As the healthcare industry evolves, medical practitioners and office administrators constantly search for ways to streamline operations and reduce costs. One solution gaining popularity in recent years is the use of medical billing outsourcing companies.
These third-party companies can benefit administrative helpers, providing comprehensive services that reduce in-house training and staff and minimize tech needs. Their ultimate goal is to capitalize on efficiencies while controlling costs. Outsourced billing can be a significant change to in-house procedures. Still, it ultimately enables office administrators and support staff to concentrate on patient health and other critical aspects of their business by taking over these labor-intensive tasks.
Evolve Your Billing Practices
Imagine leaving the office on Friday knowing that all your weekly coding and billing has been submitted and that the office will be reimbursed in days, not months. It’s not an unbelievable dream. Proper use of medical billing outsourcing companies can redesign and automate your billing practices, paving the way for long-term growth.
Not all billing companies are created equal, but with time and research, medical administrators can find a firm that provides numerous benefits.
- Measurable and tangible results. Outsourcing medical billing allows you to capitalize on efficiencies for a better working environment. Incorporated within those efficiencies are detailed reports, from revenue breakdown to codes billed or denied. This level of information about critical aspects of your revenue cycle highlights progress or arrests potential procedural errors that could lead to revenue declines.
- Subject matter experts. Keeping up with the evolution of medical billing is a challenge. Some people are subject matter experts in revenue, billing, and coding, but only a few. One option is partnering with medical billing outsourcing companies. These firms have developed extensive knowledge and expertise in the billing process and can manage it more efficiently than an in-house team.
- Increased accuracy. Computer billing software and built-in edits reduce the paperwork burden, transforming patient records and making accurate information the norm. In fact, standardized procedures and protocols are the foundation of successful medical billing outsourcing. Having a known set of requirements makes running a practice easier.
- Shorter revenue cycles. Speed up your revenue cycle with faster claim submission and payment posting. Reimbursements are finalized in days, not weekly or monthly, and payments are electronically posted. Waiting for a check from the insurer quickly becomes a thing of the past.
- Increased efficiency. In billing, you can’t catch everything; there is always a new law or code. But with a dedicated outsourced billing team, medical administrators are supported by assigned experts and significant off-site computing power. Over time, these silent partners will increase demographic and coding information accuracy and reduce claim denials and rejections rates.
Medical Billing Outsourcing Companies for a Streamlined Office
Moving your medical billing to a service can be ideal if your healthcare practice wants to drive change. By partnering with medical billing outsourcing companies, medical practice administrators can redistribute staff, lower overhead, and optimize coding to improve revenue collection.
- Redistribute your staff. Adequately educated or cross-trained staff is one of the highest cost factors in any office. A team of savvy coders is the gold standard in the medical arena. But the training and downtime spent on skill revitalization are continuous and drain resources. Third-party billing liberates staff to pursue patient-centric or practice-building skills and duties.
- Lower your overhead. Reduce the need for billing software, equipment, and maintenance. These changes may reduce the need for sprawling office space or free up areas for additional lab and patient rooms. Removing the stress of billing from daily activities can positively affect the office environment and staff.
- Optimize coding. A well-aligned medical billing outsourcing company maximizes reimbursements for all aspects of a growing medical practice. In addition to financial concerns, one mistake can be a legal nightmare in today’s litigious healthcare environment. So, whether your practice is in cardiology or wound care, a reputable revenue cycle management company can help avoid costly mistakes like bundling, under-coding, and questionable or inappropriate over-coding.
- Reduce the number of unpaid claims. Outstanding insurance claims can be devastating to a small or midsize practice. Unsurprisingly, there are dozens of reasons that services remain on the books, unpaid. The paperwork may not have been filed promptly, instead piling up on a desk corner to be dealt with after hours. Or perhaps the patient demographics are inaccurate and indecipherable. One of the most common reasons for unpaid claims is outdated insurance information. In fact, unpaid claims can even be traced to simple typos or inaccurate coding modifiers.
Medical revenue cycle management seems ephemeral, a constant uncontrollable whirlwind. But outsourcing medical billing services can be an excellent opportunity for healthcare administrators looking to lower the cost and burden of operations, thereby gaining control. By partnering with a third-party company, you can streamline your office and reduce costs by selectively trimming your overhead or redistributing valuable resources. Even small steps toward outsourcing can dramatically increase overall office efficiency and per-claim accuracy.
Medical billing outsourcing companies are an affordable formula for improved revenue collection, leading to a thriving medical practice.
Outsourcing your medical billing to StarkBilling eliminates the time-consuming process of providing continuing education to staff in order to keep up with insurance and HIPAA regulations. Contact us today.