If your practice is weighing whether or not to partner with a medical billing company, now is the time. Providers everywhere are trying to achieve the perfect balance between offering high-quality patient care and optimizing their bottom line. Focus too much in one direction without the proper resources, and the other starts to fail. The help of a medical billing company can help you achieve this balance. Your practice will be able to focus more heavily on the quality of patient care while medical billing company experts optimize your revenue cycle. Below are 5 ways a medical billing company can help grow your practice.
Partnering with a Medical Billing Company
1) Relieve Billing Burdens
Managing an in-house billing operation is a huge administrative and operational burden on your practice. Billing staff are known for their high turnaround rates, leaving you to train and retrain new staff members on a regular basis. This drains costs and slows down your operation. A partnership with a quality medical billing company alleviates this burden. They are in charge of their staff, which is built completely of billing experts. They take over a huge portion of your billing processes to lower your administrative burden and allow you to focus more on your patients.
2) Claims Scrubbing/Tracking
Your medical billing company partner will work diligently to scrub and track every single one of your claims. Claims scrubbing is the process of reviewing and perfecting a claim before it is ever submitted. This minimizes its chance of denial and optimizing your reimbursement. Claims tracking experts keep an eye on your claim all the way through approval. If a claim is denied they correct any issues and resubmit it as quickly as possible to streamline your payment.
3) Hand Over Difficult Collections
Every provider knows how burdensome billing collections can be. Patient payments are notoriously difficult to collect, and providers are depending on them now more than ever. Working with a medical billing company can help grow your patient payments and decrease your accounts stuck in A/R. They manage this by diligently to find payment options that work for your patients while offering the compassion they need to have a positive experience.
4) Increase Clean Claims
Clean claims are essential to optimizing your revenue. When a billing company partners with a qualified vendor in practice management software, they can optimize your clean claim rate as high as 99% so that you can truly grow your bottom line. Through claims scrubbing, tracking, and more, your practice will forget what denials look like.
5) Grow Your Bottom Line
Ultimately, a strong partnership with a practice management and medical billing vendor is what your practice needs. It can help you find the balance your practice needs to truly focus on patient care without sacrificing your bottom line. Handing over the administrative burden of billing processes and allowing your team to focus on patients will decrease burnout across your organization and truly benefit your bottom line.
To find a partner for your medical billing needs, click here.