Billing is one of the most complicated yet critical tasks for a medical office to handle. Some medical offices hire trained medical billers to work full time in their office. Some prefer to outsource the task to other companies while there are also offices that do both. You may be wondering if outsourcing could benefit your business. This post will talk about the advantages of outsourcing medical billing.
1. Your Medical Office Can Focus On Patient Care
Physicians are inefficient when it comes to billing and haggling with insurance companies. They have spent many years studying and honing their skills in saving lives. They have very little knowledge about insurance.
Physicians should focus on their job of taking care of their patients. They could become inefficient if they have to worry about the finances of their clinic. It is a common misconception that you lose control over your business process when you outsource the medical billing of the clinic. However, most clinics say that they have a better grip over their billing processes as it is handled by well trained and highly skilled billing staff.
Outsourcing the billing task could be very beneficial to small practices as this could help the doctors to focus on their jobs. It allows them to provide excellent service to their patients.
2. You Can Save Your Operations Budget
Some small offices do not have enough budget to hire more staff to handle the billing. Basically, for every two doctors, the office should have 1.5 workers. Aside from their salary, you also have to pay for their benefits, which could cost more than $50,000 annually. Each worker’s benefits include dental insurance, health insurance, life insurance, unemployment insurance, 401K, and other expenses.
Moreover, you have to provide the necessary supplies and equipment to your workers for them to be able to do their jobs. These include software, postage, clearinghouse fees, worker’s compensation insurance, HCFA/CMS-1500 forms, printers, paper, envelopes, additional computers, and office furniture.
Outsourcing medical billing can save you 30%-40% of your annual expenses. It will give you access to a team of experienced medical billers that are using the top billing software and the latest equipment without hurting your budget. You don’t have to worry about costly upgrades and investments.
Fewer Billing Errors And Faster Turnaround Time
Most doctors prefer to get paid within weeks of rendering their services instead of months. However, having some mistakes in your billing method could profoundly impact the payment process. Sending out clean claims makes their payment process faster.
Outsourcing will allow experts and professionals to handle complicated tasks where errors occur the most. Medical billing service providers are always updated with the constant changes in the industry, such as codes, modifiers, etc. You should be very careful with these things when sending claims to every insurance company.
Keep in mind that a large chunk of the medical office’s income is a direct benefit of having an excellent medical billing service.
By outsourcing medical billing, you’ll see an improvement to your business operations, whether it is big or small.