Deciding whether you should outsource your billing can be a difficult decision for many physicians, practice managers or business owners. Medical Billing requires a special set of skills, and in the last few years there has been a jump in complexity and red tape. For this reason, many make the choice to outsource their medical office billing to a professional medical billing and coding professional company. Whether you are new to starting your practice, an experienced professional, or thinking of upgrading to a new system, there are many advantages to outsourcing medical billing. Check out these major benefits of utilizing medical billing and coding professionals:
A billing service can afford to hire the best staff possible. These workers do one thing – increase the profitability of your practice. They review and post all payments, carriers are paid the correct amount and on time. Incorrect adjustments are corrected. Every claim in track and processed. They are integrated with your staff and abide by the same goals but at the same time, they are experts in their field and are not pulled away to other things, insuring your practice makes money, so they can make money, and everything is taken care of. They are also up to date on any changes in the industry.
Years spent training in medical school trained you in helping and healing people, it did not train you in medical billing. Doing your own medical billing and coding requires much time and energy that you could be spending elsewhere. Physicians cannot be efficient at providing excellent patient care and focusing on patient satisfaction if they are strained by the financial side of the running your practice. Enjoy your work without the added stress and headache. A billing and coding service’s one sole purpose is to provide medical billing services, allowing you to maintain your patients.
There is a direct financial benefit of higher returns and lower costs from using a medical billing and coding professional. This can save you on overhead, staffing, insurance, and hardware as well as on salaries, benefits, office supplies purchasing billing software and buying computer equipment.
If you had an in-house medical biller that wanted to take a vacation or was sick, those claims would go in late and your billing interruptions would affect your cash flow. Using a medical billing and coding professional service means you will have a continuous, steady flow of claims being processed and cash coming in. A medical billing service will submit your claims faster so you receive payment from payers quicker.
Because health care is an always-changing industry, it is a challenge is keeping up with the changes in Medicare, Medicaid and third party payers. To medical billing and coding companies it is, actually, a full time job to make sure that they are following the proper protocol and staying up-to-date on the latest changes in order to maintain compliance. Professional medical coders and billers ensure your claims are accurate and submitted on time.
MITIGATE YOUR ADMINISTRATIVE RISK
There is risk associated with the administrative functions of a practice. You are required to be in compliance with codes, bill patients in a timely manner, and keep all patient data and transactions secure. The livelihood of your practice can depend on how your business administration is handled.
Healthcare changes at an unprecedented rate so medical billing does as well. Keeping up to speed with these rules and requirements takes constant education and vigilance, as fees change, carrier rules change and codes change. Leave this to the professionals
Outsourcing medical billing does not mean giving control to someone else, instead it means giving the work to a provider that is an expert in their field, while you can enjoy the breathing room to focus on your practice, review monthly reports and have more control over your practice than you ever have before.
Advanced Billing Concepts provides a range of professional medical billing and coding services to help our clients improve operations. For more information about our expert medical billing and coding services and the benefits they provide, contact us at our New Jersey office at (973)239-4040.