Explore the Benefits of Outsourcing Medical Billing
Accurate billing and revenue lifecycle management (RCM) are crucial for keeping your medical practice sustainable, but when you and your staff are busy providing excellent patient care, it’s challenging to balance your time between focusing on patient needs and managing billing tasks.
Before relying on a third-party company to handle your billing processes, consider the benefits of outsourcing medical billing, standard services offered, and determining factors to decide if it’s the right choice for your practice.
Should I Outsource My Medical Billing?
To decide if you should outsource your medical billing tasks to a third-party service provider, ask yourself:
Is My Practice’s Billing Process Efficient?
If collection amounts are decreasing daily, your in-house billing department may be experiencing process inefficiencies. One of the benefits of outsourcing medical billing to a third-party service provider is that you can significantly increase payment collection and reduce the number of rejected claims.
Do I Have a High Staff Turnover?
Small or independent medical practices experiencing high turnover in the billing department can damage the business’s present and future success. Relying on outsourced medical services to process claims in a timely manner eliminates operational inefficiencies in the claims and revenue collection processes due to staff shortages.
Are My Employees Tech-Savvy?
Keeping your billing in-house requires investing in medical practice management software and team member training, which adds to operational costs. If you don’t want to worry about scheduling frequent training sessions for your employees and upgrading billing software, outsourcing your medical billing services may be the right choice.
How New Is My Practice?
If you’re running a newer practice, you and your staff are busy establishing new patients and managing their care. One of the benefits of outsourcing medical billing is that a third-party provider does administrative tasks, freeing you and your employees to focus on providing excellent patient care.
Outsourced Medical Billing Services
If outsourcing medical billing is the right choice for you, here are some common outsourced medical billing services offered to help the needs of your medical practice:
Medical Accounts Receivable Management
One benefit of outsourcing medical billing is access to full-service accounts receivable (AR) management services. AR management services give you the tools and resources to accelerate revenue and improve cash flow. With outsourced medical billing services, your practice is assigned to a committed medical billing team that follows up on pending claims, initiates collections, researches reasons for denial, tracks outstanding healthcare accounts receivable balances, and provides detailed AR reporting. Many medical billing providers use innovative software applications that offer more options for patients to drive prompt payments and increased cash flow.
Another benefit of outsourcing medical billing is claims management services including processing claims and managing denials. Managing the wide range of medical claim processes is frustrating for your staff. Claims can be denied for various reasons and identifying why can be time-consuming. By outsourcing your medical practice’s claims management services, you and your staff can focus on patient care and leave claim issues up to the experts. Many medical billing companies also use software designed to improve the claims denial process
If you want to improve RCM in the healthcare industry, prioritizing quality and accuracy is a must.
The Benefits of Outsourced Medical Billing
With outsourced medical billing services, you get a wide range of benefits:
Allows You To Focus on Patient Care
An important benefit of outsourced medical billing services is that it frees you and your staff to focus on patient care. Long gone are the days of practice managers switching between scheduling important patient visits and managing claim denials—patients are always a top priority when you rely on outsourced medical billing services.
Reduces Billing Errors
Accurate medical billing requires extensive coding knowledge and training on complex claim submission processes. Medical billing companies ensure every medical biller undergoes rigorous, consistent billing process training and completes required assessments. Trusting an experienced company with knowledgeable, well-trained coders to provide you with outsourced medical billing services helps reduce billing errors and rejected claims and increases submission accuracy and timeliness.
Saves You Money
Another big benefit of outsourced medical billing services is that you save money on various costs of hiring an internal medical billing professional, from salary and training to employee benefits. You can also avoid the costs associated with office supplies like furniture and hardware upgrades.
Creates Consistent Cash Flow
Relying on a medical billing company also creates consistent cash flow for your practice. Medical billing professionals working for outsourced companies ensure each code is entered correctly and denials are resolved quickly, resulting in quicker collection for your healthcare organization.
Ensures Billing Compliance
Medical billers also ensure all coding and billing processes are compliant to avoid industry, insurance, or government compliance concerns. Many medical billing companies also offer billing audit services to identify and resolve operational inefficiencies, inappropriate billing practices, mismanaged CPT coding, and many other issues.
Improves Patient Satisfaction
With medical billing experts focusing on maximizing your revenue, you and your staff can devote time to providing patients with the best possible care, improving satisfaction, and sustaining a loyal patient base.
Comprehensive, Efficient Outsourced Medical Billing Services
At BSI Medical Billing, we offer comprehensive, efficient outsourced medical billing services for partners specializing in a wide range of areas like dermatology, general surgery, radiology, and urology.
Our outsourced medical billing services are customized to your medical practice’s needs. We streamline and enhance processes, allowing you to maximize reimbursement and increase revenue and cash flow. BSI Medical’s AAPC-certified team of coding and billing specialists ensures highly accurate claim submissions, resulting in quicker payments and minimized insurance company denials. When you choose BSI as your outsourced medical billing services provider, you get a partner that reinforces revenue streams, simplifies daily operations, lowers operating costs, and improves claims and billing processes. Contact us today to schedule a free evaluation to find out if our outsourced medical billing services are right for you.