If you outsource your medical billing, you open yourself up to the following perks.
Many offices elect to perform their medical billing in-house. While it can work for some companies, many others are gravitating towards outsourcing their medical billing services in recent years. If you outsource your medical billing, you open yourself up to the following perks.
More Office Space
Since medical billing is handled out-of-office, it leaves you with more space around your building. This extra space can help improve your company’s work productivity.
Make Some Employee Turnover Rate Irrelevant
Employee turnover within the billing department won’t be your concern if you outsource your medical billing. High turnover is very likely unless you have a large enough practice to warrant a billing department that has a wide array of employees with many different skills.
Reduce the Number of Incoming Phone Calls
It’s a burden off your shoulders when calls can go straight to your billing service. However, these calls often don’t occur at all when you outsource medical billing because billing and claim errors get avoided more often from the start.
Know What is Happening in the Marketplace
When you outsource medical billing, you get a wider perspective on everything that goes on around the healthcare marketplace. This is an often overlooked perk. If you do your medical billing in-house, you might not know what other practices of similar specialties are doing and what their outcomes may be.
Anticipate Payer Rule Change
A competent medical billing service will always be in the know about different pending changes that could influence your revenue cycle, especially technical changes that don’t usually get detected until reimbursements get impacted.
Access Solid Data Analytics
A medical billing service is great at finding out what your company is doing well and what can be improved. Then providers and staff will learn how they can avoid making errors in the future that can negatively impact medical claims.
Some services will go a step further and share information about different ways you can code that can give you more favorable reimbursements.
Know Your Accounts Receivables
Any reliable medical billing service can tell you what percentage of claims have been paid from the initial submission, at least every month. They can also tell you how many are 30 versus 60 versus 90 days outstanding, and which payers are the most vital to your practice. These pieces of information are essential, but they seldom get collected in-house because of time constraints.
Have a Resource at Payer Offices
A biller in an individual medical practice deals with every payer and is more or less anonymous to every one of them. A biller at a billing service usually has to handle a subset of payers, and usually only one payer. This means they can develop a stronger relationship, which helps them resolve problems more easily.
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