Outsourcing the expertise, and the headaches, of your practice billing can result in better performance and higher revenues, but it is important to partner with reputable billing company. The outsourcing decision can be a difficult one for many practices. Considered in light of the very specific skill set required and the increased level of medical billing complexity and red tape witnessed in the last several years, including Obamacare and ICD-10, placing your billing operations in the hands of a dedicated firm starts to make lots of sense.
After the services and care provided to patients, efficient billing and a well managed revenue cycle are the most important factors of a medical practice’s success. Let’s examine some of the important reasons to consider outsourcing your billing.
Dedicated Team – When you hire a medical billing company you are acquiring the services of a group of professionals who’s only goal is to increase your practice’s profitability. If you hire the right company, that team will be uniquely qualified to take your billing to the next level. You can enjoy the assurance that you are being paid the correct amounts, on time and that any claim denials are being dealt with aggressively.
Industry Changes – Staying up to date with the constant changes in medical billing requirements and rules is often beyond the scope of an in-house billing manager or team. With the recent arrival of ICD-10, this is even more true. A good medical billing company will make sure that their agents are up to date on carrier rules, fee changes and new coding requirements.
Efficient Collections – A billing company is paid a percentage of the money collected. You can expect a good billing company to do everything possible to raise your collection rates. When the your collection rises, so does theirs. There are a number of ways a billing provider can raise your collection rate from performing an analysis of your fee schedule, to implementing procedures that will shorten collection times and reviewing every claim for errors before it is submitted. You will also notice an increase in payment of originally denied claims and a decrease in the size and age of your accounts receivables.
Lower Costs – Through the economies of scale, a billing service provider can save you money. Working wit a large clientele, a billing company can perform their services at a lower cost than the billing staff of a private practice. Meanwhile, the billing company’s staff will be highly specialized and trained for a more specific task. Combined with the higher collection rates you can expect and the reduction in your own staff and office space expenses, the financial benefits are easy to see.
When you hand your medical billing to a dedicated firm you will be freeing yourself from a number of headaches, including managing more staff and constant micromanagement of the billing process. ProMD provides full service medical insurance billing that is at the top of its class. Our billing clients typically enjoy collections rates as high as 98%. Contact us today to meet with a billing consultant and see how are billing services can help you concentrate on your patients while watching your collection rate rise.
ProMD Practice Management is happy to help with your billing assessment needs so you can maximize profits and increase patient satisfaction. To learn more about how ProMD can make your practice run like a well-oiled machine, call 888-622-7498 or fill out our online form to request a billing assessment.