Outsourcing billing services will not only free office staff for more crucial tasks, but will also maximize return on investment. Some of the advantages are
- More Focus on Patient Care – Allows physicians to spend more time focusing on providing quality care to their patients. This is specifically advantageous for smaller physician groups since this is an alternate to managing a large medical office themselves. Physicians need not be bogged down by the financial side of the running a practice.
- Reduces Billing Errors – Well trained and professional medical billers can ensure that claims are accurately submitted in a timely manner. Thorough knowledge in billing procedures will not only reduce billing errors resulting in reduced number of denials and rejections but will also maximize reimbursements on future claims.
- Saves Money - By outsourcing medical billing, one could save thousands of dollars in annual salaries and benefits; office supplies and furniture; purchasing, upgrading, and maintaining billing software and computer equipment. Medical billing companies charge a flat rate per claim or a percentage of the reimbursement on each claim. Either way it is less costly than what you would pay for medical billing staff to provide the same exceptional services that are provided by outsourcing companies.
- Improves Cash Flow - Billing interruptions such as staff absenteeism affects timeliness of reimbursements and cash flow. Using a medical billing service allows a steady flow of claims going out and cash coming in that is important for the success of a medical office.
- Improves Patient Satisfaction - The ability to offer excellent customer service is what all medical professionals want to provide to their patients. However, it can be quite difficult to juggle the demands of treating patients and handling billing issues. Outsourcing billing jobs increases productivity, efficiency and employee morale. It also increases patient satisfaction as they would receive quick, uninterrupted, courteous and professional healthcare services.
- Ensures Billing Compliance - Policies and procedures among payers differ and it is a full time job to make sure that the medical offices are following the proper protocol required by each payer. On the other hand, medical billing companies take it on themselves to stay up-to-date on adherence to various requirements. They maintain compliance and ensure the submission of clean claims.
- Increases Revenue - With the reduction in overhead costs, the timely submission of medical claims and the increased reimbursements, a higher profit is another advantage outsourcing can provide to the medical office. This may be used in multiple ways by healthcare professionals to maintain a competitive edge.