Several physicians in the US struggle with their medical billing and collection work due to a shortage of resources. Ultimately, this leads to delays in submitting delays, inconsistent follow-up and disbursal of claims. However, some physicians who availed medical billing outsourcing services have swiftly overcome this problem.
Get your facts right about medical billing outsourcing services
A myth that prevails among physicians is that outsourcing is an expensive option. However, the truth is that outsourcing to medical billing companies is the most convenient and economical way of dealing with the task of medical billing. In fact, outsourcing is less expensive than hiring in-house medical billing professionals because then the physicians have to worry about training, payroll, supplies, billing software, insurance benefits, and even vacation pay and sick pay of employees.
Now, is probably the best time to avail medical billing outsourcing services for your billing and collection work. The insurance companies will be paying for all the change in your healthcare services; you can easily opt to outsource your work to professional medical billing companies. If you still need more reasons to choose medical billing outsourcing services then here we go:
Avail medical billing services to cut labor cost
Maintaining a separate medical billing department is an expensive affair. Hiring a certified medical billing professional implies that you’ll have to pay his/her salary as well. The average annual salary of a professional medical coder is $45000 and on top of that, you will have to even include several other benefits such as 401K, health insurance, life insurance, dental insurance, unemployment and several other taxes that you’ll have to bear the cost of. Apart from this, you will also have to offer them the equipment or supplies such as PC, internet connection, printers and even medical billing and coding software to complete the tasks properly.
However, you will be able to save on all those costs by simply availing the medical billing outsourcing services. A recent survey has revealed that physicians outsourcing to medical billing companies saved at least 30% of their yearly expenses. Thus, it’s best that you find a reputed medical billing company and outsource the task.
Medical Billing outsourcing services help you focus on your core job
The primary job of a health professional or physician is to save human lives or patient care. Now, if stacks of insurance claim documents bog you down, it will have a direct impact the quality of your work. You’re not an expert in billing, coding or even arguing with the insurance companies. Let the professionals take care of all documentation, submittals, claims etc. You simply focus on offering the best medical service to your patient. Medical billing companies hire professional medical coders, billers, and even A/R representatives to work on behalf of their clients i.e. physicians. Thus, you focus only on offering the best healthcare services while a professional team takes care of the medical billing services.
Cut down errors and reduce TAT
Errors in billing methods can lead to unending delays in receiving your bills from the insurance companies; this will directly hit your earnings. You might even have to wait for months to get paid for the services you’ve rendered. Insurance claim settlement is really easy when you avail the medical billing outsourcing services. Since these companies have experienced professional handling your billing and coding work, incidences of errors are also minimized. In addition to this, they have people to negotiate or even argue firmly with the insurance companies, so any delay in payment can be sorted out pretty quickly.