When a health center or group practice decides to outsource their medical billing, they move their billing from something they do in-house with their own staff, to something handled by a third-party company. Making this shift may feel like a risk, but it actually provides a host of benefits to your health center, whether you’re an FQHC, CHC, group practice, or specialist.
So, why do so many healthcare organizations decide to outsource their medical billing?
You’re facing staffing changes
Medical billing is time-consuming for your staff, and as we see the globe navigating staffing challenges across nearly all areas of healthcare, you may find yourself facing these same challenges within your own practice. Losing a dedicated biller from your staff could leave your practice without the ability to complete your billing in a timely manner.
Or, your health center could be adding staff, which comes with its own growing pains. Bringing on a new physician or specialist could open up new areas of billing that your current billing department isn’t familiar with, or it could lead to an overwhelming amount of work and, ultimately, burnout.
Outsourcing your medical billing can help address these challenges and protect your staff.
You could be leaving lots of money on the table
Medical billing companies are experts in what they do. Their teams understand all the moving parts of insurance billing and its major and minor complexities. Staying on top of the latest billing standards is what they do, which means they know how to get you the revenue you deserve, and your staff won’t have to spend valuable hours researching the latest rules and regulations.
Poor revenue cycle management can contribute to massive loss of income.
According to a 2018 study, more than three-quarters of hospitals surveyed said denials are the biggest challenge within their RCM, and some other studies suggest that over a third of practices face bad debts over $10 million. Working with a revenue cycle management company means you will have eyes on your revenue cycle regularly, and they will work to optimize your procedures and follow up on claims thoroughly, ensuring you collect more of the money you are owed.
You’re ready to grow your practice
One of the biggest benefits of outsourcing your billing is increasing your revenue. With more revenue, you are able to grow your practice. Outsourcing your billing means your team will have more time to focus on their everyday tasks, and get traction on their projects. You will have the financial freedom to hire more physicians, onboard stellar administrators, invest in new technologies, and grow your client base at a rate that is sustainable and built around providing the best care possible instead of trying to bring in more patients to make up for revenue shortages.
This type of growth is sustainable, helps avoid staff burnout, and helps you focus on the important work of keeping your community healthy.
If you are ready to outsource your billing to a trusted revenue cycle management company, consider Practice Management. We have been focused on maximizing revenue for our clients since 1995 and we would love to discuss your unique needs with you and build a plan that fits your organization. Contact us here to learn more!