Medical billings is one of the vital pillars that form a healthcare practice. While the core objective is to provide quality healthcare services to people, something like billing can impact the performance of the practice is not handled prudently. Your business will tank if you are not getting paid for the services it offers. That is why you should have a reliable, experienced, and committed team that will manage the billing process, such as Intelligent Billing Solutions.
Some of the crucial activities involved include handling insurance firms, processing claims, coding, and even following up on unsettled accounts. As the head of your medical practice business, you are tasked with the duty of deciding if you will assign this responsibility to your internal staff or consider outsourcing from a professional billing company.
In-House vs. Outsourced Billing Services
If you prefer doing things in-house, then the team you mandate to handle this must know how to use medical practice management software to help track patients’ accounts and release bills. They will need to follow up on payment rejections, denied claims, among other things. Moreover, the business should be on par with the latest regulatory policies and requirements, such as the use of ICD-10 coding.
Doing the billing in-house can be a cost-effective option. However, this can prove to be a challenge and time-consuming issue for a small or medium healthcare practice with a small workforce. As a result, it can end up losing significant revenue because of rejected claims, unpaid bills, among other things. That is why such a practice can benefit from the services of a professional billing firm that can provide revenue cycle management services.
What Are The Benefits Of Outsourced Billing Services?
1: Economies of Scale
The billing service agency can distribute its expenses amongst its many clients, thus providing economies of scale that can be passed onto your practice. The company operates at a lower cost while recording significant collection percentages while will save your business on staff training, overhead, office space, time, and hardware.
2: Highly Trained and Dedicated Team
The goal of the outsourced firm is to help your business registered higher profitability. The agency will review payment methods to ensure all the paid amounts are correct. They can also follow up on claims and ensure no penny goes unpaid. And since this is a service that is within their expertise, they will have a team of specialists that know the industry’s procedures and how to navigate every hurdle and get the desired results.
3: Faster Payments
A slow or stagnated cash flow will spell doom for any business. The days the practice’s money spends in the revenue cycle will impact its bottom-line. By outsourcing the billing process, you will note a faster submission of claims with fewer errors, thus making it possible for clients to pay on time.
4: Focus On Your Core Business
With the in-house billing option, you will spend a significant duration of valuable time contacting clients regarding delayed or rejected payments as well as unpaid claims. It thus will force to divert your attention from your professional calling of attending to your patients. But with the billing company, you can free up much of your time and focus on your core responsibilities, thereby increasing the number of patients which translated to higher revenue for your healthcare practice.
5: An Evolving Industry
The healthcare industry is always changing, and this unprecedented transition affects medical billing. At times, it is hard for most small and medium practices to keep up with the ever-changing rules and regulations. The businesses are forced to stay vigil, train their employees on how to cope and stay up to date with the changes. For instance, fees and carrier rules change nearly every other day while CPT codes are updated annually. Why should you or your staff have to struggle with keeping up with all these regulations and you have a business to run? Let the specialists do that they know so that you can focus on what you do best, providing healthcare services.