The Benefits of Outsourcing Your Medical Billing
Considering whether or not to outsource your practice’s medical coding or the entire process is a big decision. However, when you learn how it works and the benefits it can have on your bottom line – it’s not a matter if you should transition, but when. In the wake of recent changes to ICD-10 coding, healthcare policy, insurance regulation, and minimum practice standards, medical billing outsourcing is being seen less as a luxury and more as a critical component to practice success. Whether you are new to practice, a seasoned veteran, or are just looking for ways to increase efficiency, here are a few reasons why partnering with a professional, reputable medical billing company is a smart move to make.
Savings for you
The immediate advantage of outsourcing your medical billing can have is by reducing your expenses, such as employee salary and benefits, computers and software, and office space. In many medical practices, the billing staff may be cross-trained to work the Front Desk, which takes them away from their billing responsibilities, and may cause a delay in timely claims filing. A billing service’s staff are dedicated only to coding and billing tasks, which often have 5% to 15%7 higher collection percentages than standalone practices. Specialization means they are better trained, and you have some of the best contracted billing staff working for you.
Gain valuable time
Many physicians only think of the expense of outsourcing medical billing. What they fail to realize is that while it is a pay-for service, the amount of time and efficiency saved by transferring the process to another agent is significant. What you’re really giving up is all of the repetitive work, the hassles, and the hang-ups of doing your own medical billing. With a birds-eye view of what’s going on, you can make additional decisions more effectively.
Adapt to change more easily
Change is hard for an individual, let alone a whole business. What happens if your in-house biller gives their 2-weeks’ notice to leave? Healthcare has changed dramatically over the past few years and will continue to do so at a rapid rate. A medical billing company is designed to anticipate these changes, adopt them and continue their client’s success without interruption. Why spend time learning new codes and sifting through data when you could be seeing more patients? Outsourcing your medical billing means you’ll always be prepared to meet changes head-on.
Get paid consistently
In business, cash is king. You want more of it coming in and less of it going out. Partnering with a medical billing service means your efforts will become supercharged. Specialization means that if your documentation supports the coding, the outsourced billing service submits claims faster, makes fewer errors, and can detect denials early on during the billing process. When errors occur, they handle the issues and free you from the stress of responding to endless claim follow-ups.
What’s your time worth to you?
Would it be worth more if you paid someone else to take the medical billing process off your hands? We think so. Billing services are a great way to free up your time so you can see more patients while increasing overall revenue. Contact Concordis Practice Management, LLC for consultation on how we can help meet your medical coding and billing needs.