Billing is an important aspect in any healthcare practice. After all you need financial muscle to offer quality medical care to patients who visit your facility. When running a healthcare facility, your primary responsibility is to cater for the health needs of your patients. However, this does not mean that you should not keep a close eye on other activities happening within the clinic such as billing. If your billing system is shoddy, your entire healthcare facility can get affected. As you focus on the medical part of your practice, it is best to engage a reliable, focused and knowledgeable team of professionals to handle you billing services. These professionals should be in charge of processing patient claims, medical coding, dealing with insurance service providers and following up with patients who have unpaid bills.
“You will have to decide whether you will engage an internal team of experts to handle your billing or outsource billing services” explains the top billing specialist Intelligent Billing.
A Comparison of Outsourced Billing Service Providers and an In-house Billing Team
Should you choose to rely on a team of in-house professionals, you will have to acquire a billing management system and ensure that the team handling your billing gets trained on how to use it. This essentially means that your practice will have to follow up on any claims that are denied by insurance companies, rejected cheques and any other situations that arise. Further, you will also have a responsibility to ensure that your firm stays up to date with emerging trends, regulations and policies in the field of medical billing such as the implementation and use of the ICD-10 coding system.
Though relying on an in-house billing team can save you money in the long run, it can be challenging and hectic if you operate a small of medium-sized healthcare practice. For starters, you can end up losing a lot of money to rejected claims and unpaid bills. This is why it is better to rely on the services that offers managed revenue collection services. With such a firm handling your billing, you will be free to focus on your core responsibility: offering quality health care services to your patients.
5 Advantages of Outsourcing Medical Billing Services
1. You Will Cut Back on Operational Costs
Hiring an in-house billing team means more overheads and expenses for your practices. However, with an outside firm handling your billing, you can end up saving a lot of money. This is because professional billing companies tend to have a lot of clients meaning that the cost of service provision is spread fairly across the board.
2. You Will Be Relying on Highly Skilled and Diligent Staff
The main goal of an external billing company is to ensure that your practice gets maximum profits. To do this, they regularly review billing methods with a view of ensuring that all involved parties are paying the correct figures. Additionally, they also follow up on rejected claims and pending bills. To make sure the billing process runs smoothly, external billing companies usually rely on a highly trained team of professionals who are mandated to keep up with emerging trends in this field.
3. You Will Get Your Dues More Quickly
You cannot run a healthcare practice well without a constant stream of funds. With an external firm handling your finances, you are sure to receive your revenues on time since they will always submit error-free claims to patients on time.
4. You Get to Focus on What You Do Best
If you are relying on an in-house billing team, you will have to spend a lot of time handling billing issues. This can be stressing and time-consuming. Simply put, you will not have enough time to offer quality care to your patients. With an external team handling the billing, you will have enough time to cater to your existing patients and also plot on how you can increase the profitability of your firm by handling more patients.
5. Your Practice Will Always Conform to the Changing Medical Billing Landscape
The healthcare industry is constantly changing and there are new emerging trends and policies each day, especially when it comes to medical billing. For example, each year, there are new carrier rules and CPT codes not to mention that carrier fees change routinely. Keeping up with the changes in this field can be daunting, especially if you are also handling patients. Instead of giving yourself a headache trying to keep up with these changes, why don’t you focus on helping sick individuals while trained hawk-eyed experts keep an eye on your revenue.