Outsourcing your Billing – Myths vs. Facts
To outsource or not to outsource – that is the daunting question facing many healthcare organizations. Outsourcing your billing can be a great way to save time, money, and resources, allowing you to reinvest in your practice. But there are many myths surrounding billing companies, the outsourcing process, and the types of healthcare organizations that can use outsourcing services. Today, we’re busting some of the most common myths and serving up facts about outsourcing your medical billing.
Myth 1: Outsourcing medical billing is expensive.
Fact: Outsourcing medical billing is cost-effective.
It can provide you with access to the latest technology and the experience of a team of professionals that are dedicated to your practice. Oftentimes, outsourcing is even more cost effective than employing your own billing staff. Employees at the medical billing companies are experts in their field and come with years of experience and training in billing intricacies. Finding employees to hire with their level of expertise is incredibly difficult and affording them can be even harder. Outsourcing gives you access to extremely skilled billing employees at an affordable rate. Plus, you’ll have access to resources that you wouldn’t have available if you handled billing in-house. The goal of a good outsourcing team is to maximize the money you are collecting, and improve your cashflow, not cost you more money.
Myth 2: Outsourcing medical billing is risky.
Fact: Outsourcing your medical billing is very secure.
Most medical billing companies have industry-standard data security measures in place, including encryption and firewalls. Plus, they have the experience and knowledge to handle any HIPAA compliance issues that may arise. Practice Management takes the security of our clients extremely seriously, employing multiple cyber-security measures including MFA, data loss detection, and penetration testing. A reputable outsourcing company should clearly outline their security processes and protocols.
Myth 3: Outsourcing medical billing will take too much of your time.
Fact: Outsourcing medical billing can save you time.
With the help of a medical billing company, you can streamline your billing process, set up automated payment reminders, and manage claims quickly and accurately. This can free up you and your staff to focus on other areas of your practice. The staff at revenue cycle management companies’ focus is billing, and not only does that make them experts at what they do (as we mentioned in #1) it also means they can work quicker and pay attention to important details as they submit claims and follow up on denials. Having a team dedicated just to billing means you are more likely to submit claims and appeals in a timely manner and follow up on patient payments quickly and regularly.
Myth 4: Outsourcing means less quality work.
Fact: Outsourcing provides quality work and a meaningful connection with your outsourcing team.
The right medical billing company should function as your billing department and focus on providing quality service for your healthcare organization. When you find the right partner, you are leveraging experts who can not only finish your tasks more efficiently but effectively as well. Revenue cycle management companies provide custom reports tailored to your unique needs to keep you in the loop on everything happening in your revenue cycle and ensure you feel informed and in control. Finding an outsourcing company that believes in the importance of connecting with their clients means you will have an outsourced team that feels loyalty to your organization. Getting support and answers to your questions should also be a quick and easy process.
Myth 5: Outsourcing is only for big practices and hospitals.
Fact: Outsourcing is for healthcare organizations of all sizes.
The idea that outsourcing is exclusive to large operations has persisted for decades and it’s fortunately not true. There are outsourcing solutions for medical practices and companies of all sizes. Outsourcing can work for any sized organization if you take the time to find a billing company that will work with you and customize a suite of services that fit your needs. Practice Management has experience working with clients ranging from small group practices with 3 providers at one location to large FQHCs and healthcare systems with over 100 providers spread across multiple locations. With a little research, you can definitely find an outsourcing company with experience working with an organization or practice just like yours.
Consider those outsourcing myths busted!
Outsourcing your medical billing could be the right decision for you and your team. There are many benefits, including increased revenue, efficiency, and quality. Taking the time to research the pros and cons and find a company that fits your needs could be the best decision for growing your practice!
If you’re interested in learning more about Practice Management’s suite of services and how they can maximize your revenue, contact us today!