While it is nice to have an electronic health record (EHR) for your practice, and it may help you communicate more effectively with your patients and co-workers, that alone isn’t going to be enough to make your practice as lean as it can be. In a digital world, healthcare is complicated, especially when you consider all of the regulations in place, and you don’t want to fail to vet your medical billing firms. Otherwise, you could find yourself in hot water.
The best solution for this problem is to outsource your medical billing. Doing this lets you manage your human and financial resources in a more efficient manner. If you’re hesitant about outsourcing medical billing, look at these reasons for why it’s a great idea.
Reduce Administrative Duties
Outsourcing medical billing to a third party company means your own staff won’t be burdened with being up-to-date on any coding changers and sub-sets. On top of that, your staff won’t have to spend as much time getting claims ready for submission or keying in important information.
Verify Patient Insurance Coverage Automatically
If you are hiring part-time workers for all of your medical billing, outsourcing medical billing is a great option for you. When you automate your insurance verification, you use less time over the phone checking coverage. Also, you’ll have access to information on your patients regarding if they maxed out the number of visits they have for a certain condition, become ineligible because of a change in their job or other circumstance, or met their deductible among other things.
Improve Patient Engagement and Satisfaction Rates
Outsourcing medical billing means your staff won’t have as much stressing them every day. This leaves them with more time to focus on the patients, which in turn gives them better-quality care. It’s easier for your staff to establish strong bonds with patients when they feel like their staff are interested in them and their problems.
Process Claims Faster
If you automate your regular administrative assignments, your practice will become more productive as a result. Getting your same-day claims automated will help to improve your cash flow. Paper-based claims can take up to two months to go through all of the different channels before you get your reimbursement. But if you expedite a clean claim, code it properly, and have an EHR support it, you can get your entire payment in no later than two weeks.
Keep Your Patient Data Secure
One of the biggest concerns people have about outsourcing medical billing is the internet security. You need to keep your practice and patient data safe. Information found in private health records is highly valuable. There are people who believe personal medical files can yield up to 20 times more profit than other forms of online data. It costs a lot of money to keep that data secure.
By outsourcing medical billing, they’re the ones who have to keep your patient’s data safe. Also, they’re the ones who pay to have the data protected, not you.
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