Do you remember why you started your medical facility? The desire to help and treat others of their ailments – wasn’t that the reason? And yet here you are, dabbling with billing, insurance companies, revenue cycles and bad debts – all of which impinge on the time that you could be spending looking after your patients. A lot of us feel that it is prudent to look after our affairs on our own. Imagine your patient feeling the same way and treating himself on his own. However, the reason why your patient comes to you for treatment and does not do so on his own, is because you are trained and specialized in the treatment of their ailments. Given that line of thought, would it not be better to outsource your medical billing services to a specialist? While there are pros and cons to both methods of dealing with your medical billing – in-house and outsourced, but, with the complexities and constantly changing regulatory scenario, it makes a lot of sense to outsource your medical billing to an entity which specializes in this field. Let us take a look at some of the benefits of outsourcing your medical billing services.
There are overhead expenses involved with running your medical facility; a fraction of which you bill to each patient at your facility. In a similar manner, a billing service provider spreads their expenses across their entire client base, which provides an economy of scale, allowing them to operate at a lower cost. This translates to you spending less than what you would, if you were doing your own medical billing.
A medical billing service provider will make money, only if you are making money – thus, the primary goal for a medical billing service provider is to ensure the profitability of your practice. Your service provider will review and post all payments, ensure that you are paid the correct amount due to you and chase up on all outstanding claims, till they are processed and paid.
Just as physicians are experts in their field of work and are able to identify and treat an ailment with relative ease, medical billing service providers are also experts in their field and can identify and rectify problem areas in your medical billing and payments. Using their skills to chart data to create and analyze weekly, monthly and annual reports, medical billing service providers ensure that all problems are nipped in the bud and do not spiral out of control.
Keeping pace with the changing landscape in healthcare and its related regulations is difficult to say the least. New CPT codes, changing carrier rules and increasing regulatory requirements need constant upgrading and vigilance to ensure that you do not default. Your current practice may not give you enough time to dedicate yourself to this task. This is where service providers make the difference.
Focus on your Work
Your primary work is treating patients and anything that takes your time away from it, is eventually counter-productive to your expertise. You may not be the one actually calling up a carrier to follow up on a claim, but you still deal with the overall management and all the issues that come with it. Outsourcing your billing to MedConverge, a provider of comprehensive medical billing services in Atlanta, will enable you to increase the number of patients you treat, as well as give you time to spend with your loved ones; time which otherwise you would be spending on your revenue cycle issues.
If you are considering outsourcing your medical billing, and still on the fence – download the the whitepaper on why Medical Billing Services Are More Efficient than In-office Staff. This could help in making a decision.