Benefits of Outsourcing Medical Billing
8 Reasons to Outsource Medical Billing
It doesn’t matter whether you are just starting out or if you have been in practice for decades, choosing to outsource medical billing can be a complex decision. You are worried about handing over such an important task to someone else, yet you just don’t have the man-hours to get it done yourself.
The truth is that the choice to outsource your medical billing needs should be easy—we are the experts and deliver more revenue, faster. When you hire a medical billing specialist, like CPa Medical Billing, you can relax knowing your practice is in good hands.
Here are eight reasons why working with a medical billing specialist is the best thing you can do for your practice:
1. Lower Your Overhead Costs
When you take on the task of medical billing on your own, you also have to take on all of the expenses. On the contrary, we are able to distribute our expenses amongst all of our clients, and we pass the savings on to you. When you hire medical billing personnel to work solely for you, that means you have to pay their salary, benefits, office space, and all of the materials they need—these costs add up fast. However, when you outsource your medical billing needs to us, you have access to the most skilled medical billing specialists around, without any of the additional overhead costs.
2. Improve Your Efficiency
As medical billing specialists, we take what we do seriously. Our sole purpose is to improve the efficiency of your medical billing process while increasing your profitability. We follow each claim from inception to completion, ensuring everything is accurate and nothing gets missed. Our medical billing specialists are the best in the industry, and they work hand-in-hand with your existing staff to make sure everything goes smoothly.
3. See Your Finances in a Glance
Not only does outsourcing your medical billing eliminate all of the headaches and paperwork associated with doing your own medical billing, it also gives you access to snapshots of your practice’s cash flow. We provide both monthly and annual reports , while also providing you the option to see what we are up to at any time, you can run your own reports around the clock. Either way, you will always be kept in the loop and we would be happy to address any of your concerns in detail.
4. Ensure Accuracy in an Evolving Industry
As you know, the medical industry is never stagnant. New methods and technologies alter the way things are done every day, and the medical billing industry is no exception. Our medical billing specialists stay up on all of the latest rules and regulations, coding changes, and each individual carrier’s requirements to ensure your claims are processed quickly and accurately.
5. Reduce ICD-10 Errors
The International Classification of Diseases, 10th Revision, better known as ICD-10, hit the medical billing industry hard, as it completely altered the coding process. Instead of 13,000 codes to learn, a medical billing specialist now needs to deal with 68,000 codes. ICD-10 requires a lot of training and studying to get it right, and as such, many people are expecting a longer turnaround time and more denials for claims due to coding errors. This can have a big impact on your cash flow. When you outsource your medical billing needs, you gain access to a network of people who are up to date on ICD-10, so coding mistakes will not be a concern.
6. Increase Your Cash Flow
When you take on the task of your own medical billing, chances are things don’t get processed as quickly as you would like. It’s understandable; you have a lot on your plate. As medical billing specialists, all we do day in and day out is process claims. This means fewer errors and faster processing, so you get payments faster. Additionally, we work to get you the highest feasible reimbursement from the carriers, including Medicare, to increase your bottom line.
7. Focus on Patient Care
You didn’t spend more than a decade in medical school to sit behind a desk and process medical billing paperwork. Even if you have a secretary or onsite coder that works on your claims, you still have to get involved and deal with the back and forth that is often involved with medical billing. However, when you outsource your medical billing needs, you don’t have to worry about a thing. You can spend your time doing what you do best, and we will deal with all of the behind-the-scenes headaches that are part of the medical billing process. Now all you have to do is decide whether you want to use your newly found free time to increase your patient load and revenue or to take some much-needed rest and relaxation.
8. Increase Cash, Reduce Stress
Medical billing is a stressful process. From inputting claims to negotiating with carriers to following through to make sure everything was processed as promised, there are a lot of chances for the claim to go awry. But as your medical billing specialists, we take on the burden so you don’t have to. You can rest easy knowing that your claims will be paid quickly. And since we get paid on a percentage basis, you can also be assured that we will do everything we can to get you the highest rate possible. Thanks to our commitment to your cash flow, you will actually make money by hiring us. Our medical billing services are not an expense—they are an investment that will bring you a return for years to come.