Monthly Archives: August 2015

7 Advantages of Outsourcing Your Medical Billing

Medical billing can be a demanding and challenging task for small medical practices. For this reason, many physicians or practice managers make the choice to outsource their medical office billing to a professional medical billing company. There are many advantages to outsourcing medical billing: saves time, saves money, and eliminates the burden of concentrating on too many aspects of the medical office.

Consider all of the advantages of outsourcing your medical billing before making a decision about whether to bill in-house or outsource the billing of your medical claims.

  1. More Focus on Patient Care: Physicians cannot be efficient at providing excellent patient care if they are bogged down by the financial side of the running a practice.
  2. Reduces Billing Errors: Experienced, professional medical billers can ensure that your claims are accurately submitted in a timely manner. Medical billing companies’ sole purpose is to provide medical billing services.
  3. Saves Money: By outsourcing your medical billing, you could save thousands of dollars in annual salaries and benefits; office supplies and furniture; and purchasing, upgrading, and maintaining billing software and additional computer equipment.
  4. Improves Cash Flow: What happens when your medical biller calls out or goes on vacation? Sometimes claims have to wait until they come back to work in order to be submitted. Billing interruptions ultimately affects the timeliness of reimbursements and your cash flow.
  5. 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.
  6. Ensures Billing Compliance: Healthcare is an ever-changing industry and it is a challenge keeping up with the billing changes in Medicare, Medicaid and third party payers. It is a full time job to make sure that the medical office is following the proper protocol required by each payer.
  7. 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 allows the medical office the ability to provide the best quality services using the best technology and products and the best staff.

 

Source: about.com/money