It can improve performance and increase revenue to outsource the knowledge and hassles of your practice invoicing, but it's critical to work with a reliable billing provider. The choice to outsource might be challenging for many practices. Placing your billing operations in the hands of a specialized company starts to make a lot of sense when you take into account the extremely specialized skill set required as well as the increasing level of medical billing complexity and red tape experienced in the previous few years, including Obamacare and ICD-10.
The most crucial aspects of a medical practice's profitability, after the services and care offered to patients, are effective billing and a carefully managed revenue cycle. Let's look at some of the key justifications for outsourcing your billing.
Dedicated Team — When you employ a medical billing company, you are hiring a team of experts whose sole objective is to boost the profitability of your practice. The crew you choose will be specially qualified to boost your billing if you choose the proper business. You can take comfort in knowing that you will receive your payments on schedule, in full, and that any claim denials will be aggressively pursued.
Industry Changes - An in-house billing manager or team frequently lacks the resources to keep up with the ongoing changes in medical billing requirements and regulations. This is especially true now that ICD-10 has been released. A reputable medical billing business will make sure that its representatives are knowledgeable with carrier policies, charge adjustments, and new coding specifications.
Effective Collections: A proportion of the money collected is paid to the billing business. A reputable billing business should make every effort to increase your collection rates. Their collection increases as yours does. A billing provider can increase your collection rate in a number of ways, including by analyzing your charge schedule, putting policies in place that will speed up the collection process, and checking each claim for flaws before it is submitted. Additionally, you will observe a rise in the payment of initially rejected claims as well as a decline in the volume and age of your accounts receivable.
Lower Costs - A billing service provider can help you save money by taking advantage of economies of scale. A billing company that serves a large customer can provide its services for less money than a private practice's billing staff. The workforce of the billing organization, meanwhile, will be highly skilled and prepared for a more focused task. The financial advantages are clear when you consider them in conjunction with the increased collection rates you might anticipate as well as the decrease in your own staffing and office space costs.