Benefits to Outsourcing Medical Billing
Have you been thinking about outsourcing your practices medical billing but do not know if it’s right for you? Medical Billing is a challenging job and making the decision to outsource your billing can be difficult. Many providers make the choice to outsource their medical billing to professional medical billing companies to help alleviate the stress and anxiety that billing provides.
There are many advantages to outsourcing your medical billing. It requires a specialized set of skills and with the medical industry consistently changing it’s important to have the appropriate personnel. An increasing number of medical practices are choosing to outsource their medical billing for these reasons. Below are additional benefits that you should consider when thinking about outsourcing.
Trained Specialist
Making sure your claims are being filed appropriately and assuring they’re being reimbursed correctly are key. Do you have the personnel to make sure that is being monitored? Billing companies have all the resources to assure claims are processing as they should be. They’re trained to monitor claim processing and have the knowledge to appropriately correct rejected or denied claims and submit appeals.
Increase Profits/Decrease Costs
Billing Services hire the best staff possible and have the resources to assure their staff are equipped to handle the task needed to get the job done. Are higher returns or lower costs something that interest you? Of course, that is something everyone’s looking for! Outsourcing can provide higher returns if you find the right fit. They’re designed to handle your billing efficiently and with very few errors which results in faster, accurate reimbursements. They also lower expenses by eliminating overhead, staff, insurance, office supplies, furniture, space and computer equipment expenses that come with having an in house biller.
Maintain Control
Outsourcing your billing doesn’t mean you have to lose control. In fact, it’s just the opposite. Continue to review and oversee the billing. Ask your billing company for specialized reports. Determine key performance indicators and compare the billing companies work against them. You and your billing company should have mutual goals – to increase and maximize your revenue.
Focus On Patient Care
You went to school for years to provide the best quality care to your patients. Without the right staff, monitoring the billing in house can require a lot of time. It’s the billing company’s responsibility to ensure your biller is equipped with the knowledge needed. They will monitor claim processing and reimbursements. The practice depends on your patient care to generate revenue. Freeing up the time you may spend overseeing billing can then be spent caring for your patients.
Believe it or not, most patients enjoy working with billing companies. Since there are few distractions for an outsourced biller, they can focus on patient calls and provide quality customer service. In addition, your patients will realize that financial questions should be addressed to the billing company rather than to the provider – again allowing you more time to focus on patient care.
Less Stress
Most billing services charge a percentage of the money collected each month. The less money billed incorrectly or erroneously adjusted means more money in your pocket. A billing company’s goal is the same as yours – bring in the money. They make sure you are getting reimbursed at appropriate rates and in a timely manner.
Outsourcing can also eliminate the stress of what to do if your in house biller resigns, has attendance problems or goes on vacation. Billing companies have the resources to assure you never have a gap in your billing needs. If an employee resigns, the billing company is responsible for covering your billing and a good billing company already has backups assigned to each biller. If your biller is on vacation, you can feel assured your billing will not be held.
There are so many changes made every day that impact medical providers and their practices. Partnering with a qualified Revenue Cycle Management partner may be the solution to many of the issues you may be experiencing today.
If your practice is trying to decide between in-house billing and outsourcing, call us today! PSUSA is located in the US and keeps all of the billing here in the US. We strive to have A+ customer service, A+ specialist and complete transparency. Let PSUSA handle your medical billing needs so you can do what you do best – provide quality patient care!
Contact us today! We’re happy to answer your questions and/or set up a free practice consultation. Call us @ 800-599-7183 or email: info@physicianservicesusa.com.
