How Can Outsourcing Medical Billing Improve Revenue?
In medical practices, medical billing can be a very time-consuming task, and at some point, most facilities will consider whether to handle the billing process in-house or whether to work with a medical billing company to ensure insurance claims and invoices are honored.
The reality is that medical billing involves many steps. Someone has to confirm the patient’s insurance company and use the billing format mandated by that company. The facility must file a claim within specific time limits and using the right code and policy number. The facility must submit to the right address and must stay aware of changes as to the amounts allowed by the policy. They must also know which treatments require pre-approval. Any errors can result in delays.
While there is medical billing software and while some doctor’s offices and practices choose to handle billing themselves, an increasing number are outsourcing medical billing. Outsourced medical billing services help save time at a busy practice and, in many cases, can help boost revenue.
Here are some specific ways that outsourcing medical billing can help your practice.
1. An Outsourced Medical Billing Service Lets You Maintain Control
In any revenue cycle, management services for your medical billing can actually give you more control. When you work with a medical billing business, you can get access to your records and your information at any time. Since it is organized for you, it may be easier to find data if you ever have a question about a particular patient or visit.
2. Outsourcing Medical Billing Gives Your Team More Time for Your Patients
Your team makes revenue when providing services and value to patients. When you outsource medical billing, your team can be more present for patients and can spend more time with them. This offers a better experience for everyone at your practice. You have more time and energy for patient-facing and revenue-generating tasks, which means your practice can become more efficient and can generate more revenue.
3. Outsourced Medical Billing Services Make It Easier to Keep Up
Insurance companies are always changing their policies, and they are not always proactive in communicating their changes with medical practices. A company may shift how they receive electronic medical records or how you should file. Patients, too, may suddenly lose their insurance or switch providers.
If you are handling your own billing, you may have to spend hours trying to figure out the latest HIPAA rules, insurance policies for different providers and the current insurance status of your patients. With an outsourced service, professionals whose sole focus is medical billing can handle these details, ensuring you get quick settlements and have fewer delays.
4. Outsourcing Reduces Errors
Outsourced services have medical billing professionals in place who study insurance companies and processes, so they know exactly how to handle each billing request. Since they have handled thousands of patients and insurance cases, they know how to proceed. An in-house billing department is less likely to have that kind of experience, making errors much more common.
In addition, many billing companies have strict policies in place to ensure billing is handled correctly. The processes in place and the dedication of billing professionals can mean fewer errors, which can mean more timely settlements.
5. Outsourced Services Can Help You Get Paid Faster
When a service handles your medical billing, your files are in the hands of dedicated professionals whose only job is to follow up on the claims. By working tirelessly, they ensure no bills slip through the cracks. They can also pursue insurance companies until you are paid, improving your practice’s financial performance.
6. Outsourcing Improves Your Patients’ Experience
Your revenue is directly linked to your patient relationships. If your patients have a strong relationship with you, they continue to visit you for their medical needs. By maintaining a strong relationship with insurers, you can continue to work with the carriers that are most convenient for your patients.
When you outsource your medical billing, you can enhance these relationships. Your team has access to claim information so you can better answer patient questions about billing. Claims get settled faster, so patients can take care of their medical bills and costs. Since a professional team is communicating with insurance companies, insurers get more correctly-completed forms and claims, which makes their process simpler.
7. Outsourcing Medical Billing Can Reduce Your Overhead Expenses
Hiring professionals who handle medical billing at your practice is costly and time-consuming. You need to recruit, screen, fire and onboard individuals who are familiar with medical billing. You may need to provide office space, workers’ compensation insurance and benefits to those hires. In addition, your new staff members in charge of medical billing may need ongoing training to ensure they stay up-to-date with changes to billing and insurance companies.
In contrast, outsourced services usually have transparent costs that are a fraction of this type of overhead. Since they are set costs, it may also be easier for you to budget for medical billing services, so you enjoy more revenue.
BPS Billing Can Help Your Practice
If you are looking for a team of professionals to handle your medical billing so you can improve your financial performance, the team at BPS Billing has over 20 years of experience working in the health billing industry. We work with private practices, solo doctors, mental health practitioners, larger practices, non-profit organizations and other groups. Our goal is to handle your disputes, enhance your relationship with patients and insurers and improve your revenues.
Our billing interface is ICD-10-compliant and HIPAA-compliant for your complete security and peace of mind. Using our online interface, you can check the status of any claim at your practice, 24/7 and 365 days a year. BPS Billing also offers reports provided on an accrual-based accounting format. You remain in complete control.
Best of all, we help you reduce the errors that could be costing you revenue. BPS Billing has a 100% error checking step-by-step workflow process to ensure each claim is processed correctly. To find out how our team works hard to get more settlements and more claims paid promptly, call us at (833) 277-2455 ext. 700 or fill out our online form to learn more about our services.