Consuming
Outsourcing provides you with the time to solely focus on your practice rather than struggling with the cash flows which you have already earned. So when you outsource RCM you give the specific command to coders which ensure that the coding is done appropriately. Incorrect coding will just delay the reimbursement process and it would have to be reworked again. The efficiency of work automatically compensates for the time spent in managing the revenue cycle management to the outsourcing company.
There are pros and cons to every aspects of medical billing outsourcing services but it all depends upon you that what you choose or which service you choose for your benefit which could last for a long time.