Outsourcing Your Medical Billing Can Save Time, Money, and Frustration
Medical billing today has become so complex and time-consuming. Between insurance companies (and patients) paying late, thousands of different codes, and hundreds of different payers, it can be a nightmare. That’s just a few reasons so many practices are using outsource medical billing as a solution.
Benefits of Using Outsource Medical Billing
If you are considering outsourcing your medical billing, you know there will be a cost to do so. That may have prevented you from doing it in the past. However, there are tremendous benefits.
Reduce Administrative Time
Even if you have someone doing billing full-time, it’s a real chore. Staying on top of the evolving medical coding changes, modifiers, and subsets is a full-time job in itself. Spending hours on the phone trying to get pre-authorization or understand why a bill got kicked back without payment can eat up staff time.
Automatic Insurance Verification
Automating insurance verification means less time on the phone or using the insurance company’s portal. By outsourcing, you will also have instant access on patient eligibility, deductible thresholds, correct co-pays, and billing history.
Cut Down On Employee Frustration & Turnover
Frustration takes a toll on employees. Outsource medical billing can reduce staff turnover, cut down on recruiting and hiring, and the training of new employees. This reduced frustration makes for a more efficient (and happier) workplace.
Speed Up Process Time, Reduce Errors, And Improve Cash Flow
Automating same-day claims submissions can increase payment time and improve your cash flow. RCM (Revenue Cycle Management) can be the difference between surviving and thriving.
Insurance companies have a vested interest in slowing down payments. They will look for inaccuracies or errors and kick back claims for even the simplest of errors. Medical billing software, outsourced to pros who deal with insurance companies on a larger scale, will reduce coding and billing errors. Fewer denials and claims pending means faster payment.
Data To Manage Your Practice Better
By tracking each transaction and providing data, you can find trends to manage your practice better. Practice managers can use data to optimize internal workflow and make decisions about insurance carriers and other third-party providers.
Reduce Compliance Concerns
Failing to keep patient data secure has significant consequences. With HIPAA rules, violations can lead to fines and damage to your reputation. Protecting patient data is critical. If you outsource your medical billing, the company you choose will take on the responsibility of protecting patient and practice data. The outsourcing provider will invest the money it takes to protect against data breaches.
What Software Is Necessary For Outsource Medical Billing
Do you prefer to have software on your in-house computers that connects with an outsourced medical billing provider or would you rather do everything in the cloud? Either way, make sure you opt for a provider that integrates with your existing systems and provide an efficient solution.
Using CCaaS (Contact Center as a Service) allows you to work with one provider and purchase only the tech you need. This cuts down on IT costs and hardware and software costs because everything is done in the cloud. By accessing services through a secure browser, it means you can use existing technology without having to invest in new hardware.
Coupled with VoIP (Voice Over Internet Protocol), you may also be able to save significant expenseby reducing your phone costs and your reliance on telecommunications companies.
A More Efficient Practice
Outsourcing your medical billing can be a major step forward in a more efficient practice. It can reduce errors, reduce staff turnover and frustration, and significantly increase your practice's cash flow. Using other integrated solution such as business phone services, unified communications, and a cloud contact center can be a powerful combination to streamline operations and focus less time on administrative tasks and more time on patient care.
Your business has enough on its plate. Outsource what makes sense for your business, choose a world class SaaS technology solution and focus on what's important: your clients. Call 1-866-879-8647 or fill out an online form to request a no-obligation quote from an 8x8 product specialist.