Medical billing is an extremely important part of any medical practice, and it requires a special set of skills to do it properly. The fact that it has only become more complex over the past few years has led many practices to outsource their medical billing.
The following are five reasons why you should consider outsourcing your medical billing:
You will save money - Instead of having to hire your own medical billing staff, you can rely on a medical billing service, which can afford to hire the very best staff. You'll end up paying less for the same work because you won't have to hire specialized staff or pay for other related overhead costs, such as software and insurance.
You will make more money - You're more likely to receive higher collection percentages since less money will be erroneously adjusted off and fewer claims will be sent out incorrectly. Billing services are more experienced and skilled when it comes to appealing claim denials as well. Additionally, professional billing services will typically perform a fee schedule analysis as well to ensure that you're being reimbursed at the highest possible rate for your carriers.
You will be paid faster - A medical billing service will submit your claims at a much faster rate and with fewer errors, which means that you'll receive payments in a shorter amount of time.
You will save time - A lot of time and effort can be wasted on medical billing when you could be focusing that time and energy on what you want to do - which is to care for your patients. Following up on a single claim can require you to spend a lot of time on the phone attempting to contact a carrier and dealing with high level management. A billing service will do these tasks for you.
You won't have to keep up with changing rules - The healthcare industry is regularly changing and it can be very difficult to keep up with all the new rules and regulations. A medical billing service will stay on top all of the new rules and regulations to ensure that your claims won't be rejected.
These are five reasons why you should seriously consider outsourcing your practice's medical billing to a professional medical billing service. For information about our comprehensive medical billing and collections services and how we can help your practice, be sure to contact us at ProMD today.