Medical Billing Outsourced – A Win-Win Decision
Concerns with amounts collected, maximum possible output and how to achieve maximum efficiency are hence natural and quite common. A solution to all these worries would be turning to an expert on these issues; which is the primary reason why clinicians opt for an outsourced medical billing service. We are going to explore some the resultant benefits and consequences of outsourcing your practice's finances to a medical billing organization.
Most people have a preconceived notion that the occupation of medical billing only involves data entry. On the contrary, it is much more than that. For revenue maximization on the claims submitted, follow up on claims denied is essential. More often than not, an in house billing department is generally understaffed and undertrained; therefore, adequate follow up on the claims is absent. A large chunk of time with in house billing is attributed to creation, submission and posting payments for claims. This leaves almost no time to follow up on claims which have been denied. In most cases, very little action is required for denied claims to become paid ones. Following up on claims in itself is a full time job. Unfortunately, in the case of in house billing, the practice does not have the resources time wise to follow up with the insurance carrier to discover what is required to get the claim paid.
While opting for a specialized medical billing service, you have the comfort of knowing that resources allocated to the task of processing and following up on claims are professional. They have been trained specifically for the task at hand and have ample members of staff to ensure there are no hiccups in the stream of revenue generated. If a practice opts for an in house billing department, they are either going to hire experts for that particular job or will have to hire novices and train them expertly. For the former, since it is going to be quite costly to hire an in house expert, a practitioner will not have the luxury of hiring unlimited number of employees. For the latter, training once again is going to be quite costly and more importantly a time consuming process; this might even prove to disrupt the basic function of care delivery of a practice.
One of the easiest ways to guarantee proper payment of claims is patient eligibility (with their insurance carrier). With a specialist medical billing organization providing a range of services, the patient has their eligibility verified even before they walk through the door. Verifying that the patient in question is covered with their insurance company arguably ensues in maximizing ‘clean claims' and subsequently maximizing revenues. Furthermore, this allows for any insurance discrepancies (for example change of insurance, typing errors etc) to be resolved prior to the appointment.
Once a clinician is confident that the monetary aspect of their business is in safe hands they can focus their attention to the primary function of a physician's job - superior patient care. The practitioners will have the luxury of simply paying attention to the health of their patients rather than worrying over claims being submitted and collections being made. This will undoubtedly lead to improved patient satisfaction and subsequent growth of business as well. At the end of the day, any practice's bottom line is two-fold. Firstly, how well is the practice ensuring higher standards of care delivery. And second, how much is the practice earning for the doctor when all is said and done. Outsourcing your medical billing can be the best decision for any practice on both fronts.
Most people have a preconceived notion that the occupation of medical billing only involves data entry. On the contrary, it is much more than that. For revenue maximization on the claims submitted, follow up on claims denied is essential. More often than not, an in house billing department is generally understaffed and undertrained; therefore, adequate follow up on the claims is absent. A large chunk of time with in house billing is attributed to creation, submission and posting payments for claims. This leaves almost no time to follow up on claims which have been denied. In most cases, very little action is required for denied claims to become paid ones. Following up on claims in itself is a full time job. Unfortunately, in the case of in house billing, the practice does not have the resources time wise to follow up with the insurance carrier to discover what is required to get the claim paid.
While opting for a specialized medical billing service, you have the comfort of knowing that resources allocated to the task of processing and following up on claims are professional. They have been trained specifically for the task at hand and have ample members of staff to ensure there are no hiccups in the stream of revenue generated. If a practice opts for an in house billing department, they are either going to hire experts for that particular job or will have to hire novices and train them expertly. For the former, since it is going to be quite costly to hire an in house expert, a practitioner will not have the luxury of hiring unlimited number of employees. For the latter, training once again is going to be quite costly and more importantly a time consuming process; this might even prove to disrupt the basic function of care delivery of a practice.
One of the easiest ways to guarantee proper payment of claims is patient eligibility (with their insurance carrier). With a specialist medical billing organization providing a range of services, the patient has their eligibility verified even before they walk through the door. Verifying that the patient in question is covered with their insurance company arguably ensues in maximizing ‘clean claims' and subsequently maximizing revenues. Furthermore, this allows for any insurance discrepancies (for example change of insurance, typing errors etc) to be resolved prior to the appointment.
Once a clinician is confident that the monetary aspect of their business is in safe hands they can focus their attention to the primary function of a physician's job - superior patient care. The practitioners will have the luxury of simply paying attention to the health of their patients rather than worrying over claims being submitted and collections being made. This will undoubtedly lead to improved patient satisfaction and subsequent growth of business as well. At the end of the day, any practice's bottom line is two-fold. Firstly, how well is the practice ensuring higher standards of care delivery. And second, how much is the practice earning for the doctor when all is said and done. Outsourcing your medical billing can be the best decision for any practice on both fronts.
