The most successful and profitable medical offices have a dynamic staff that is devoted to patient care. These are the practices that began outsourcing medical billing before it was cool. They understood that the pressures of proper medical billing and collections took away from patient care.
The medical billing landscape is constantly evolving. The practice of outsourcing medical billing made the organization more profitable and more in demand. Here’s why.
It’s A Worthwhile Investment
The practice of outsourcing medical billing may sound like an expense but it’s actually an investment into the financial health of your medical practice. It increases collections or patients’ pay on accounts by a measurable margin. Outstanding accounts spend an average of nearly three weeks fewer in accounts receivable.
Improving revenue cycle management (RCM) is vital and there are only a few ways to do it. It involves increasing collections, decreasing the amount of time in Accounts Receivable (AR), and decreasing denials due to coding errors. Outsourcing medical billing is the easiest way to accomplish all three simultaneously.
Patient Care Becomes Your Cornerstone
Patient care is the reason for your organization and medical billing takes away from that. While it’s a necessary element of your practice, it doesn’t have to be done in-house to be successful. Outsourcing medical billing allows your staff to focus specifically on patient care while offering patients that personal care they can’t get anywhere else.
Join Our Small Business Community
Get the latest news, resources and tips to help you and your small business succeed.
The workload of the front desk is reduced because billing inquiries, appeals, and claims management are handled somewhere else. This means that front desk staff can capture those opportunities to connect with patients and earn their loyalty. Medical staff can perform better without the stress of having to discuss billing and payments with the patients they care for.
If you need further information, you can learn more at Quest National Services.
It Improves Compliance and Reduces Billing Mistakes
The ever-evolving landscape of the medical billing environment can be difficult to manage. Coding mistakes can lead to claims denial and directly affect revenue cycle management. Outsourcing medical billing means clean coding so your practice receives all the reimbursement it’s rightfully due.
Outsourcing medical billing also helps ensure HIPAA compliance 100 percent of the time. Third-party payer protocols are always changing and ensuring compliance means staying up to date. Outsourcing means you can streamline your workflow worry-free of compliance issues.
Outsourcing Medical Billing Makes Dollars and Cents
From consistency to optimization, outsourcing medical billing makes tons of sense. Improved revenue cycle management means you can concentrate on patient care without worry that your accounts receivable is going to fall apart. Outsourcing medical billing helps ensure all claims are paid and accounted for in a timely fashion.
Accounts receivables follow-up and clean coding give you the peace of mind you need to provide top notch patient care 100 percent of the time. Easily mitigate risk by decreasing billing mistakes and compliance issues that divert attention away from the patient care that matters most.
Faster payments, increased revenue, HIPAA compliance, and happier patients are the best argument for outsourcing medical billing. When you get ready to make patient care the cornerstone of your practice, partner with a company who can make outsourcing medical billing an easy transition.