Your busy medical practice is thriving – and yet, there is room for improvement and growth. A thoughtful look at your business model may reveal a weak link in your in-house billing department.
1) Growing business and profits
If you want to grow your business and maximize profits, all while improving patient care and experience, outsourcing your medical billing may be the right choice for you. You will reduce overhead, increase efficiency, and help increase reimbursements. That all translates to a healthy business outlook for your practice.
2) Reducing workforce worries
For most midsize medical practices, having a dedicated billing department is costly and cumbersome. Billing today requires skilled, savvy employees to run it smoothly. Yet, typically, turnover can be high in the billing department. The work is demanding and it takes a special kind of person to avoid burnout. When you outsource your medical billing, you eliminate the potential downtime and expense involved when an employee decides to move on.
3) Being more cost effective
The process of medical billing can make up a large part your expenses – on average, up to 40 percent. Outsourcing your billing reduces employee and training costs and it also frees you of the need to upgrade and invest in continual billing-related software and hardware upgrades.
4) Keeping on top of billing changes
Payer rules change more often than you think. Professional billing services keep track of upcoming changes, and even about what’s being proposed in the future. As a physician or healthcare professional you are always reading and participating in continuing education to keep on top of the latest medical advances and technologies. A professional billing service does the similar thing for you – in the financial branch of your business.
5) Accessing data and billing assessments
When you use a professional billing service to perform your medical billing, you can also benefit from billing and coding/data assessments. In billing, the key to maximizing your returns is making sure that the workflow is efficient and that documentation and coding is correct. Your professional billing service should be willing and able to identify and point out where there are weak links, and then suggest procedural and technical changes that will improve your business outlook.
6) Keeping up to date information about receivables
Do you know at any given moment what percentage of claims are paid and which are outstanding, by date? What about being able to identify your most important payers? A professional billing service has the technical muscle and the time to crunch the data for you. Better information equals better business practices overall.
7) Being audit-aware
Audits can be time consuming and a bit stressful if you do not have an organizational and technical handle on your payer information. Professional billing services specialize in updating, filing, and maintaining information. It’s important manage your outsourcers, but a reputable and experienced billing firm will make your audits go quick and smooth.
8) Maintaining the privacy and safety of patient information
Professional medical billing services comply with all privacy and HIPAA requirements. Data security and sensitive PMI must be kept safe. Confidentiality is key in medical billing and all aspects of the medical profession, so it’s wise to choose a reputable medical billing firm to ensure transparency and compliance.
9) Keeping on top of rules and regulations
The world of medical billing is constantly in flux. Rules and regulations are enacted, updated, or changed frequently. Keeping on top of changes in HIPAA requirements and the latest versions of ICD 10 coding will help ensure that you bill correctly, efficiently, and within all strictures put in place by regulatory agencies.
10) Making patients the focus
As a health care practitioner, your focus is and always should be on the patient. Outsourcing your medical billing allows you to do just that. Just like in medicine, there are times where it’s best to seek the help of a specialist!
Outsourcing medical billing is a good choice, but it is always important to select your outsourcer carefully. These days, medical billing requires expert knowledge about medical coding and adherence to guidelines and regulations. The right medical billing outsourcer can help you grow your business and enhance the quality of patient experience.
ProMD Practice Management can help your practice achieve a considerable increase in revenue in a matter of months. Founded in 2004 by a team of physicians and health services administration professionals, our staff is experienced with billing services, timely charge posting, collections, and detailed monthly billing and collection reports.
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.