Outsourcing medical billing at your practice may be exactly what you need to grow your revenue and shift the focus back to what matters most, the patients.
Benefits of Outsourcing Medical Billing
1) Reduce Lost Revenue
Lost revenue is a result of denied claims that were unresolved or may have slipped through the cracks. They can cost providers hundreds of thousands of dollars each year depending on the size of their practice. Outsourcing medical billing can help reduce lost revenue through quality denial management that stops denials in their tracks and improves your reimbursement rate.
2) Lower Accounts Receivable
Accounts that pass 30 days in Accounts Receivable (A/R) often go unpaid. For this reason, it is incredibly important that providers try and collect payments before they have been in A/R for more than 30 days. Outsourcing medical billing to a full-service vendor is the quickest way to minimize the days your accounts spend in A/R.
3) Increase Clean Claims
With quality claims management, your full-service vendor of RCM services will help increase your clean claims as high as 99%. Clean claims are essential to boosting your revenue and speeding up the reimbursement process. Outsourcing medical billing services to a quality vendor can help your practice earn the maximum reimbursement for each claim and minimize patient responsibility balances.
4) Return Focus to Patient Care
The focus of many medical providers all across the country has been pulled away from quality patient care and has instead been centered on maximizing revenue. Outsourcing medical billing gives providers the opportunity to do both. Providers can pass the reigns of administrative responsibility, staffing, and training over to their vendor and truly begin to focus on patient care once again.
5) Reduce Staffing Costs/Turnover
A major headache surrounding the in-house management of medical billing is the fact that staffing and training costs are astronomical compared to the low cost of outsourcing medical billing. Outsourcing services eliminates this headache as well as the cost of retraining constantly revolving staff.
6) Partner with Experts
Not only does outsourcing medical billing services make it possible to avoid administrative responsibilities like training and monitoring staff, but it puts your claims into the hands of medical billing experts. Expert medical coders and billing staff are able to focus on your claims process with the most detailed attention. Your billing partner will make sure nothing goes unnoticed while helping your staff identify common mistakes and providing solutions to optimize your claims process and revenue.
7) Manage Collections
Your medical billing partner will do more than just help you focus on your patients. A full-service billing partner will personally help your patients who have fallen behind on their payments. Your vendor should take the time to work with patients on a 1:1 basis to determine the best payback options for them. They will offer your patients the patience and time they need to determine their next steps.
8) Educate Patients on Billing
Outsourcing medical billing means more than just collecting those payments that have gone unpaid, it means educating your patients on their billing overall. Your vendor should be eager to work with your patients so that they understand their bills, how the total adds up, and what their responsibility as the patient is. The best way to increase patient payments is to offer them the resources to understand their bill and simple ways to pay them.
To learn more about whether or not your practice should consider outsourcing medical billing, click here.
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