Medical billing can be a tedious and complicated task for doctors and physicians. For this reason, medical institutions who are choosing to hire a third-party for their medical billing operations are growing in a rapid rate. According to the 2014 Black Book Rankings Survey, 42% of small physician practices with in-house medical billing staff hope to outsource their medical billing claims in the next 12 months.
Outsourced medical billing provides numerous benefits that simply can’t be realized by keeping it in-house. If you are on the verge of deciding whether to retain your medical billing in-house or outsource, here are some important reasons to consider in favor of outsourcing. These could be your leeway to finally improve your billing systems, minimize cost and increase your revenues.
Access to dedicated and highly-trained billing experts
You are saved from the hardship of looking for the qualified, well-trained staff you need that will ensure the quality of your medical billing. Credible third-party medical billing can do the high-quality work for you. Outsourcing gives you access to dedicated and highly-trained medical billers and coders who specialize in your field. They will review and keep track of your claims until they are processed and paid to the fullest.
Streamlines your medical billing systems
Given that expert and qualified billing staff handles your medical billing, backlogs and turnaround times are eliminated. Medical billing outsourcing frees you from the complex process of healthcare claim management, especially now that ICD-10 implementation is coming possibly on October next year. ICD-10 will affect all aspects of billing, but a medical billing service can provide the benefit of a vast knowledge base as they are acquainted of the trends and new codes.
Saves your money
“By outsourcing your medical billing, you could save thousands of dollars in annual salaries and benefits; office supplies and furniture; and purchasing, upgrading, and maintaining billing software and computer equipment,” says Joy Hicks, a medical office expert. Medical billing companies typically just ask for a percentage of your collections, which is less costly than what you would pay for a medical billing staff to provide the same services.
Reduces billing errors and turnaround times
When there are errors in your billing methods, it can take months to receive payment. When you outsource, you allow professionals and experts to take over your medical billing who will ensure you send out clean claims on time to get paid within weeks. You will be paid for the services you render to patients within weeks of providing those services, instead of months.
Focus on patient care
Doctors cannot be efficient at providing excellent patient care if they are bogged down by the financial side of their practice. By outsourcing, you can focus on providing excellent care to your patients, while a medical billing team handles all of your billing and claims. By then, you can concentrate on what you do best, and that is providing patient satisfaction and quality care to your patients.