The Many Benefits of Outsourcing Your Medical Billing
Medical billing is a process that has only gotten more complicated as time has passed. The recent ICD-10 code changes have only increased the complexity and ensured that more mistakes will be made as offices try to get used to the new system.
Revenue cycle management, the hidden costs of in-house billing, and tricky Medicare claims make things very difficult. Many doctors are seeing the benefits of turning billing over to a professional medical billing company which, they are finding out, has more benefits than they expected.
A recent article compared the financial costs of both in-house and outsourced medical billing for several types of doctor’s offices. They found that it was less expensive with regards to staff costs, software costs, and hardware costs to outsource the medical billing. Doctors could also see an overall increase in revenue when using an outsourced medical billing company.
A competent company that does your medical billing can also provide you with valuable information and reports so you can see where your money is going and what you need to do to plug leaks in your practice. These financial benefits alone can make turning your claims process over to a great medical billing company a fantastic idea. But there are other benefits as well.
If you have several staff members who work on your medical billing, there could be slight variations that could cause problems over time. Little mistakes add up and can turn into big problems. Having an expert medical billing service process your claims ensures that each claim will be processed the same, every time. This consistency can pay off over time with less mistakes, denials, and rejections on your billing which both saves you money and time. This also keeps employee neglect low, so you don’t have to worry about your staff staying on top of all the forms, bills, and un-appealed and appealed claims.
Many staff members also find that medical billing is the most stressful part of their job and outsourcing it can decrease overall office stressors plus increase the likelihood of longer staff retention. In addition, you don’t have to worry if one of your staff members gets sick, goes on vacation or takes a leave of absence because you’ll already have the medical billing covered.
Focus on What’s Important
Most doctors want to focus on their patients, but financial issues often can take their mind off of what’s important. Since paid patient claims are what fund the majority of their practice, it’s no wonder that they find this the most stressful part of being a doctor. Having to keep track of what your staff is doing for the billing, or doing it yourself, takes a lot of time out of your day. Then when claims are returned unpaid or denied, you have to start the process all over again which can put you behind on current claims. There are so many different factors such as the many insurance companies you contract with and all their billing differences that make the claims process even trickier and don’t allow you to focus on your patients. Being able to focus more on patient care and building relationships can decrease the likelihood of doctor burnout over time.
Giving the billing burden to an amazing medical billing company makes a lot of sense in many different ways. There are many different financial benefits that will only add up over time; you’ll deal with increased consistency not only with your claims, but also your office staff; and it will allow you to do what you do best, practice medicine one-on-one with your patients.