Medical billing is a vital part of any healthcare facility service. Professional medical billing services provide the crucial link between providers and payers to ensure that health care claims are processed accurately, paid promptly.
The choice to conduct your practice’s medical billing in-house or to outsource it to a medical billing company is probably one of the most important decisions you will make for your growing healthcare practice.
While in-house billing offers you more control, since you remain in proximity to medical billers, it also requires significant investment, takes precious time from growing your practice, and could impact your bottom line.
Here are five reasons outsourcing may be key to growing your medical practice and maintaining a healthy revenue stream.
#1 Increased Focus on Patient care
When medical billing is outsourced, clinics can focus on what’s important: patients. Since your in-house team will be relieved of billing paperwork and non-core administrative tasks, they have more time to focus on their primary responsibilities. By reducing stress and increasing free time, your staff can focus on value-based patient care.
#2 Remove the headache of Staffing Issues
Outsourcing to a medical billing company removes the stress of micromanaging your employees and the pressure of dealing with common staffing headaches. Outsourced medical billing companies meet your needs by providing highly trained medical billers. You not only have an on-demand cost effective medical billing team of experts, but you also eliminate the constant search for skilled talent, which is often hard to find. When clinics outsource their medical billing services, they don’t have to hire full-time staff members and incur the associated costs. This means that clinics can continue to maintain their quality of care and boost their bottom line.
#3 Keeping pace with an Evolving Industry
It can be exhausting for physicians to meet the ever-changing government regulatory changes and compliances, and to complete the steps necessary to get paid. Outsourcing helps medical practices stay current in the evolving regulatory landscape. Since medical billing companies specialize in RCM and specific medical practice domains, they can effortlessly manage compliance and regulatory issues without burdening their staff. This reduces the risk of drastic penalties for non-compliance, such as significant fines or losing a provider number, jeopardizing practitioners’ ability to do business.
#4 Submit Accurate and Clean Claim
Outsourcing to medical billing specialists results in cleaner claims on the first submission, so you get paid faster. With the expert focus on patient eligibility verification, paperwork, documentation, and other aspects of revenue cycle management, errors, which result in denied claims, are prevented. Outsourcing allows you to leverage the latest technology in automation, predictive analytics, RPA, and reporting tools, to maximize ECM productivity.
#5 Improve Cash Flow
Outsourcing to a medical billing specialist strengthens your revenue cycle management, which in turn ensures cleaner claims and faster payments. Moreover, by eliminating the need to hire full-time in-house medical billing staff, outsourcing also reduces expenses such as employee benefits, tax liability, and training costs. As a result, physicians can ensure their essential staff can focus on patient care instead of wasting time with tedious billing paperwork.
Outsourcing is an important way to boost growth, however, choosing the right medical billing partner can make all the difference.
TYRUS Health offers exceptional value to any medical service provider. We offer a full range of medical billing services that can be combined to provide an end-to-end customizable solution. Contact us today for your free revenue assessment!