Like any healthcare provider, you want to improve the bottom line of your practice. Unfortunately, for most the day-to-day billing is a huge source of anxiety, both in terms of time spent and unpaid reimbursements. Some practices still employ their own in-house billing team, despite the many challenges.
These issues include 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 operational sense to keep a billing staff. An increasing number of medical practices are choosing to outsource their medical billing department.
Are you having problems with your medical coding or spending entirely too much time working on billing for your clients? Below are five benefits that you should consider if you’re unsure about outsourcing the work.
1. It Results in Less Stress
By outsourcing medical billing services, you can leave billing concerns to someone else and focus on what is most important—improving and saving lives. Billing processes, regulations, accounts receivable/payable, and other concerns are no longer a distraction. With outsourced practice management, you can provide better quality care for your patients.
After all, you went to medical school to become a health care provider, not handle medical billing and coding. Sparing yourself the headache that comes with handling your own medical billing is often reward enough to justify outsourcing your billing. The process is streamlined and there will be fewer mistakes.
2. You Get Money Faster
Cash flow 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 a timely manner.
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-11 is still a huge hurdle for many who code and bill. A medical billing company will ensure that your practice stays on top of regulatory changes.
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. Revenue cycle management is a time-consuming, complicated process that demands great attention to detail. You are handling both the health care and financial information of your clients and any billing errors could affect both.
This means that, when looking for a medical billing company, trust is a major factor. The MBA Medical staff has earned that trust with hundreds of providers, providing the billing help they so desperately need. If you are considering outsourcing some or all of your practice management processes, request a consultation with MBA Medical.