While implementing an electronic health record (EHR) can dramatically streamline internal workflow and facilitate more effective communication with peers and patients. However, only adding new technology won’t necessarily make you uplift operational capabilities. The Healthcare field is quite complicated in a digital environment. Especially, with so many changes in the healthcare regulations rolling out another layer. It has become extremely challenging for practitioners to ensure compliance.
Some studies show that a large percentage of physicians (91%) polled preferred the least expensive “outsource medical billing services” option to combat the potential modern challenges with innovative medical billing solutions. On the contrary to misconceptions or rumors, outsourcing medical billing services actually add value to your business and drive better outcomes.
Before making any decision, providers should thorough in-depth industrial research to vet adequately potential billing firms. Read online reviews, get client’s feedback and look for their past years of industry experience to predict their reliability. Once you find the best medical billing company for your practice then you will experience significant improvements in your business.
Here are just the top 5 ways, outsourcing medical billing services will add profitability to your business.
- Reduce Administrative Workload:
By partnering with a medical billing company, you don’t need to further invest to hire, manage and retain human resources to perform medical billing services. Let’s think about the collective dollars you invest in salaries, incentives, bonuses, paid leaves, annual increments and equipment to retain a whole in-house team that handle your billing services. While you also have to consistently train your staff to keep them up-to-date on medical coding changes, modifiers and subsets.
In addition to this, your staff will spend less time keying in information and preparing claims for submission. There have horror stories about a doctor’s staff being on the phone for two hours or more trying to get pre-authorization from the health insurance carrier. That is equivalent to “time wasted” that could be spent on educating patients about their conditions or responding to their queries.
On the other hand, when you outsource medical billing services you get the services of a dedicated workforce at the fraction of your existing IT costs.
- Verification Of Insurance Eligibility:
If your practice currently has to hire temps or part-time personnel to stay abreast of medical billing rule engines then it better to outsource. Modern medical billing companies provide the facility to automate the whole revenue cycle management. In that case, you can also automate insurance verification and reduce the time spent on the phone checking coverage. You can also get immediate access to patient information.
It will help you to stay on top of the patient’s deductibles, the number of their visit for a particular illness or injury and any change in their demographic information (i.e. address, phone number, name etc.). Many small and medium-sized medical practices often lack the budget to support a full-time medical billing office.
Therefore, their doctors and medical staff have to spend more time than necessary to recruit and train new employees. Since they have high turnover rates caused by too much work stress in an office. Although, due to the rising demand for healthcare services, they are already overloaded with the huge responsibility of clinical care services. Finding ways to reduce payroll costs isn’t always easy. Therefore, physicians should look for innovative strategies to automate revenue cycle management.
- Streamline Cashflow:
When you outsource medical billing services then you can boost revenue potential as much as 30%. You typically get paid faster with minimum effort and the workforce. You also save excessive expenses that are involved in on-going training. A company that focuses on medical billing, have the state-of-the-art and cutting edge technology to streamline medical billing and coding. As a result, you get higher revenue capture, more money in and less money out.
- Improve Patient Satisfaction:
Outsourcing helps to reduce stress and allow you to spend more time with patients. Your physicians and the rest of the medical staff have to focus only on patient treatment, resulting in a higher quality of care services.
With less stress and more time to spend with patients, your staff and physicians can focus on patients more, resulting in a higher quality of care. Developing long-term relationships is easier when patients feel like the nurses, lab technicians and doctors that interact with are interested in them, and not just interested in getting them in and out the door.
- Optimize Claim Submission Process:
Automating regular administrative tasks will enhance your practice’s productivity and efficiency. Hunt for a billing partner that offers a complete suite of medical billing solutions. Since automating same-day claim submission results in maximum cashflow. Therefore, it is a way more profitable approach than traditional/ manual medical billing services.
A typical paper-based claim may take as long as two months to move through all the channels before you get paid completely. Expediting a clean claim, coded appropriately for maximum reimbursement and backed with support in the EHR can result in full payment of your services in 7 to 14 days.
Finding places to reduce operating expenses and improve revenue cycle management is a profitable approach. It helps to empower your resilience and combat the challenges of constantly changing the healthcare environment. When you outsource medical billing services then you are likely to save more time and money
Looking for a reliable medical billing company to enhance cashflow and drive streamline medical billing services? Click on the link https://medcaremso.com/medical-billing-services to reach out to the medical billing leaders in the United States. Request a free demo and schedule a free business consultation with our medical billing experts