Thousands of medical practices all over the country are encountering messy complications with medical billing due to the fresh challenges brought on by healthcare reform. In spite of Electronic Health Record (EHR), increasing numbers of physicians are finding that they have to forfeit precious patient time in order to stay on top of endless streams of paperwork. But doctors and medical offices do not need to resign themselves to increased administrative workloads and suboptimal productivity. Outsourcing medical billing could be the answer and comprehensive solution to all your billing woes.
While staff in your office may be able to identify problems with billing and consequently your revenue cycle, they may not have the know-how or the resources to fix these problems. This is where the expertise of third-party medical billing companies comes in:
- With greater control over revenue cycle management (RCM) and fewer denials and rejections, outsourcing your billing will allow for faster reimbursement of claims.
- With Medicare and other healthcare payers constantly decreasing rates, it can be a formidable task to stay profitable. In these challenging times, optimizing reimbursement by outsourcing will allow your practice to ride out difficult times.
- Outsourcing your billing process will prevent in-house staff from feeling overworked and overwhelmed with paperwork.
- Employee salaries and benefits are one of the biggest drains on the finances of a medical practice, and outsourcing is a cost-effective solution. Outsourcing also cuts costs on training in-house staff to perform billing duties.
- Outsourcing will reduce the chance of interpersonal issues arising amongst overworked staff members and keep the revenue cycle from suffering if one or more staff members are sick or away on leave.
- All good medical billing companies offer customized packages so that you will only pay for what you need. As qualified medical transcriptionists and coders become more and more scarce, you can benefit from the economies of scale, stay in control, and only use the billing service on an as-needed basis, all without leaving a gaping hole in your bank account.
- Medical billing companies work 24×7 to ensure that claims are not denied and accounts receivable do not become long overdue. With the accurate filing of claims by billers who are experts in several EHRs, within a few months of outsourcing your billing, you will notice reduced reimbursement times and a substantial increase in your net revenue.
- If you are new to private practice and are feeling lost in the maze of compliance requirements, third-party billing companies can help you achieve full integration with EHR, Medicare enrollment, and credentials. They can also provide you with appropriate software and help you set up a profitable practice on a strong foundation.
- If lost paperwork is a recurring problem in your office, outsourcing can help. Billing companies use secure web-based portals that keep your records safe. Your documents are immediately accessible to you on any computer with Internet, and you will make considerable savings in time and money investment on cloud-based IT services.
Whether you are a newbie or a veteran with decades of experience, outsourcing your billing is a cost-effective, practical, and prudent solution to increase profitability, reduce the workload on staff, and optimize the business end of your medical office. It may be just what your practice needs to get back on track to being operationally efficient and financially rewarding.