When searching for ways to increase productivity and efficiency at your practice, outsourcing comes to mind often. If your team is working at their best, keeping some procedures in-house might be in the best interest of your practice. However, there are some processes that, no matter how hard you try, can be almost impossible to keep functioning at a high level in-house. Medical billing not only falls onto this list of difficult processes, it might very well be at the top. Outsourcing your medical billing can help your practice in plenty of ways, allowing it to function at its highest ability. In this article we’ll explore the impact it can have overall.
Outsourced Medical Billing Saves Time
Providers might not think that outsourcing medical billing will save time outside of the billing department, but it does. Removing billing from the office gives time back to your team in many ways. One being the number of incoming calls received on a given day related to billing. Your staff would no longer have to worry about spending time on the phone with patients asking questions about their invoices.
Another way outsourcing medical billing saves your practice time is during audits. Billing companies are very familiar with the process surrounding audits. They are always up to date with necessary documentation and vocabulary and get the job done efficiently and accurately. This saves your practice valuable time and helps you avoid the stress of having to navigate the audit field.
Decreased Errors and Denials Improves Your Clean Claims
The design for Medical Billing companies is based directly on decreasing errors and improving clean claims for your practice’s billing. Due to their specialized education in this field, they make fewer mistakes. When having to deal with multiple procedures at once, things can fall through the cracks at your practice. There is increased potential for your team to make errors, resulting in denied claims. By outsourcing your medical billing to a company that focuses only on billing and knowing correct codes, the accuracy of the claim, as well as the number of approved claims, increases substantially. Because of this, your clean claims rate increases, and has a positive impact on your revenue cycle.
Improved Financial Status
There are a few ways outsourcing your medical billing can improve the finances at your practice, one huge factor being the cost of staffing. By eliminating that department, you can save your practice a substantial amount of money. As previously stated, by increasing your clean claims rate, and increasing the numbers of approved claims the practice receives, outsourcing will have a continued positive effect on the revenue of the practice. Even though you have to pay for the service, the increased return you receive will outweigh any cost.
These are just a few benefits of choosing to outsource the medical billing at your practice. By outsourcing, you take the stress and distraction off the backs of your staff, allowing them to reprioritize and focus on patient care. Outsourcing your medical billing will save your practice time, decrease denials, and improve your financial status.