Many private practices and ambulatory surgery centers are now outsourcing medical billing and coding for 2 reasons:
1. To cut expenses for their clients
Outsourcing coding and billing can save these medical facilities a lot of money in the long run because they don’t have to pay, or manage, full-time employees.
Outsourcing to a professional billing and coding company not only helps cut overhead expenses but can also increase revenues dramatically. And that has a direct impact on physician income!
Medical Billing and Coding that Increases Collections and Revenues
Using a qualified, professional and experienced medical coding team has become a popular choice. Especially when medical professionals are looking to increase revenue without increasing their operational overhead.
Medical Billing and Coding outsourcing offer several benefits to the physician such as:
- Increased cash flow
- Time flexibility
- Reduced staff turnover
- And less staff overall
Hiring an independent medical billing and coding firm to process patient claims can easily save an average practice up to fifty percent in annual billing revenue.
Experience and Education Matters
You may have a medical billing clerk or coder that has been with your practice for a long time. But there are rarely any objective standards or goals set for them?
They normally get paid on an hourly basis, or with a modest salary, with no particular benefit to doing their job WELL. Or keeping their skillset current.
Unfortunately, these are the people that are in charge of YOUR money. And there’s no incentive for them to resubmit denials, pushing for aged AR collection, or finding the exact code you need to use to both be correct and maximize revenues.
An outsourced medical billing and coding company works on a percentage of collections. They will do everything right so they can get paid themselves!
The increased cash flow provided by outsourcing healthcare services also enables greater investment in technology and in employee training. Which makes your practice better overall.
Compliance Advantages to Outsourcing
A good outsourced medical coding company isn't directly responsible for compliance. But they CAN free up your internal, qualified staff from billing duties. That leaves them more time to focus on compliance.
More about Billing and Coding Outsourcing and Your Practice
Billing and Coding are easy with the use of a medical billing and coding outsourcing firm.
Outsourcing your medical claims allows you to focus on providing your patients with only the highest quality care.
Your time is valuable, so the time spent on billing and coding management does have an impact on your practice. Once you hire these functions out you can focus your attention on providing the best level of care to your patients.
Outsourcing allows you to hire the most highly skilled professionals available, offering your medical claims a higher level of accuracy and security.
Get the billing code right and submit it to insurance the right way and you get paid quickly.
If the claim is either declined or the case is referred back to the billing department for further review you lose time and money.
Rejections for claims due to medical denials DO result in lost revenue, wasted time, and contribute to a stagnant practice.
