Does it surprise you that 80% of medical bills in the US contain errors? As a healthcare professional, you may find it challenging to timely issue bills, collect payments and get reimbursements. How you choose to resolve your medical billing issues can impact the practice’s revenue a great deal.
Every healthcare business may not be able to afford an in-house medical billing team, which likely brings you to ask yourself,” should I outsource my medical billing?”
We’re here to help you find answers to this question. Additionally, we’ll also explain the several benefits of outsourcing medical billing.
Why Outsource Medical Billing?
You may fear that outsourcing medical billing will force you to relinquish control of your RCM process—it isn’t true. An outsourcing provider will define a set of billing process metrics (collection ratios, denial rates and so on) and provide data on outcomes. These metrics facilitate complete operational transparency across the process. Outsourcing companies also share comprehensive reports regarding payment issues or delays to keep you informed.
Medical professionals have to juggle several tasks simultaneously and manage medical billing, which itself is a full-time job. To stay on top of the process and manage the volume of transactions without delays, you will need a dedicated billing team. Outsourcing can lift the burden off your staff and allow them to invest it in value-based patient care.
Hopefully, you now have answers to the question—should I outsource my medical billing? Now, let’s look at the benefits of outsourcing medical billing.
What are the Benefits of Outsourcing Medical Billing?
Here’s a list of outsourcing benefits that will help you make an informed choice for your healthcare business.
Reduce Medical Billing Costs
In-house medical billing can lead to a lot of overhead expenses such as payroll, employee benefits, health insurance, training costs, equipment installation costs and much more. Even if you can’t completely avoid these costs, outsourcing can help you reduce most of them.
Many healthcare businesses do not have the sort of disposable income to run and maintain an in-house medical billing department. An outsourcing provider helps you regulate how much you invest in the medical billing process.
Avoid Medical Billing Errors
Mistakes are inevitable. However, errors in medical billing can result in a revenue hit and payment delays for your practice. Rectifying billing mistakes like incorrect patient information, duplicate billed items and authorization issues can lead to hefty expenses.
Outsourcing helps free your medical billing process of these kinds of errors and makes your business profitable. Outsourcing professionals set quality assurance standards and follow them strictly to avoid mistakes, streamline operations and improve customer experience.
Regulate Medical Billing Compliance
Evolving healthcare regulations make medical billing even more challenging. That’s why a practice must be up to date with any changes in programs like Medicare or Medicaid.
A dedicated medical billing professional not only follows these changes closely, but also implements them in your day-to-day billing functions. They stay on top of these regulations, submit clean claims and maintain compliance.
Consult Medical Billing Experts
The process of medical billing is both complex and dynamic. It involves a lot of decision making. You may need to ask yourself from time to time—which is the latest code modifier? How should I resolve a denial? Which provider will be quicker to settle a claim?
As we’ve already established, regulations in healthcare evolve quickly. If you fail to keep up with industry standards, your business may likely take a hit.
Outsourcing professionals help keep your business on track and make sure that you follow best practices.
It will be easier to make the right choice if you are mindful of these benefits of outsourcing medical billing. Whether you run an individual medical practice, a freestanding surgery facility, or a multispecialty hospital, outsourcing lets you work with dedicated billing professionals.
HelioNext offers comprehensive medical billing services including eligibility verification, claims processing, denial management and much more.
Get in touch; we’ll create a customized solution tailored to your requirements.