Apart from the doctors and healthcare providers, a medical office or hospital is only as good as its backend staff is providing affirmative services to their healthcare service. The people in charge of physician medical billing and coding are the invisible engines in the healthcare machinery, and it’s their objective to ensure that their physician medical billing is done properly and all the medical codes are up-to-date, so as to ensure their patients are reimbursed properly.
At the same time, physician medical billing can be a demanding and challenging task for many healthcare providers and it requires considerable room for the physician billing and coding staff to manage the health care services on their end. As a result, healthcare providers, physicians, and practitioners prefer to outsource their physician medical billing requirements to a third-party service provider. Therefore, these companies imply certified physician medical billing staff and essential equipment to execute these administrative tasks and provide a better and efficient solution to these complications.
Most of the healthcare providers think that outsourcing physician medical billing would cost them more expenses than in-house services, but the reality is quite contrary to this situation. Outsourcing physician medical billing saves you the cost of investment in medical billing equipment and team. The most catastrophic reality is that most of the physician medical practitioners are not certified or have proper qualifications for these tasks. Therefore, healthcare practitioners must hire a trainer that can train their staff to perform in-house physician medical billing, and with the ever-changing rule environment, it gets complicated for physicians to hire a multitude of staff.
While offshore physician medical billing companies save your time and expenses from hiring and training an enormous administrative staff, but also provide you efficient services by utilizing physician billing software to boost your production.
Apart from saving time and money, medical billing has a significantly positive impact on your financial growth. One should consider all the advantages of outsourcing medical billing before making a decision. In this article, we have mentioned various reasons as to why it is a better option to opt for offshore medical billing services.
Outsource Physician Medical Billing:
While outsourcing is not a new concept, it might be a complicated decision to outsource physician medical billing. This is because physician medical billing and coding go hand-in-hand, and unless your physician is an expert at identifying the correct codes, it can result in bills coming out awry, thereby resulting in large-scale losses. Offshore physician medical billing companies can prevent this revenue loss by affirming the accuracy of their services. On the contrary, when physician medical billing are done accurately outsourcing can be a pain-free process giving you an ample amount of time to concentrate on your core business strategies. Some of the key reasons to outsource medical billing include:
- Increased Control:
It is a common misconception that by outsourcing your physician medical billing services you can lose control over your business processes. In fact, most of the physicians think that they have better sovereignty over their physician medical billing processes and the money involved due to a trained and dedicated outsourced billing staff. This increased control directly complies with your operational benefits, which thrives up the financial growth of the healthcare industry.
- Increased Revenues:
By outsourcing physician medical billing, companies can save a lot of time and money in terms of salaries, office infrastructure, purchasing, upgrading, and maintaining medical billing complications. With the reduced involvement in the overhead cost, timely submission of claims and increased reimbursements will generate optimum revenue for the healthcare facility as well.
- Better Safety:
Outsourcing your physician medical billing processes to an offshore company is completely safe and it results in the optimum generation of revenue. Well-established outsourcing physician medical billing companies provide a very transparent billing process. Most of the service providers have a HIPAA-compliant and 100% secure physician medical billing set up to safeguard against any hacking attempts.
Companies need to have the assurance that their data is kept confidential at all times, and well-regarded outsourcing providers have the desired security and infrastructure to provide a safe haven for physician medical billing procedures and integrate the scrutiny features to reduce unwanted access to the data.
- Changing Regulations:
The rules and regulations of the physician medical billing profession are constantly evolving. It is a complicated and cumbersome task for physician offices to comply with the ever-changing code environment and perform their healthcare services simultaneously. By outsourcing your physician medical billing requirements, the changes in rules and regulations will be configured by the outsourcing partner, as they would make it a point to stay up-to-date with the latest changes. This frees up time for you to focus on other operational areas.
- Reduced Labor Costs:
An average company spends about 30-40% of its collections on the physician medical billing process. By outsourcing these physician medical billing tasks they can save a lot of unnecessary expenses. The need for hiring a dedicated physician medical billing team is avoided by outsourcing, as well as the money invested for training them and keeping them up-to-date with the latest regulations and policies.
- No Capital Investment:
When a company outsources physician medical billing it no longer has to buy the billing software or any of the latest equipment. The company has to no longer deal with expensive software upgrade investments and configure costly hardware set up as well. As one does not have to own a complete physician medical billing system, the costs are greatly reduced, and in many cases, they can get started easily without any initial capital investments at all.
- More Time for Patients:
When the physician medical billing processes are outsourced to a third-party, health practitioners have more time to concentrate on the patients rather than spending time on their physician medical billing processes. It makes good business sense to invest your time into your core competencies like quality patient care and outsource ancillary business functions to service providers.
- Access to Trained Specialists:
Most offshore physician medical billing service providers have trained employees who are highly experienced individuals and are well-versed with all the business requirements of outsourced physician medical billing and coding. They review and follow-up all payments and make sure all the carriers are paying off the amount that they have invested. Every outstanding claim is monitored promptly until it is processed and the full amount is paid, thereby reducing overheads.
- Adherence to ICD 10:
The latest version of the ICD, i.e. ICD 10 is a rising concern amongst the medical community. The new coding changes have had a massive impact on time management and payment outcomes for health providers. Outsourcing physician medical billing will mean that all the coding changes brought in by ICD 10 will be handled by the outsourcing company, most of whom are already well-versed with the sweeping regulations involved.
- Patient Satisfaction:
For most patients, going to the hospital itself is time-consuming, and in certain cases, a bad experience. Not only do they have to comply with the terms of the various medicines and care they need to adhere to, but also afford the expenses that are involved. A knowledgeable and friendly physician medical billing staff can ensure that your patients remain happy throughout their treatment, while all the financial problems are handled by an expert service provider. This means you don’t need to make your patients worry about their financial matters and they can deal directly with the professional physician medical billing staff of the service provider. This integrates quality measures like effectiveness and efficiency by engaging their staff in their respective expertise.
Hence, outsourcing physician medical billing is a thrifty decision for every scale of business and it uplifts the operational efficiency of healthcare providers.