In the midst of the COVID-19 epidemic, you may be wondering whether the time is right for outsourcing your medical billing. As experts in serving medical providers of all types, we can definitively say that now is a great time to outsource. Whether you’re a surgical provider, primary care physician, Medicaid, or any other type of provider, here’s how outsourcing helps.
Stay Compliant with Billing
Outsourced medical billing providers are highly specialized to stay 100% current with all of the latest regulations. As medical regulations evolve, these specialists evolve too, so you can be confident your billing is compliant at all levels.
Speed Up Reimbursements
Along with up-to-the-minute regulatory compliance, outsourcing also means virtually eliminating the most common coding errors. Many outsource companies use the latest software and systems for coding and detecting errors, in addition to years of experience. That means faster reimbursements for you.
Pay for What You Need
By outsourcing your billing, you are paying only for what you need, rather than the fixed expense of your own billing department. Plus, an outsourced medical billing service is able to handle short-term Coronavirus-related increases in patient load. This moves the burden off of your practice to hire temporary help for the increase in billing.
Improve Your Collection Rates
Billing services have a vested interest in seeing you collect, and have collections departments dedicated to the cause. Instead of worrying whether you will get paid for all of your extra work, or having to specifically hire a collections service, your outsourced service will handle it all for you.
Free Up Office Staff
Instead of having to direct patients to an in-house department or have staff answer questions, all patient questions and concerns are directed to the billing service. This keeps phone lines free as well as face time free inside the office since you will not need to look up records, locate bills, or direct calls to people on staff who may already be working extra hours. Your talented medical staff will be able to focus their attention on the people who need it most: your patients.
Reduce Overhead Costs
Using office space for a billing department, plus providing software, computers, furniture, and other necessities can all quickly add up to a substantial investment. Plus, the investment is ongoing as you would need to provide salary and benefits, training, internet, and other supplies for employees. Outsourcing immediately creates more profit for you by eliminating the need for this expense.
Give Patients a Dedicated Biller
Billers work exclusively with one or a small book of patients, meaning each patient will have a dedicated person to talk to about their billing. In addition, the biller will look at reimbursements for that patient, which may be ongoing or similar.
Improve Patient Satisfaction
Medical offices often add billing to the to-do list of other staff. The staff in question then need to dedicate part of their day to that task instead of directly to the patients. Stressed, sick, or injured patients then will see longer wait times, feel unattended to, or note lags in timeliness. In addition, having those staff fielding billing issues can further exacerbate their negative view of the office. Patients will be much more satisfied being able to be helped in a timely fashion, finding easy service for billing questions, quicker reimbursements, and fewer errors.
Utilize Advanced Analytics
An outsourced medical billing service is great for showing you where your strengths and weaknesses are in terms of billing and reimbursements. Advanced analytics data can be used to improve your practice and speed up your reimbursement processes, leading to better profitability. This is perfect for growing your practice, too.
Be Prepared for an Audit
Audits happen, and hiring a professional outsourced medical biller will keep you prepared. In addition to reducing your errors, all records are kept neat and up-to-date, so your office is able to handle any audit with ease. A good service will also provide you with full transparency, so you know exactly what auditors will see and why.
With so many reasons to try outsourcing, it is easy to see how a family-owned and operated business like Reliance Medical Management, LLC can help you. We service greater Raleigh Durham and North Carolina and are equipped to handle your needs. Plus, we keep all data encrypted with Google security.
If you want to try us out, just remember that you can cancel any time with 30 days’ notice. We are confident you will want to stay with us because you will get great service and see your profits soar in your practice!
For more on Medical Billing & Coding, Healthcare Administration, and Insurance News and Updates, you’re already at the right place. Be sure to stay on top of everything by subscribing to the Rx for Success Medical Billing Blog here!
Also, check out our article on how to, How to Stay on top of Your Revenue Cycle Management, 10 Things you Need to Know About the Coronavirus and Medicare, & how to Successfully Outsource your Medical Billing.
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