Getting Past Your Fear of Outsourcing Your Medical Billing

Outsourcing your billing may be daunting, and we understand your hesitations. There have been a lot of misconceptions about it circulating online too. Plus, deciding on anything that will affect your clinic's profitability will always be a difficult task. However, if your revenue stream is suffering, then it’s time to get past your fears.

In this article, we’re going to demystify and debunk the common misconceptions of medical billing companies and how they can help your practice:

1. Lowers Your Operating Costs

A medical billing company usually operates on an economy of scale. Despite having a high production volume, they disperse overhead costs across several clients, which lowers individual costs. By partnering with a medical billing company, you will be able to lower costs in several ways. These include streamlining your processes, reducing your staffing and equipment maintenance costs, and more. Likewise, outsourcing your medical billing can lower labor costs. If healthcare providers operate from low-cost locations, your direct salary costs may also be lower. It would help if you also allowed savings from recruitment costs, cut down on HR and payroll administration, and easier compliance with employment laws. Meanwhile, in-house billing involves salaries and incentives for billing personnel and the costs and time spent hiring, onboarding, and training them.

By partnering with the best medical billing specialists, you can cut your operating costs and get cost-effective billing services that will allow you to grow your practice more and more.

2. It Offers Error-Free Claim Processing.

You can gain more profit and reduce claim denials by leveraging the expertise of a medical billing company. They are always up-to-date with the latest changes in insurance policies and coding guidelines. Partnering with them can give you peace of mind from all updates and continue to get more approved claims. Here’s how medical billing companies will ensure you an error-free claim process:

• Medical billers will examine and process claims with care, accuracy, and meticulousness. 
• They use the latest medical billing software.

3. It Enhances Patient Satisfaction.

Taking care of your patients, responding quickly to their needs, and adequately handling patient care will all have a significant impact on their satisfaction. It is the key to a practice's long years of success. Treating your patients with the respect and care they deserve can form a solid, trusting relationship with you. It also creates a more conducive working environment. That's why outsourcing medical billing reduces the burden of your front office and billing staff, leaving them more time to accommodate them for their care. Patients will be happier if they receive prompt and courteous assistance with all their billing questions. They will also receive the treatment they need earlier from medical billing companies’ quick prior authorization process. Overall, it can enhance your workflow and achieve higher levels of patient satisfaction. 

4. It Doubles Your Cash Flow.

Medical billing is a time-consuming process for healthcare providers. It's hard to focus on both medical billing and other tasks and problems. When the medical billing process has errors, it interrupts good cash flow. In addition, delays and denials from your insurance company can pose a threat to your revenue and can harm your practice.

COVID-19, for example, brought many healthcare issues for which many companies have trouble finding solutions. An outsourced accounting firm can explain to you what types of assistance are available. Their explanations will focus on what they mean for your cash flow and how possible consequences might occur. In case you don't have time to conduct research or if you don't feel comfortable making your own decisions due to your lack of expertise, outsourcing is the right choice for you.

5. It Assures Compliance with HIPAA, Medical Billing, and Coding Guidelines.

Medical billing requires accurate compliance. Minor compliance issues relating to patient privacy, patient profiling, or billing can cost much money. If this issue involves breaching patient data, then it will cost you your medical license. Medical billing consulting services ensure compliance with the current medical insurance regulations rather than handling it in-house.

6. It Increases Your Profitability.

Outsourcing helps your practice increase its profits through timely claim submissions, reduced overhead costs, and higher reimbursements. The benefits of this include utilizing the latest technologies, products, and the best staff to offer the best healthcare services. Every year, medical practices often lose much money because of dropped medical claims. Due to this, having an effective medical billing service in place from professionals with extensive experience and talent reduces errors. So, claim rejections will not be an issue, and your bottom line will increase.

Partner with DrCatalyst

Outsourcing is prevalent in healthcare now and is up to the trend. Why not benefit from it as well? 

If you consider outsourcing for your practice, DrCatalyst can assist you. Our RCM management services offer you cost-effective and certified solutions for all your medical billing and coding needs. Give us a quick call, and we'll get you started!

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