After spending long hours taking care of the needs of your patients, the last thing you want to think about is making sure that all of the billing and coding for your services has been completed properly. While some practices will hire in-house billers, many prefer to hire a professional billing company to maximize cash flow efforts. This is an important decision that all medical practices, big and small, have to consider. When making the choice for your practice, here are five reasons why outsourcing can be the best option.
1. It saves time and money
Handling billing in-house costs several thousands of dollars for training, salary, and benefits of employees, as well as additional office space, furniture, computers, and software. Career billers eliminate these extra costs and relieve you of the extra time and money necessary to set up, train, and maintain a billing department. Professional, mono-focused billers concentrate on regulation, continuous improvement, and your cash cycles.
2. It reduces risk of errors
Payers constantly change their policies. To get the most out of your billing, you have to be sure to stay current with these changes. Dedicated billing companies will help you eliminate errors in your billing and the stress of keeping on top of these ever-evolving policies and requirements. Here’s an example of how a career biller can help you avoid potholes: CLICK HERE.
3. It provides total transparency
Competent professionals provide you with comprehensive reports that give you complete visibility into the coding and billing that they do for you. You should expect to understand your AR average, buckets, cash flow, and have a resource for questions in a biller who sees all projected cash inflow. This benefit extends also to relieving you of management time spent over billers who may need financial training.
4. It increases revenue
Because professional billing companies stay updated on the changing policies of insurance companies, they are experts at helping you get the most out of your billing, collecting higher fees and percentages. Even with their service charges, they can provide you with greater revenue each year. You should be able to see this in the financial reports over time. If you want to learn about reporting, CLICK HERE.
5. It allows you to focus your attention on your patients
You have already spent years of studying, training, and staying current with medical practices in order to do your job. You didn’t do this to learn more about billing and team management. Using a professional billing company allows you to make billing a competitive advantage and dedicate your time to taking care of the patients.
Professional billers benefit you with accurate, diligent billing and coding management and by helping you track your financial performance – minimizes AR times and maximizing claims paid. Keeping these factors in mind can help you make the best financial and operational decision for your practice.
Tyler Vogelsberg graduated with a Bachelor’s degree in English and a minor in Psychology. He spends his time editing children’s books, writing freelance, and finishing his own novel. When he’s not working, he either has his head in the clouds or in a book, or he is spending time with friends and family.