A lot of medical practices are choosing to outsource their medical billing. Many are still on the sidelines, trying to decide whether or not it’s necessary; whether or not it would be worth it. To answer both questions, it’s important one knows that a third party medical billing company is supposed to have a team of professionals who hold expertise in this particular area. While some practices see perks in having an in-house team to look after the billing, it’s unlikely that their staff would be motivated enough to aggressively follow up on unpaid claims, or take you through successful claim negotiations, and so on. A third party company, on the hand would not just do that, but also stay current on every big or little change that comes along in insurance requirements or medical codes.
To throw more light on why outsourcing medical billing should be a must amongst practitioners, we have gathered here four points that we think are most important.
They’ll know how to earn you more bucks
So many medical practices have found after switching to a third party billing company, that their total revenue saw an increase from about 10 to 39 percent, the first year itself. The reason is, a medical biller has full understanding of how to make use of the medical coding system to get a healthcare practice or a doctor, the maximum revenue. In addition, if there’s a claim that goes unpaid or is for some reason denied, a medical billing company can be expected to put in the work needed to ensure you’re not in fact left unpaid for the service you provided.
It will let you free up your internal resources
Many practices, especially the smaller ones think of getting one of their friends or a family member take care of the medical billing. But, the fact is that the task itself is overwhelming, and most of these practices only just manage to stay afloat. It takes a mighty lot of already acquired knowledge and huge amount of time to keep abreast of the trends and changes introduced regularly in the world of medical coding and insurance industry, including the updates on CMS regulations, amongst other things. It would rather be easy to have your friends and even staff focus on other necessary tasks, while letting your medical billing be outsourced to more capable hands.
They hold the expertise in the field
And last, but not certainly not the least, medical billers are experts in their field. They understand the nuances of this trade extremely well. Plus, all the experience they gain from working with various medical practices, gives them a better perspective as to provide them with an edge!
They’re there to take all the responsibility
Outsourcing medical billing essentially means handing over the whole responsibility to someone who’s knowledgeable, and one you that you can put your trust in. You’re doing this, so you no longer get to have any insurance complaints or questions to handle, or worry about whether or not you’d be paid for your services and also if you’d be paid at the best rate or not. Medical billing experts will know about, as well as how to make programs like PQRS and MIPS, work specifically for your practice. Moreover, knowing what all could be counted as a violation under HIPAA, they’ll know how to keep your practice safe from any HIPAA Privacy and Security Breaches. The people handling your medical billing are supposed to be great at numbers, and let’s just say they’re wired to handle the finances of your practice extremely well. You can expect little to no billing errors from them. So, you shouldn’t have to worry even a bit.
Therefore, it’s only for the best, if you leave the task of medical billing to the the people who hold its specific expertise, while you focus all your energy in helping people through your practice. We, at EHealthSource help medical practitioners with medical billing, while ensuring they achieve maximum of profit and revenue in the process.
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