There were times when healthcare practitioners used to think that it is a brainer to decide whether or not to outsource medical billing services. But now, practitioners take smart moves and do a thorough research of the medical billing industry. After getting insights into a better option, they acquire innovative medical billing solutions to make significant improvements in their revenue cycle management system.
Certainly, it has become obvious for many medical providers that they have to implement the right medical billing solutions to achieve the edge of financial stability. Although, it requires cutting-edge technology and great expertise to streamline the revenue cycle management system.
Therefore, instead of investing a capital amount in an expensive system, modern healthcare practitioners are making wise decisions. They prefer to outsource medical billing services to well-experienced medical billing companies who take away the hassle of billing challenges.
Here’s why outsourcing healthcare billing services is a new trend;
- Reduce Expenses:
More often, medical billing companies just charge a fixed percentage/fraction from the overall revenue they collect on your behalf. So you don’t need to invest that capital amount to set up an in-house billing department. Instead, you can deal a contract with a billing agency and get control of a well-organized billing system.
Recently, a company conducted a survey to evaluate the in-house billing department of a hypothetical private practice. That practice was comprised of 3 physicians and 2 medical billers. These medical billers had to file 80 insurance claims (each claim worth of 125$) per day.
The cost of that small-sized billing department turned out to be $118,000 per year. Also, the capital investment that was required to implement billing software was about $7,500. Remember, they haven’t mentioned the cost of maintenance and upgrading the system.
On the other hand, when that hypothetical practice outsourced their medical billing and coding. Then they could successfully meet their expenses in $4,000. While the overall cost of equipment used during outsourcing was almost $500.
Now you have a clear idea about how you can reduce the overhead costs once you outsource medical billing services.
2. Collect More Revenue:
A reliable medical billing company has all the required expertise that can help to boost the speed of revenue cycle management. So you can become better able to drive increased revenue in less time.
Because a medical billing agency has the main objective to focus on the medical billing system and it’s not a side project that is going on out of necessity. So they can efficiently streamline your billing system, reduce claim denials, and pay attention to individual insurance payers.
Moreover, advanced billing agencies have the complete set up of electronic claim preparation and submission systems. It facilitates them to receive ERAs and drive increased revenue with less stress.
3. Improved Patient Experience:
Certainly, every doctor/ physician studies the medical field and not financial management throughout his/her academics. So they don’t have the right expertise to deal with the paperwork and argue with insurance companies.
On the other hand, certified medical billers get an in-depth knowledge of the very administrative aspect of the medical field. So when a professional team of medical billing specialists handles your revenue cycle management system then you don’t have to worry about your finances.
You can simply save your time and focus on delivering quality patient care services. Hence, it helps you to build a loyal customer base. As a result, you and your billing partner head towards mutual business success goals.
4. ProvideTransparency:
Some healthcare practitioners believe that they will lose control over their business operations when they outsource medical billing services. Although, the reality is a bit contrary.
A reliable medical billing company always offers the feature of regular reports. These analytical reports contain holistic information about the medical billing process. With these reports, you can evaluate your practice’s growth in a minute.
How incredible is that, isn’t it?
5. Set Payment Reminders:
It requires great dedication to follow up with individual insurance payers. Sometimes, insurance companies can hold your payment for no reason. Therefore, you must have fixed resources who set alarms and send reminder emails to the insurance companies.
6. Increased Efficiency:
According to a recent survey, healthcare practitioners collect 15% more revenue when they outsource medical billing services than in-house billing. This is the wholesome revenue/profit for your practice without any expenses of managing a department that includes; salaries, bonuses, paid leaves, employee turnaround, etc.
Conclusion:
Modern healthcare practices prefer to outsource medical billing services than dealing with the hassle of an in-house billing department. It allows them to deal with their patients conveniently. While a dedicated team of medical billing specialists takes care of your medical claims. They implement the right medical billings solutions to elevate your revenue and impact your business’ bottom line positively.
Want to unlock your healthcare practice potential with efficient medical billing solutions? Medcare MSO is one of the best medical billing companies in the United States. Get in touch with us, to get a comprehensive suite of medical billing and coding services.
