Apart from clinical services, medical billing and revenue cycle management are the most important processes in medical practice. The majority of practitioners are doubtful about whether or not to outsource medical billing. Although the answer varies depending on the size, magnitude, market condition, and financial situation of different practices, the answer in medical practice is a yes. Want to know about outsourcing Medical Billing Services, How it is Smart Business Decision? and what you should look for when going for a medical billing company? Let us have an answer to these below.
When a health center, hospital, private practice, or clinic outsources its medical billing, it allows a dedicated third-party partner to handle all or a portion of the back-end billing. This includes charge/coding review, claim submission, payment posting, etc.
A front-end component of medical billing services includes scheduling, pre-registration, registration, eligibility check, insurance verification, and pre-authorization. Some medical practices are unsure whether to outsource or complete these tasks in-house. That depends on a variety of factors, including your needs, specialty, patient population, insurance coverage, and so on.
Revenue cycle management includes a back-end component. Medical coding, billing including charge posting, claim review and submission, payment posting, AR (accounts receivable) management, and collections are all part of this. Complete revenue cycle management is complicated and necessitates the expertise of specialists who understand the specialty, insurance rules and changes, state-specific rules, and other factors that can affect the practice’s bottom line.
This is where the outsourcing of medical billing can be extremely useful. A dedicated outsourced revenue cycle team works to obtain reimbursement for medical services as quickly and efficiently as possible, while also optimizing revenue and streamlining workflows and operations.
What Should You Look For Before Outsourcing Medical Billing?
Financial services, such as billing, should not be taken lightly because they are the foundation of revenue generation and management. To determine the best strategies for outsourcing medical billing, a comprehensive assessment of a medical practice’s staff, daily expenditures, and volume metrics must be performed.
Outsourcing Medical Billing Services is Smart Business Decision
As a health institution, all patients do not pay on time. Approximately 70% to 80% of patients, according to estimates, owe $500 in medical payments. 45% of the patients owe more than $1000. Some claims went unnoticed, and the resubmission process begins late or never begins. Due to late submissions and non-resubmissions, reimbursements from Medicaid or Medicare, as well as other insurance companies, can be slow. The in-house billing process is estimated to be worth 30% to 40% of the total cash inflow. Outsourcing Medical Billing Services is the only solution to these issues. Outsourcing Medical Billing Services is the only solution to these issues.
Benefits of Outsourcing Medical Billing Services
Outsourcing Medical Billing Saves Capital Costs:
The capital cost of establishing a billing infrastructure may include buildings, equipment such as computers, internet, server installations, data centers, compliance management, and so on. Maintaining all of this can be expensive at times. Outsourcing medical billing services saves the healthcare institute unnecessary capital costs. Outsourcing your billing process allows you to keep your costs under control. Hiring a medical billing company can save you a lot of money on equipment, buildings, and maintenance.
Outsourcing Medical Billing Resolve Staffing Issue:
Outsourcing medical billing experts can resolve the staffing issues of your organization. The outsourcing company has better control over the medical billing process and revenue management cycles.
You do not need to hire or hold office staff. Setup, staffing, employee benefits, and remunerations are ongoing costs. Medical billing companies hire experienced personnel at high salaries and keep infrastructure costs under control. The salary of office employees remains constant regardless of the number of bills paid. Clearing fewer medical billings and fixed salary payments results in a loss for your medical practice. Costs and time are also required for office staff training. As a result, staffing is a massive process, and outsourcing provides a one-click solution to all of these processes.
Expand Cash In-Flow
Medical bills are quickly prepared and reimbursed promptly to keep the medical billing process continuous flow. An increased number of cleared claims is helpful in the expansion of cash in-flows. An outsourced billing company provides automated software, quick follow-ups, and recovery. A good medical billing company maintains cash-in-flow consistency and expands over time.
Comply with Industry Regulations & Updates
Every day, new coding and billing regulations are implemented in the medical industry. The updated regulations should be well known to your coding and billing staff. Usually, in-house billers are not up to date on industry regulations.
