With outsourcing, the medical specialists and doctors can focus more on their medical practices and on how to improve their medical treatments to their ill patients. However, this is not the only reason why increasing hospitals and clinics had turned to healthcare outsourcing companies to get these services. This professional medical billing outsource provider can offer some other services which are beneficial to their clients.
Let us visit some of the advantages available from these outsource medical service providers:
» Checking for errors and fault before submission
All the necessary data of any patient will be sent to the billing service provider for detailed checking and if any errors are found, the specialist in the outsourced medical billing company will make the necessary corrections. Only upon confirmation that everything is intact and error free, they will proceed to submit the claims to the claim medical centers.
» 24 hours claim submissions and processing
Today, with the competitiveness of the medical out-sources business; most, if not all of these pharmaceutical out-sourced companies are trying hard to improve the claiming process and efficiency to provide the best they can to their clients.
» Electronic claim submission
The assigned medical office billing services provider will submit their clients’ medical claims to the related medical application centers electronically. This has largely increased the efficiency and speed of the application submissions. This has reduced the medical claims backlog tremendously.
» Consistent claims follow up for fast closure
Very often, these physician billing services providers have their assigned specialists to keep up on these claims to make sure they are given the proper attention by the Insurance related companies or the claim medical centers to expedite the critical applications in the shortest time possible. This is to avoid any unnecessary long waiting time for their patients who need the claims to settle for their medical bills and treatments. Also, these specialists will continue to deal and liaise with those patients with outstanding bills or balances to be paid.
» Designated individual Account Executive
There are designated account executives for selected clients. This allows both parties to enjoy the advantage of comfort and security dealing with the same account manager who is very familiar with your company’s process and practice where you do not needs to waste time explaining and briefing your business’s training and requirements to. Also as both of these parties are familiar with each other’s working practice, attitude, and habits, the possibility of having havoc and misunderstanding between them are minuscule.
Why Is Outsourcing Medical Billing & Coding Is Beneficial for Providers?
The benefits of outsourcing are to cut your overhead costs which include employees’ costs, lower workers compensation insurance, payroll taxes, supplies, software, equipment, and attendance of employees. Here are some advantages to outsourcing your billing:
1) You Will Increase Your Cash Flow
2) Save the High Costs of Equipment and Software
3) Reduce Staff Sizes and Employees Expenses
4) Eliminate Sicks Pay, Vacation Pay, Insurance Benefits, Workers’ Compensation, etc.
5) Eliminate Costly and Unproductive Training Periods
6) Reduce Call Volume
10 Benefits of outsourcing medical billing
Here are some faces for outsourcing medical billing
1. Better Revenues
What better reason can one look for than increased revenues with minimum effort? What’s more is you are still in absolute control of things like your billing and money as well. With a dedicated outsourced billing staff working around the clock, you get to monitor the work at every stage, thanks to the Internet.
2. Tight Leash
Although your job is being done offshore by total strangers, you still get to keep them on a tight leash. Having control over outsourced work is like having your cake and eating it too. You’ve got nothing to lose, though the only things you’re wasting are a whole lot of frustration and frayed tempers. Having control from a remote location has its benefits, and what’s more is you can pull up any record at any time of the day or night and make your notations.
3. Qualified and dedicated workforce
You get to enjoy the services of a skilled and dedicated workforce, and in most cases, you may not have to go through the cumbersome process of recruitment and training. The dedicated team is trained to keep track of all your claims. Their exclusive focus will be on improving and maintaining the financial status of your practice, leading to increased revenues and profits.
4. Tangible Results
The major advantage of outsourced billing companies is that you have the reports detailing the current month’s billing and collections on your table promptly. Just scanning through the reports you’ll be able to evaluate and calculate the exact amount of money you save every month. The reports will be concise and carry minute details of all aspects of the process. You can call for web-based meetings to thrash out issues if any.
5. Safe and Secure
Contrary to popular belief and misconception, it is safe to streamline your billing and simplify the workflow by outsourcing. Most vendors are transparent and would be happy to render full visibility to the process. What’s more is the process is HIPAA – compliant, assuring the confidentiality of your patients’ charts.
6. Keeping track of changing regulations
Once the process is outsourced, you don’t have to break your head about keeping track of the ever-changing rules, which can be a daunting task. Only leave this to the vendors who are trained and have the wherewithal to figure out how to apply new rules and follow the several guidelines, laws, and publications that keeping changing at regular intervals.
7. Cost cutting
It is increasingly difficult to run a business, what with the cost of billing eating up close to 30 to 40% of billing revenues. Outsourcing Medical Billing Services helps keep costs under control as you save on expenses you’d have to incur on billing staff, extra space to accommodate them and other welfare costs as well.
8. Saving on Software
Outsourcing helps you save a lot of money that you would have to spend otherwise on expensive software and hardware.
9. Saving on Capital Outlay
Everyone knows expensive it is to own a billing system, what with the prohibitive costs of latest equipment and regular upgrades on software. By Outsourcing Medical Billing Services, you do away with the needs to invest in capital for setting up a complex billing system. Outsourcing to qualified vendors helps save on the initial costs involved in setting up a business.
10. More time for patients
Who wouldn’t want more time to devote to patients? Medical billing companies ensures that you have more time to focus on core competencies like better patient care. Once the experts take charge of your billing and insurance processing, you are left with more time on your hands for the most important factor in your practice be the welfare of your patients.