Medical billing is a complicated affair. Claims must be filled out completely, correctly, and on-time. There are thousands of different claim codes for each medical sub-section, and hundreds of reasons for claim denial.
The process is time-consuming. With the burdens of running your own practice, billing can become overwhelming.
When it comes to getting help, you’ve got 3 options: hire an in-house biller, assign billing to your front office, or outsource your billing.
In-house billers are costly (full-time salary or hourly wage) and assigning billing to your front opens your practice up to more denials and coding errors.
Outsourcing your billing is the best of both worlds: it’s cost efficient, accurate, and comes with a myriad of benefits.
Here’s why outsourcing might be the best choice…
1. Reduce Billing Errors
If you or your staff currently handles billing, you’ve probably encountered denied claims. Billing and coding is complex and errors come easily – there are over two hundred different claim denial reasons!
Billing companies hire professional staff, trained and certified in billing and coding. They don’t have patients or appointments to worry about – their sole focus is accurate and prompt billing for your practice.
You can even hire a specialized billing service – one that knows all the billing tricks of your particular field.
2. Keep up with Industry Changes
The list of insurance bodies is endless (Medicare, Medicaid, Aetna, Humana, the list goes on), each with constantly changing protocols for filing claims.
Keeping up with both the medical field and shifting insurance protocols is easier said than done.
Medical billing companies stay current on billing and coding procedures so you don’t have to — it’s our business. Just as you stay updated on new plastic surgery techniques or new dermatological medicine trials, they stay updated on billing requirements to ensure your practice is compliant.
3. Improve Your Process
Hiring a medical billing company improves billing process and transparency. With a team of skilled professionals, denials are less frequent. When they do occur, your billing team can easily explain why.
Your control increases with the knowledge you gain. You will not have to spend hours deciphering denial codes and reading through dense insurance protocol updates.
When you or your front office handles billing, you lack the reporting capabilities and tools to track revenue increases and losses. You don’t always have the knowledge to make the correct billing decisions.
Medical billing companies like The Auctus Group offer detailed reporting systems so that you can track your billing trends over time. You are able to see the effect on your practice’s bottom line.
Our post about hiring a physician billing service outlines the transparency you should expect from a medical billing company.
4. Save Money
The work of an in-house biller will probably be accurate. Claims will be handled in a timely manner and the denial rate will be low.
But you will have to pay them either a full-time salary (plus benefits) or an hourly wage. You will also have to purchase and maintain expensive medical billing software.
Billing errors and claim denials cost money too which can lead to thousands of dollars in lost revenue.
In hiring a medical billing company, you are hiring a team of quality billing professionals. You pay them a percentage of the amount collected, not an hourly fee or salary. Check out our medical billing savings calculator to see how much you could save.
Medical billing companies have their own software, so you don’t have to worry about purchasing and managing expensive, complex programs. If you already have software you rely on, they can often integrate your system with their own.
5. Stabilize Your Cash Flow
Regular cash flow is important for the stability of your practice. When your in-house biller goes on vacation or takes a sick day, your claims aren’t submitted in a timely manner, delaying the money your practice needs.
Likewise, if you handle billing yourself, you might not always have time to file claims. Between seeing patients and running the other aspects of your practice, it’s easy to make billing a low priority.
Outsourcing to a medical billing company ensures that your claims will be processed efficiently and on time. With a team at your disposal, you will always have someone available to address your billing needs.
Your billing and coding will be completed in a scheduled and regular manner, with no surprises that interrupt your cash flow.
6. Focus on Patients
Your office staff needs to manage patient appointments and run the front desk, not spend time arguing with an insurance provider on the phone. You and your doctors need to visit and treat patients, not spend time figuring out the meaning of an obscure denial code. Handling billing within your office detracts valuable time from patient care.
Your practice is meant to help people. Let it. Consider outsourcing to a medical billing company that meets all your needs.