A consistent cash flow is essential for any practice to run effectively. The revenue cycle is dependent on efficient coding and billing specialists that correctly classify each service provided to a patient, generate bills, and file claims to insurance companies. Hiring skilled employees for coding and billing procedures may be a good idea for large organizations such as hospitals, but it may not be a good idea for doctors and small practices because it increases the financial load and losses. Outsourced medical billing is always a preferable option for such practices as it lowers costs and increases cash flow because they are experts at handling all billing concerns and claim settlements.
Below are a few reasons why small practices will benefit from outsourcing their medical billing services –
A medical billing business can help you save money and get things done faster. If you outsource your billing, you won’t have to spend in cutting-edge billing technology or pay exorbitant software fees. Practices with an in-house medical billing department similarly spent 30 to 40 percent of their collections to cover billing department costs. At the same time, when you use a medical billing service, you spend significantly less per claim. Finally, data security is a difficult process that must be approached with caution in order to meet HIPAA criteria. Outsourced medical billing companies will assure data security as part of their comprehensive service.
Improved Patient Satisfaction
Outsourcing medical billing allows a facility or practice to focus on their core mission of patient care while avoiding the burden of billing and claims. This increases the practitioner’s and other staff’s focus, and patients are happier with the care and attention they receive. It also speeds up the invoicing process, and allows patients to budget for their co-payments.
Regular reports and general practice management can be given additional attention by providers. Reporting also makes results apparent, allowing you to monitor your ongoing success. Medical billing companies have professionals who perform a fee schedule analysis to ensure you get the best reimbursement rate, ensure the accuracy of claims from all angles before submission, implement policies and practices to reduce processing time, and carefully review rejections to address any shortcomings. They make certain that each EOB is scrutinized in order to ensure the refund is accurate.
A medical billing company can propose innovative billing methods, such as trans-promotional marketing, in which a patient’s bill includes an offer to a testing service, immunizations, medical events, or other special offers. This encourages patients to be more involved while also providing an income stream for the practice.
Physicians frequently assume that outsourcing medical billing entails handing over management of the RCM process to a group of strangers, but this is far from the case. Once you’ve signed a contract with a company, your outsourced billing team is obligated to earn you high marks on a set of metrics and to update data on outcomes, giving you total insight into your revenue cycle. Leading medical billing outsourcing companies will provide you with detailed performance reports on a regular basis, and most will keep you updated with delays and payment concerns. That means you have complete control of RCM without managing your billing team.
Our medical billing services at Info Hub Consultancy Services (ICS), a leading offshore medical billing company, are tailored to match the demands of a variety of practices, not only to support with medical billing, but also to help maximize management potential that will result in increased income. We’re here to help where we’re needed most in varied practices, including DME, gastroenterology, oncology, ASC services, and more. Some practices may only require credentialing and contract management, while others may require full revenue cycle management to get back on track.
There are numerous advantages to outsourcing medical billing while making it feel that it is being handled in-house. Our team is committed give you the best of our services, from medical billing and coding to consulting services and much more.