Implementing an electronic health record (EHR) can improve workflow and communication with patients, but the technology alone won’t maximize billing efficiency within your practice. The digital aspect of working in healthcare is complex, so it makes sense that outsourcing your billing could benefit your processes. If you’re still hesitant to make this move, consider these reasons to begin outsourcing now:
Reduce billing errors.
Outsourcing speeds up reimbursement because the company you’ve outsourced to thoroughly evaluates claims and looks for errors that could slow down payments.
A benefit of reducing errors like these is that a reputable medical billing partner will be able to supply you with hard data that will help you keep an eye on the finances of your practice. You’ll learn which insurance carriers pay the fastest, which services are most likely to be challenged, and other important information.
Reduce administrative workload.
Outsourcing your billing duties means that you’ll dedicate fewer man hours to keeping your staff updated on medical coding changes and modifiers. Your staff will also spend less time inputting information and preparing claims. You’ll no longer have to spend excess amounts of time on the phone seeking pre-authorizations from insurance carriers. Instead, you’ll be able to dedicate that time to patient care.
No need to keep up with new regulations.
The regulations surrounding the world of medical billing are constantly changing. Keeping up with them is time consuming and inconvenient. By outsourcing your medical billing, you are delegating those responsibilities to professionals who are trained and dedicated to staying up-to-date on them.
Better data security.
Well-established third-party billing service providers provide a transparent billing process. Most of these providers are HIPAA-compliant and have secure processes to protect against hacking attempts. Companies and medical practices need to be sure that their data and their patients’ data are safe, and reputable servicers are able to provide this security.
Enhance financial efficiency.
When you outsource medical billing, you’ll typically get paid faster with less effort from internal staff members. You won’t have to invest in ongoing training either. A reputable company that focuses on medical billing typically has up-to-date technology and well-trained staff, leading to higher revenue capture.
You’ll want to maintain optimal time and financial efficiency within your practice. Hiring a servicer to take care of cumbersome duties will help you do this. You’ll sacrifice some control, but easily gain back that investment in money and time saved.