For practice who are still managing their billing in-house, it may be time to make the switch and outsource medical billing services to a qualified vendor. Doing so will not only address the issues you may be having with your billing department but will make a lasting impact on your bottom line.
Signs That it’s Time to Outsource:
1) Administrative Strain
Billing in the medical field is a financial and time retraining area for many practices. Staying up to date on the latest changes in coding and training your staff accordingly seems like a never-ending battle. Keeping that information straight and coding claims appropriately is also difficult to keep up with. If you find your administrative team is stretched thin, it may be time to outsource medical billing services.
2) High Staff Turnaround
Staff turnaround is often high for a medical billing department and the chase to build and train your team can waste so many resources at your practice. Choosing to outsource medical billing means removing the need to keep up with the hiring and training of new staff members, allowing your practice to focus on their patients.
3) Patient Payment Struggle
If your practice is struggling to receive payments from their patients, your practice may need to outsource medical billing to a trusted vendor. Patient payments are increasingly important to a practice whose patients are signing up for high deductible coverage.
4) Poor Collections Management
When a payment gets to collections, it becomes much more difficult to collect. The way your practice is able to manage difficult collections will determine how many payments you receive. When a provider chooses to outsource medical billing, the right vendor can work with patients in a compassionate and empathetic manner to figure out the best payment options for them.
5) High Number of Denials
Is your practice finding that they are receiving a high number of denied claims? If the reason for these denials is not diagnosed correctly, it can feel impossible to climb out of that whole and receive timely payments. By choosing the right vendor to outsource medical billing, you can quickly determine the causes of denials at your practice and get on the path to clean claims.
Make the Move to Outsource Medical Billing:
1) Improve Clean Claims
Outsource medical billing to a quality vendor and your practice will gain access to critical claims-saving resources. Together with your services vendor you can diagnose the most common causes for denials at your practice and work with certified billing specialists to improve your clean claims up to 99%. Choosing to outsource medical billing services will track and protect your claim to ensure an increase in timely payments.
2) Cut Staffing Costs and Maintenance
With a reduction in your practice's responsibility toward its billing department, a provider can greatly decrease the cost of hiring and training staff. This eliminates a staff turnaround problem and allows your practice to focus on what matters the most, the quality of patient care. Expert billers will take over the tedious aspects of your billing department and you as the provider can gain peace of mind that your payments are on the way.
3) Develop and Protect Your Bottom Line
With dedicated billing account managers, expert claims and denial management, and the careful management of difficult collections, your bottom line will start to grow. Choosing to outsource medical billing at your practice will introduce more on-time and in-full payments into your revenue, developing your bottom line and protecting it from denials and unpaid patient balances.
To learn more about how your practice can outsource medical billing, click here.
Keep up with the latest in Healthcare
Join thousands of physicians, billers, and office managers getting the best healthcare content right in their inbox.
At CollaborateMD we are obsessed with getting your medical claims paid fast. All of us at CollaborateMD are here and ready to help make your life easier.
Give us a call at 877.480.6517 for more information.