Medical Billing Solutions Are More Critical Now Than Ever Before

For a good reason, outsourcing medical billing solutions have become increasingly popular. Healthcare, insurance, compliance, and the need for accurate, timely information have made billing more complex. By outsourcing, you can avoid costly mistakes and fines while staying competitive. Listed below are the top reasons why fixing your billing problems is more important now than ever.

Compliance with New Rules

Providers of healthcare are constantly under pressure to keep up with the constant changes in regulations and rules. In-house billing teams can find it hard to complete new compliance requirements. On the bright side, third-party companies offer the best medical billing solutions. By outsourcing your medical billing, you can eradicate issues in compliance.  Medical billing companies like DrCatalyst are HIPAA-compliant and are up-to-date with the latest regulations on revenue collection. 

Higher Patient Volume
Inevitably, the number of patients having health insurance is gradually increasing. Many practice offices have experienced an increase in traffic from people. Seniors make up the majority of this population than ever before. Utilizing medical billing software or outsourcing the service will allow offices to handle increased volume while spending more time on customer service. As a result, your practice will grow and expand.

New Code: ICD-10
The new set contains over 70,000 codes and requires a much higher level of detail and strict documentation. Healthcare facilities may need to do triple checks for any comprehensive diagnosis, injuries, or treatments. Health care providers and insurance companies benefit from thorough information about diagnoses and treatments of patients. However, it can raise difficulties and changes in coding errors for in-house billing teams. Innovative medical billing solutions like software save healthcare providers money and time. Outsource medical billing companies such as DrCatalyst can help you. Our medical billing experts increase compliance with news codes that reduce patient setbacks.

Up-to-date billing information

Accurate data and information must always be a priority. Moreover, patients have a better understanding now compared to the past. They expect regular medical billing information. In this case, it helps them to monitor their plans for treatments, consultations, and finances. The use of medical billing software can update patient records faster than in-house billing. Likely, patients would prefer software or outsourcing companies for medical billing. DrCatalyst, for example, uses specialized software to manage your appointments, treatments, records, and billing. Medical billing software provides clear billing records. It also informs the patients whenever there is an update on their claim. 

Cash Flow Optimization
Cash flow is the blood of medical practice. Any business or institution wants to increase cash flow in any way. Late/partial payments can seriously affect your financial situation. These several aspects can affect your revenue:

• Incorrect medical codes
• Billing disputes
• Problems with extra charges
• Inaccurate information on patients' medical claims 
• Often, claims management issues delay preparing invoices and sending them to insurers before the next billing cycle.

Your cash flow may not remain stable if this continues to happen. If you want to ensure good payment collection, DrCatalyst can help you. 

Partner with DrCatalyst 

We’re solving the billing epidemic. Our Medical Billing team and AAPC Certified medical coders will help stop your revenue leaks before they begin. Say goodbye to billing errors, delayed or unpaid claims.

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