TOP 13 ADVANTAGES OF INVESTING IN OUTSOURCING PHYSICIAN MEDICAL BILLING SERVICES
Physicians should consider keying on the latest solutions to encounter a host of challenges. Modern physician billing services can help practitioners to stay ahead on the economic crisis that is arising due to the global pandemic of Coronavirus. It makes a good business sense to outsource the physician medical billing services billing for every size of medical business. Having said that, outsourcing to a physician medical company is a competent strategy.
Outsourcing physician medical billing services would enable practitioners to review the facts that can optimize their revenue collection. They can successfully address a number of issues by acquiring the assistance of medical billing experts. Most of the billing companies hire certified and qualified medical billing staff.
Based on these facts, outsourcing is an option that can embrace the profitability of a physician’s practice. In this article, I have enlisted the top 13 benefits of outsourcing physician medical billing services. These factors give practitioners an insight into better decision-making;
Free up office space:
If physicians tend to outsource physician medical billing services then they don’t need to expand their business in order to accommodate in-house billing staff. They also don’t need to invest in huge data storage and complicated configuration systems.
Make some employee turnover irrelevant:
Physicians would not need to worry about employee turnovers in their billing department. Unless your practice is big enough to justify a medical billing department, it is not a good decision to invest time and money in hiring physician billing experts with varying skills and levels of sophistication.
Some medical billing work can be mind-numbingly dull and some require sophisticated skills in analysis, synthesis, and communication. Very few people are capable of this higher-level of expertise will be satisfied for long with dull routine work. Therefore, you can hand over the control of your physician revenue cycle management who possess core capabilities in the medical billing field.
Cut down on incoming phone calls
Physicians can be relieved from the administrative workload and the crowd of phone calls. Hence, it is the biggest benefit of outsourcing physician billing services that can help physicians to consistently keep in touch with the payer’s policies without any hassle. However, if the professional billing experts are handling your revenue cycle then they can easily make sure that errors are not made in the first place to avoid calls from the payers in order to revise the submitted claims.
Turn a variable expense into a fixed one
Staff and office are variable expenses. Their expenditures are unpredictable due to the growing demands and increasing incentives of the in-house billing staff. If the practice invests in outsourcing physician medical billing services then have to pay them a fixed percentage of their collected revenue.
Another benefit that the financial health of the practice and medical billing services are aligned. If the physician medical billing service increases the collections and their rate is anything less than 100 per cent of collections then the practice is money ahead.
Stay up-to-date with market trends
Physicians can access a broader aspect of the current trends of the healthcare marketplace. This is one of the most valuable intangible assets of the company. An in-house medical billing specialist can’t stay constantly abreast of what strategies other physicians are implementing to achieve their business success goals.
Predict payer rule changes
Avoid being caught flat-footed whenever a change occurs in payer’s policy. A good physician medical billing company is always aware of proposed and pending changes that can have an impact on the physician revenue cycle management. Especially, there are some technical changes that seldom hit the radar of medical practice until payers’ policies impact the reimbursements of the physician’s practice.
Access solid data analytics
A physician medical billing company can help your practice identify the key aspects that can maximize legitimate reimbursements. They identify bottlenecks in the flow of billing documentation and be able to teach physicians how to avoid errors that negatively impact claims. A really good physician medical billing company will also share information about alternative ways to code that result in more favourable reimbursements.
Follow-up on account receivables:
Enjoy the benefit of knowledge to stay abreast of the current situation of your account receivables. Any service worth its salt will be able to inform you, at least monthly, the percentage of claims that are paid from the initial submission. How much credit is on outstanding from 30, 60, or 90 days. It also best describes which payers are providing the most benefit to the physician’s practice. If a physician decides to perform internal medical billing then he/she can’t find time to monitor this information.
Have a resource at payer offices
A professional medical billing company deals with all the payers while staying essentially anonymous to all of them. A medical billing expert at a billing service typically deals with a subset of payers, and often with a single payer. It allows a billing expert to develop a personal relationship that helps to facilitate problem resolution.
Be prepared for a payer audit
A physician medical billing expert advocate in case of a payer’s audit. A payer’s audit is in the ordinary course of business for physician billing service. A professional billing expert know the process and vocabulary as they have all the documentation at hand.
Generally, outsourcing billing services make a good sense for most of the physician’s practices. However, practitioners should outsource physician revenue cycle management to a competent medical billing company and they should also maintain a profound relationship with their billing partner.
Improved cash flow:
Revenue cycle experts help a medical business to earn monetarily profit at its fullest potential. Medical billing can be slowed down and lost in the shuffle of running a business. Therefore, a third-party billing company can help physicians to keep an optimized flow of revenue collection efficiently. Ultimately, they can increase the influx of cash with the timely submission of medical claims.
Reduced number of claims denials:
According to a recent study, it has been revealed that 60% of the medical claims are rejected due to the errors in the information collected at the initial stages of the physician revenue cycle. Physician medical billing companies are equipped with the knowledge and equipment to ensure that claims and bills are submitted in a thorough, speedy billing process. This presents the medical claims to get denied or rejected from the insurance payers.
Saves time and money:
When physicians outsource their physician billing services then they can save money on monthly salaries and more benefits for those who prefer in-house billing. Most of the medical billing companies charge flat rates that are generally less than what it would cost to hire an employee to do the same job. Physicians who outsource their billing services would also don’t need to invest a capital amount in purchasing and maintaining medical billing software and computer equipment.
Eliminate administrative burden and reduce operational costs by outsourcing to a qualified medical billing company that can provide you with the assistance of industry-experts, real-time reporting and dedicated AR recovery services. Contact us! get access to error-free & cost-effective medical billing services.
