The trend of medical billing service is not very new but has been enjoying quite a fame lately owing to its long-term benefits on the healthcare practice. If you are one of those healthcare practices that still do the billing themselves instead of outsourcing medical billing services, you may reconsider your decision.
Doing the billing yourself indeed gives you more control over the finances, but it may have a hindrance effect on the numbers. Know that it involves a lot of work, and hiring an expert for the job can be a better decision for yourself and your practice.
Here is why choosing a medical billing service can be the best idea for your healthcare practice.
When you get a clear picture of your revenues, you can take corrective measures and make your practice more profitable. This is exactly what a medical billing service does for you. In fact, they provide you with a detailed medical billing report with all the nitty-gritty details of your accounts.
Usually, a medical billing report has the following attributes:
- Total number of claims that were submitted
- Percentage of denials and percentage
- Percentage of clean claims
- Account receivables
- Monthly patient reimbursements
- Monthly payer reimbursements
- A detail-oriented picture of your practice’s financial health
This helps the practitioners know the type of denials their practice has and how to counter them. In addition, it helps the billers ensure that all the claims will be processed timely. Likewise, the practice owners will be assured that the claims are being processed and paid timely.
Notably, it is impossible to achieve this level of transparency in a practice you are handling the billing yourself. Hence, hiring an expert service can be beneficial for you.
It is a common misconception that medical billing companies charge an arm and a leg to provide medical billing services to your practice. It is obvious when you hire service on a permanent on-going basis, you need to pay for your staff’s health benefits and training costs in addition to the payroll. However, the actual scenario is quite the opposite for the medical billing companies, as they charge you based on insurance reimbursements.
In addition, they provide you with an impeccable service that ensures less rework due to efficient coding compliance and lesser rejections.
What else? There is another misconception that medical billing services are suitable for small and medium-sized practices only, which is also a total sham. Know that these companies are at the greater benefit as they get to off-load some administrative burden without hiring full-time employees.
Moreover, patient turnover will likely increase when the practice owner focuses more on the patients than the billing services.
More Focused Practice:
The stress of managing bills can be a little overwhelming and affect your practice’s efficiency. Hence, outsourcing your medical billing service can take the burden off your shoulders, and you can delegate all that time to patient care as a healthcare practitioner or staff.
Moreover, they also show you the way around billing as per specialty, proper documentation, and coding guidelines, which is the core of the medical billing service. All this reduces the test duplication and errors while keeping you organized.
Medical billing service comes with multiple benefits that are sustainable and have a direct effect on revenues. No matter what size your practice is, it will be a win-win situation for you and take your practice to new heights.