No matter the industry, every business looks for ways to cut costs without losing value. Certain services in the medical industry such as transcription and administrative management can be outsourced or handled in-house without much loss in quality or increase in risk. In fact, administrative tasks are among the more common areas for cutbacks, but the one area that is best left to the professionals is billing. Physician billing can be filled with numerous hazards, many of which you may not know how to protect against or have time to fully deal with. Chances are you would be better off letting a specialist handle them. So just in case you don't believe us, here are five reasons compliance is best left to medical billing professionals.
Better Protection Against Fraudulent Claims
Fraudulent and abusive claims can cost you thousands each year. While the larger cases are more likely to garner the most attention, small claims can be just as expensive cumulatively. Good medical billing professionals have the resources and time to focus in on these small claims just as much as the large ones. Additionally, they have greater awareness of the red flags that you might otherwise miss, meaning that they are more likely to catch the thieves that might otherwise slip away. And that means you save more money.
Better Informed of Changes in Law and Industry
Changes occur within all levels of the law and industry on a daily basis. From the Fair Debt Collection Practices Act to the National Correct Coding Initiative, it's a difficult task for you to keep up with everything. As soon as the laws and code changes, you are liable. With medical professionals handling the matter for you, you will know exactly what you need to know when you need to know it.
Better Poised to Adopt New Policies
Being aware of and understanding the new laws is only one step in effective billing practices. As the new laws come into effect, you have to know how it will affect your policies and how you need to change your policies to avoid being penalized or losing more money. Since medical billing professionals specialize in this field, they have significant experience in adapting current policies to reflect the trends in the industry and protect your interests. Failing to adapt your policies or making the wrong choice can both be expensive mistakes.
Better Supervision and Advice Billing Practices
Billing practices themselves can be time consuming in their creation, but they also have to be managed. You may find some of your services becoming more expensive, or you may want to offer additional ones. A physician billing service can help keep track of these changes and provide expert advice on the changes you should consider.
Better Protection Against Investigations
According to the Coalition Against Insurance Fraud, more than 80 billion dollars is lost each year. While the perpetrators may not be hospital staff or medical personnel, hospitals and their staff are often subject to investigation when these claims are submitted. A good medical billing professional will offer extensive documentation and reviews for both pre and post payments. Additionally, they will use standardized formats and strategies for handling billing matters that will simplify the process, giving the investigators the information they need.
For more information on the services we offer and how our medical billing services can assist you to run a more profitable and efficient practice, please feel free to contact us at your convenience. We look forward to hearing from you.