One of the core business functions for your medical practice is billing, but it can be time consuming, complex, and requires adhering to specific regulations.
While some healthcare providers still manage all billing activities in-house, we’re seeing more and more practices make the decision to outsource this function.
Keep reading to learn if outsourcing your revenue cycle management is something you should consider!
What happens when you outsource your medical billing?
When you outsource your medical billing, you’re delegating revenue cycle management (RCM) tasks to third-party specialists (like us!). These companies handle complex billing processes on behalf of healthcare providers, ensuring that claims are processed efficiently and accurately while adhering to ever-changing regulatory requirements.
The benefits of outsourcing revenue cycle management.
There are several benefits to partnering with a trusted third-party agency to manage your medical billing that impact your bottom line and culture.
- More time to focus on patient care: When you outsource everything related to medical billing, you can reduce the administrative burdens your team is experiencing and focus that energy on what matters most: providing excellent patient care.
- Access to expert resources and technology: When you use outside healthcare billing solutions, you will get access to billing experts and technology that might otherwise be cost-prohibitive.
- Open up funds to invest elsewhere in your practice: It may surprise you, but you can actually save money by outsourcing your practice’s billing. By relying on a team of experts with the tools in place, you can save money on salaries, training, and technology and invest those funds into other areas of your business.
- Experience enhanced revenue cycle management: With a billing partner, you will experience greater accuracy, faster claims submissions, and better denial management, as well as the assurance that they’re keeping you in compliance with healthcare billing regulations.
How to know if it’s time to seek alternative healthcare billing solutions.
There have been times throughout your practice’s growth that you have likely made changes to how you operate, and making the decision to outsource billing is no different. Here are some signs that it may be time for you to engage a revenue management partner.
- Frequent billing errors and claim denials: If your billing team is struggling with accuracy, speed of claims submission and claim denials, this is a good time to consider outsourcing your medical billing. In the long run, making this change will allow you to experience an enhanced revenue management process.
- Overburdened administrative staff: If your staff is overwhelmed and morale is down, it’s a good time to consider working with a medical billing agency. By reducing your employees’ stress and workload, you can help boost morale and give them time to focus on other responsibilities.
- Higher operational costs: If your operational costs are pushing your comfort threshold, consider outsourcing your medical billing. Agencies that offer these services have a team of experts and technology that would be cost-prohibitive for you to access otherwise.
- Difficulty staying updated with regulatory changes: In a heavily regulated industry where things are always changing, it can be hard to keep up with all the new rules and regulations. If this is a pain point you’re experiencing, start looking for an alternative healthcare billing solution.
Evaluating your medical billing options.
As you’re considering whether to keep your billing practices in-house or not, we know there’s a lot to consider. While it can be hard to give up complete control, there are a lot of benefits to partnering with external experts. As you’re considering this shift, keep these tips in mind.
- Their experience and expertise in your specialty: Outsourcing your medical billing means you are establishing a partnership with another company. Make sure their experience and expertise aligns with your expectations and needs. If not, it could lead to disappointment rather quickly.
At Tyrus Health, our team has over 132 years of combined experience. We know how to navigate complex billing processes efficiently and effectively, ensuring your revenue cycle is optimized.
- Their reputation and client testimonials: Before investing your time and money with a new revenue cycle management partner, do your research and see what others are saying about them. If the feedback is overwhelmingly positive, you can feel more confident in your decision to partner with them.
Curious what people are saying about us? We’re proud of our reputation.
- The technology and software used for billing and reporting: To ease the transition from in-house to external management of your practice’s medical billing, you’ll want to find a partner that is able to work within your existing ecosystem. If you’re interested in optimizing the way you use your tools or transition into a more advanced tool, they can help with that, too.
From AdvancedMD to Genius Doc, we’re comfortable working within a variety of billing ecosystems.
- Their pricing structure and service guarantees: Trust is built at every stage when evaluating and working with a healthcare billing solution, but it’s especially important when it comes to transparent pricing and billing. There’s nothing more frustrating than feeling like you’ve been let down.
Learn more about the Tyrus Health approach – including our service warranty – so you can start evaluating if we’d make a good fit for your billing outsourcing needs.
Ready to connect with us to learn more?
If you’re ready to see how an experienced revenue management partner can ease your pain points and give you more time to focus on patient care, contact us today!
