Running a successful medical practice is easier said than done. And when it comes to medical billing, issues like keeping in tow with the ever changing regulations and declining of medical reimbursements are major road blocks. No wonder then that a lot of physicians these days are outsourcing their medical billing to external agencies. If you have not yet jumped on to the bandwagon, take a look at these reasons that are sure to convince you to follow suit.
5 Advantages of Medical Billing Outsourcing Services
One of the major challenges that most practices face is managing the denial of reimbursements. In fact, sources reveal that about 50% to 65% of these claims are never appealed which equates to a lot of money lost. Of course one of the main reasons could be that the staff is not well trained enough to pursue these denials. Additionally, when you miss to raise a claim for these denials, you are actually missing out on a chance to understand what went wrong, such that this can be taken care of in the future. By outsourcing your medical billing, you can be assured that the number of declined claims is considerably reduced, thanks to the wide experience that these medical billing agencies have in the field. They also ensure that all your documents are in place such that the firms do not have a chance to decline you reimbursements in the first place.
More Focus on Services:
Handling all the document work like submitting the claims, keeping in sync with the latest medical billing regulations and managing the denials can be a tiresome task for you and your staff. This in turn can take a toll on patient care and services which is definitely not a great idea. By outsourcing your medical billing work, you can actually reduce the stress on self and your staff and instead focus on other important things like marketing, PR and patient satisfaction.
Converting Fixed Expenses to Variable Expenses:
Maintaining a medical staff that handles all your documentation and reimbursement works would mean paying them a fixed salary, irrespective of the turnover that they bring in. While this would seem alright when the reimbursements come in without any issues, this could become a liability when dealing with denied claims and low revenue rates. Now, most medical billing agencies claim a percentage of your collections. This means that their pay depends on the amount that they bring in to your practice. This is any day a better deal.
In Tow with Rule Transitions:
How often have your revenues been affected because of the change in rules that you and your staff were unaware of? Well, this could happen anytime and it might be difficult for you to anticipate these changes. However, a good medical billing agency will always be aware of the changes including the impending ones, thus ensuring that your revenues do not take a hit.
Hiring a medical billing service ensures automation of billing cycles, thus leading to quicker remittance of payments. Also, since these agencies use the latest technology and techniques, you really don’t have to worry about upgrading your facilities or staff to get your payments faster.
Outsourcing to a medical billing specialist will save you a lot of time, which you can then spend focusing on your patients. It also frees you from all the stress that you would otherwise have to put in to get all the reimbursement documents in place. So, go ahead and outsource your medical billing today!
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