04 Apr Why Should I Outsource my Medical Billing?
For medical professionals, often times the most stressful and complex part of their job is not patient care, but medical billing. This is why a growing number of medical practices and ambulatory surgery centers have decided to outsource their medical billing. While some practices and physicians might be hesitant to make the switch, there are many benefits that can make a practice run more efficiently and effectively.
For physicians, health care professionals, and ambulatory surgery centers, the decision to switch from an in-house billing system to an outsourced company, such as a top medical billing company like MPMR, is one that requires research and a true understanding of how medical billing affects a practice. Once this is understood, the practice or ambulatory surgery center can save much time, money, and stress by outsourcing the medical billing.
Reasons to Choose an Outsource Medical Billing Company
- Reduces billing errors – When a medical practice outsources their medical billing to an outside company such as MPMR, they can be assured that there will be a huge reduction in billing errors. This means that the percent of claims that are rejected or denied will decrease, which will allow for maximum reimbursement on claims. The decrease in rejected or denied claims will also ensure that all claims are submitted in a timely manner. This is due to the fact that all employees of an outsourced company, who handle medical claims, are trained professionals, instead of mere office staff.
- Skilled and competent professionals – Certified medical billing professionals are skilled in insurance rules and regulations, as well as HIPPA guidelines that can seem like a different language to so many people. This will eliminate the need for constant education on the updating practices of medical billing. Outsourcing companies will be fully experienced in dealing with insurance companies. They will be able to handle negotiations, as well as deal with the constant communication that ensures the accuracy of a claim.
- Frees up the providers – Most healthcare professionals would rather focus on their patients rather than the amount of paperwork needed for one claim. When outsourcing is used, this becomes possible. Healthcare professionals often spend an excessive part of their day filling out paperwork in regards to medical claims and bills, which severely cuts into the amount of time they are able to spend with a patient.
- Improves scheduling – Also, the number of appointments a healthcare provider is able to schedule can be affected by excessive paperwork. This ultimately cuts into the ability of a practice to become profitable, and even contributes to the possibility of decreased patient satisfaction.
- Saves time – Having the billing process outsourced allows for the healthcare professional to focus on patient care, rather than the technical details of the medical world. This also allows time for healthcare professionals to focus on further research and other medical interests that have the potential to benefit not only their practice, but their patients as well.
- Cost effective – Lastly, one of the major reasons that outscoring has reached popularity in the medical community is the simple fact that is it cheaper than a company doing its own billing. While many medical practices were not created for the sole purpose of making a profit, it is a fact that money is one of the most important aspects of any business, whether it is medical in nature or not. Practices that outsource are able to cut down on unnecessary office hours that were once dedicated to billing, and cut down on extra employees.
Along with the increased revenue that is seen once outsourcing companies began handle billing claims in an adequate and timely manner, these cuts make the cost of hiring an outside company seem minimal. Outsourcing companies are affordable and a better choice than in-house billing employees because they are not paid an hourly salary and do not require benefits.
Instead, these companies either charge a flat rate per claim or collect a percent of the reimbursement on a claim. Lower costs for medical billing allow a practice to save money, which could then potentially be used for investment in improved patient care.