Are you facing challenges in keeping a balance between your patients’ care and non-medical obligations? You should seriously think about outsourcing medical billing services. Due to the insurance industry’s inconsistencies and ever-evolving medical billing and coding regulations, healthcare revenue cycle management has become extremely complicated and time-consuming.
So, in order to increase the efficiency of your medical practice, you should align your billing process according to these changes. For this purpose, you should hire highly-trained medical billing and coding staff.
Inexperienced staff, inefficient billing techniques, and failure to keep pace with the current industry regulations can lead to errors and delays that can slow down a healthcare revenue cycle management.
It’s a fact that healthcare providers cannot let billing complications hinder their revenue collections. It’s pertinent to mention here that, timely reimbursements are important to keep your medical operations optimized.
No, doubt, the effective management of revenue collections is not an easy task for healthcare providers while they stay engaged in providing quality care to the patients. So, in order to stay at the competitive edge, physicians are stepping towards outsourcing medical billing services.
Outsourced billing experts help you to streamline your revenue cycle management. So you can stay financially fit in this highly competitive market. They contribute to your financial success in the following ways:
Saves a significant amount of money
Managing an in-house medical billing system is more expensive as compared to hiring a professional billing company. For instance, you have to spend a hefty amount on operational costs including:
- Hiring and constant training of highly trained medical billers.
- High salaries, paid holidays, and incentives for the employees.
- Hardware is required for the billing and supporting system.
- Installation and maintenance costs of practice management software to keep track of patients’ balances and send bills to payers.
- IT staff costs associated with interfaces to hospital, EMR, and other systems;
- Direct costs associated with the billing: statements, postage, EDI, etc.
- Certified medical coders and direct staff, including supervisors and managers to oversee the operation, and the practice will be responsible for responding to any rejections or denied claims.
- Overheads including space, utilities, supplies, etc.
On the other hand, by outsourcing medical billing services, you get rid of all these costs. Since reliable billing agencies charge a flat fee for each claim or a percentage of the claim reimbursement.
Regardless of whether the outsourced medical billing specialists charge a flat rate or take a percentage of the claim reimbursement, it will be less expensive than maintaining an in-house billing system. They will help you to save money without compromising the quality of the revenue cycle management.
Moreover, off-shore billing experts utilize smart software solutions to streamline the process of medical billing and coding. Hence they will also help you to eliminate expenses associated with the hiring of in-house technicians to install and maintain the innovative billing software.
More Time for Patients
Physicians cannot afford negligence in the patients’ care because a loyal customer base is crucial to sustaining your existence as well as reputation in the fast-pacing healthcare market.
However, if you are just paying attention to the non-medical obligations and taking your patients for granted, then you can face undesirable consequences.
For example, if your patients are not satisfied with your services, then you can lose more opportunities for revenue generation. Therefore, you should always keep in mind that what matters most in life is how much time you spend providing exceptional healthcare services to your patients.
On the other hand, efficient revenue cycle management is also essential to keep your medical practice successful. Therefore, outsourcing medical billing services is the best solution to keep your practice running smoothly.
Outsourced billing and coding experts eliminate your administrative burden such as paperwork, medical coding, charge entry, claims submission, follow-up, payment posting, and other legal aspects.
As a result, you get sufficient time to concentrate on the core aspects of your medical business which is to provide the standard aid to the patients. When your patients feel valued, they may refer to you as the best healthcare service provider to others. Which ultimately enhances your reputation in the market.
Streamlines Cash flow
Outsourced medical billing experts are highly trained in managing medical claims in an efficient manner. They have certified coders, who ensure the accurate translation of medical treatments and diagnoses into universal medical alphanumeric codes.
Moreover, they have in-depth knowledge about the complexities of the medical and can save your practice from fraudulent billing activities such as upcoding and under-coding.
In addition to this, outsourced medical billers adopt innovative medical billing solutions to streamline the healthcare revenue cycle management. They are legally bound to ensure the timely submission of error-free medical claims.
So, by appropriate coding, avoiding duplicate billing, and submitting clean claims, off-shore billing and coding specialists help you to streamline the cash flow of your medical practice.
Are you looking for one of the most reliable medical billing outsourcing companies in the USA? Then binge on the right choice! Medcare MSO is the nation’s leading medical billing collection agency that guarantees to reduce claim denials, increase reimbursements, and fully recover account receivables.