Like any healthcare provider, you want to improve the bottom line for your practice. For most, though, billing is unfortunately a huge source of anxiety, both in terms of time spent and unpaid reimbursements.
Some practices still employ their own in-house biller, despite the many challenges including recruiting and retaining competent billers, keeping them up to date on regulations, and handling vacations and benefits. For most practices, it doesn’t make financial or operation sense to keep billers on staff.
For these reasons, as well as the 5 benefits listed below, an increasing number of medical practices are deciding to outsource their medical billing. Below are five benefits that you should consider.
1. It Results in Less Stress
By outsourcing your billing, you can leave billing concerns to someone else and focus on what is most important—improving and saving lives. Billing processes, regulations, and concerns are no longer a distraction, and you can provide better quality care for your patients. Sparing yourself the headache that comes with handling your own medical billing in house is often reward enough to justify outsourcing your billing.
2. You Get Money Faster
Cashflow is an important aspect of any business. Medical billing companies are designed to handle your billing faster and with fewer errors. When the revenue cycle is processed efficiently, you have fewer errors and claims get sent out sooner, allowing you to be paid in shorter time.
3. They Stay On Top Of Industry Changes
There are a number of industry changes that will affect how you approach medical billing. After all, staying compliant with all rules and regulations is not optional. The transition to ICD-10 is still a huge hurdle for many billers and coders. A medical billing company will ensure that your practice stays on top of regulatory changes. This will save you a great deal of time and will provide you with legal and financial protection.
4. They are Trained Specialists
Consider the knowledge base in a company that’s entirely dedicated to medical billing. Most medical billing companies have large staff, most of whom are trained specialists. Many practices are plagued by existing issues with their medical billing. When you transition to a billing company, a group of trained specialists will not only handle ongoing issues, but will also typically work with you to fix your existing issues as well.
5. It Lowers Your Costs
Medical billing companies operate on an economy of scale – individual costs are kept low due to a high volume of production with overhead costs diffused across multiple clients. Utilizing a billing company will afford you the benefits of software, processes, trading partners, and staffing that could be cost prohibitive if you tried to take them on yourself.
A medical billing company puts your billing concerns in the hands of professionals. This means that, when looking for a medical billing company, trust is a major factor.