Why You Should Outsource Your Medical Billing: Understand The Future Of Healthcare
Medical billing is the process of submitting health insurance claims on behalf of the patient to various health insurance payors for the purpose of acquiring payment for services rendered. The real benefit to outsourcing medical billing process is long-term ease for medical practices & insurance companies that want to expand their footsteps.
Automated medical billing, charge capture, and claim submission is growing increasingly sophisticated at doing what humans do, but more efficiently and at a lower cost. The potential for both AI and robotics in healthcare is vast. Just like in our every-day lives, AI and robotics are increasingly a part of our healthcare ecosystem.
What is Medical Billing?
Medical billing is the process of submitting claims to payors on behalf of patients in order to receive payment for services rendered in a medical facility. Medical billers translate a healthcare service into a billing claim and follow the claim to ensure it's paid. Some medical billers have expertise in maximizing revenue performance for their organization.
Medical billing is a lengthy process with various stages. Accurate billing and timely follow-up are top priorities because most states require insurance companies to pay claims within 30 or 45 days.
Advantages of Outsourcing Medical Billing
By recruiting reputable medical billing outsourcing firms, you can receive insurance payments faster, reimbursements and payments are received more quickly, and billing mistakes are reduced.
Outsourcing medical billing is the best way to keep your facility running smoothly. Some reasons why medical facilities decide to outsource their billing departments include:
Faster Insurance Payments
With medical billing outsourcing, you’ll be able to get paid faster than ever before! With an efficient RCM process in place, you’ll be able to collect payments from patients more quickly, which means more cash flow for your business. With all of these benefits at stake, it’s hard to pass up outsourcing medical billing.
Expenses tend to creep up when you maintain in-house billing departments. These expenses make on-site medical billing a not-so-wise investment. By outsourcing medical billing, overhead expenses such as infrastructure and payroll can be scaled down or even better, eliminated completely.
It’s safe to say that each medical facility seeks to provide the highest-quality patient care for its clients.
However, managing all of your facility’s tasks at once makes it hard to fulfill your patients’ expectations. Your support staff will always be in charge of overseeing patient appointments, keeping the books, managing check-in and check out, and handling clinical concerns. Outsourcing medical billing enables you to alleviate the stress from your team whenever a function can be managed by other parties
Outsourcing medical billing to a partner firm can reduce overhead costs and ensure stability. The truth of the matter is that many healthcare practices do not have time or disposable income to manage an entire department of in-house billers. They also most likely cannot quickly find a substitute when an employee leaves. By outsourcing medical bills, you can count on your partner firm to manage these concerns for you.
Outsourcing medical billing tasks can help companies save money by reducing labor costs. A company spends about 30-40% of its collections on the medical billing process; outsourcing these tasks will therefore save a lot of unnecessary costs. Hiring a dedicated medical billing team is avoided by outsourcing, as well as the money spent on training and keeping them up-to-date.
Outsourcing medical billing services will improve accuracy in your data reporting. Outsourced medical billers have access to all relevant information on your clients' insurance coverage, which allows them to manually check if a claim is being processed correctly or not. They are also able to make sure that all claims are processed in accordance with government regulations and guidelines.
Medical billing errors can lead to a major revenue slump. Outsourcing medical billing helps guarantee that the billing process is up-to-date, free from human error, and profitable. Offsite medical billers have quality assurance measures that allow them to make fewer mistakes and maintain accuracy.
How Can I Outsource My Medical Billing?
If you're looking for help with your medical billing, there are a few different ways to go about it:
Outsource fully or partially. You can outsource everything from coding and filing claims to customer service and collections. If you're just starting out, outsourcing only certain aspects of your billing process may be easier than taking on everything at once.
Outsource for limited amounts of time. Temporarily hire workers who can fill in during busy times or help with specific tasks such as coding or filing claims. These workers are available at lower rates than permanent employees because they work on an as-needed basis rather than full-time status.
Hire a dedicated team of employees instead of outsourcing your entire department. A full-time staff member may cost more per hour than paying a company to do the same.
Why Outsourcing Your Medical Billing Can Increase Employee & Patient Satisfaction
You can take something off your team’s hands. This frees up time for your staff to better attend to their patients' needs, resulting in higher satisfaction rates and better patient retention.
Outsourced medical billing companies specialize in the field of medical coding and billing as well as other healthcare practices. They have experience working with many different kinds of practices and have developed tools that are designed specifically for them.
Many times these tools will save you time when it comes to submitting claims or even calculating payments received from insurance companies.
The last thing you want to do as a business owner is spend countless hours doing something that someone else can do better than you can.
Jorie Healthcare Partners are committed to being a trusted partner by offering customized solutions that address each client's unique needs. Our team of healthcare industry experts has more than 30 years of experience helping providers improve their operations through a wide range of services including:
Jorie Healthcare Partners is a leading, independently owned healthcare practice management and consulting firm that exclusively serves hospitals, health systems, academic medical centers and physician practices using an integrated tailored approach. We help our clients improve their financial, operational and clinical performance across the organization to sustain long-term, measurable results. This system positions providers of all kinds to succeed in today’s challenging and rapidly changing revenue cycle regulations.
Jorie Bots – Jorie Bots are available right now, ready to be customized to your specific needs and revolutionize the way you manage your RCM. Call (888) 522-0022 or schedule a Jorie Bot demo today.
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