Aside from government rules and regulations, government and private insurance companies are constantly changing reimbursement methods and requirements. When you outsource your billing to a company, your insurance companies rely on it to submit your bills correctly. HIPAA regulations and insurance procedures are followed by outsourced companies.
Outsourcing Medical Billing Saves More time for Your Fundamental Responsibility
The fundamental responsibility of the healthcare professional is patient care. The provision of excellent healthcare services is only possible when your focus is entirely on the patient. Outsourcing revenue cycle management and medical billing services give you relief from billing problems, complications, and procedures.
A satisfied patient
Patient satisfaction is increased by extreme care and an accurate bill. A satisfied patient becomes a regular visitor and an ambassador for your practice by spreading positive word of mouth. This is the most effective method for organically growing your business. Billing is taken more seriously by an outsourced medical billing company. They can convey the same thought process to your patients.
The billing experts are responsible for resolving denied claims on time and reducing the account receivable level. An expert revenue management team accumulates revenue and keeps accounts receivables running smoothly. A/R is one of the most significant issues in the healthcare industry. Older claims often get written off, and money is lost.
Security & Compliance
Knowledge about healthcare compliance and the security of healthcare data is critical. An outsourcing company like Zee Medical Billing will be responsible for the security of the healthcare records of your patients. The patient’s health privacy can be achieved by eliminating threats of the loss of data. Keeping an in-house record may have threats of breach. The data is completely lost after office computers and servers crash in some cases.
The established medical billing company can ensure security during and after the billing process. Medical billing companies invest in security measures to meet the current HIPAA regulations.
Outsourcing Medical Billing Gives Better Control
Choosing an outsourced medical billing company will add valueZee Medical Billing to your business by maintaining medical billing, transparency, and accountability. Good medical billing companies keep everything transparent and provide you with the data which helps you make better decisions. Outsourcing medical billing services can give you better control over operations and revenue management.
Outsourcing medical billing services will help you manage clean claims. Increased revenue cycles result from more clean and timely claim submissions and resubmissions. To have the submitted claims processed again, a proper denial management system is required. Resubmission must be done on time. If the time gap between the two is too wide, it may result in total rejection or denial.
Why outsourcing is better than an in-house setup?
You must be concerned about your finances if you want to run a medical practice. The cost inflows are required to cover the business’s expenses. Take care of your accounts receivables and expenses to keep your business running smoothly. Outsourcing once again assists you in lowering your in-house billing costs.
Healthcare professionals are less concerned with bills, claims, and other financial issues because they are focused on their primary patient care role. In the absence of a billing expert team, healthcare provider obligations may include a high volume of accounts receivables, unprocessed claims, and delayed resubmissions. Outsourcing is the best way to alleviate this burden.
Understaffing is reported to have uncompleted tasks left behind. Over-staffing can be an extra burden on your business. Managing staff for medical billing operations is not an easy task. The labor market is lacking finance and billing experts. To hire experienced billing and financial experts, you will have to pay them more than the competitors.
Secondly, billing requires certification in the field and experience as well. Training is also a costly and time-consuming factor. Suppose your staff is inefficient or lacking in the knowledge of updated regulations like coding and other regulations regarding fraud or abuse. Maintaining this staff would then be a waste of time and money.
Outsourcing billing experts
Zee Medical Billing is a team of billing experts with a track record of cost-cutting and growing the revenues of healthcare professionals. Zee Medical Billing is equipped with the latest technology and the staff with up-to-the-date industry knowledge. Zee Medical Billing will help you eliminate complications in the billing process. We take care of claims and revenue cycle management. In other words, a complete set of billing services are provided, making your goals achievable and manageable.
If you are looking for a dependable medical billing service provider to which you can outsource your work,
Call @ +1 (224) 999-6997
Get a free no-sting attached billing services quote from ZEE Medical Billing for your practice.