The outsourcing of your medical billing could be a great benefit for practices that aren’t equipped with the personnel or the resources to manage their revenue stream. Although third-party billing providers aren’t ideal for all people, there are advantages of the service that shouldn’t be overlooked.
Let’s examine the benefits so that you can make the best-informed choice regarding your exercise.
1. Eliminate Staff Cost
The use of an in-house billing system can lead to many hidden costs that go beyond the payroll. This includes the cost of time and money to interview, recruit and hire, as well as properly train and provide health insurance benefits PTO, and office space and equipment are needed for employees working in-house.
Outsourcing removes all of these costs and also eliminates the chance of losing money. Furthermore, when your billing employee gets sick or takes a vacation it could negatively affect the cash flow of your business, whereas companies that bill do not go on vacation or takes a sudden absence.
2. Transparency and Accountability
The majority of medical billing firms should be capable of providing current accounts and performance reports that keep you up-to-date about the state of the revenue cycle.
A lot of medical billing companies get part of the revenue that is collected. It is best for them to collect every cent from your clinic.
3. Reduce Patient Phone Calls
People who have queries about their bills can consume the staff’s time for hours. Through an outsource rehab billing company customers can reach the billing firm directly to have their queries answered, thus reducing your staff’s call time substantially.
4. Receive KPIs/Custom Reports
Medical billing companies understand the best practices for running an effective practice and are able to identify the key performance indicators (a key indicator of performance) that affect the revenue cycle, such as cancellation or no-show rates, and denial rates.
At Account Matters, Inc. we offer our clients an in-depth report at the end of each month that highlights numerous KPIs. This overview of the performance of their practice assists in identifying areas where they could use improvement.
5. Access to Experts
Being up-to-date with the latest policies of payers can be nearly impossible for those who bill in-house. Medical billing companies need to be aware of any policy changes which could affect their client’s ability to be paid. The staff of billing companies that outsource will be able to help and educate your employees to improve crucial procedures.
If an in-house biller quits it may be difficult to locate someone to take over the expertise and knowledge. Practice owners who outsource their billing enjoy peace of mind knowing there is always a professional biller in charge of the revenue flow.