What do medical billing services do better than an in-office staff?
An end-to-end medical billing service company can handle a practice’s coding and billing tasks as well as claims follow-up with all the insurance carriers. They may offer additional services, such as analysis of a practice’s overall billing needs, new payer credentialing and compliance status, or even marketing and branding. In small practices, back office staff may be overworked meeting billing deadlines as well as needing to perform insurance verification and patient-related duties.
This overload often leads to mistakes or shortcuts that can cost the practice money in both the short and long term. Additionally, carrier follow-up and pursuing denied claims are two areas where most services outshine in-house staffs.
Why use a medical billing service to grow a practice?
1. A Medical billing company can save the practice’s personnel time and helps free them up for more productive, patient-oriented tasks. Doing so can improve patient satisfaction as they get the time and attention they deserve, with reduced insurance and other preventable errors that could create headaches not only for your staff but for your patients.
2. Billing services save money that would have been spent on hiring additional billing and/or coding personnel, thus allowing funds to go to building, equipment or other necessary improvements and/or expansion activities. When one considers that employing staff not only includes salaries but insurance and other benefits as well as costs to periodically upgrade skills, the amount of money spent on outsourcing medical claims pales by comparison. Furthermore, some studies show that poor billing practices cost providers an estimated $125 billion annually.
3. By improving your office’s workflow, your staff should be more efficient and able to attend to patient needs, resulting in improved patient satisfaction. Many smaller practices’ office staff wear more than one hat: reception, A/R and A/P as well as having to code and submit claims. These tasks leave less time to spend on correctly performing claims submission not to mention following up in a timely manner. Overworked employees tend to make more mistakes and forego claims follow-up.
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4. Fewer billing mistakes in the initial billing cycle mean fewer resubmitted claims, which can translate into increased revenue sooner. Because a good billing service has trained and experienced employees dedicated to processing the claims, with no distractions by other tasks, they are able to not only work faster but stay on top of the latest in government and insurance industry regulations and other billing changes. Training and retraining a practice’s staffers to upgrade skills to keep up with the latest changes can be expensive and time-consuming – especially in a smaller office. Most providers would probably rather spend that money on capital improvements as well as advertising and other means of attracting new patients.
5. The better medical billing services offer an analysis of a practice’s claims management, and can work with providers to establish a plan to improve billing, reduce errors and resubmissions and thus increase revenue-recovery efficiency. This can be especially helpful for newer practices with fewer resources available to grow their practice while trying to become competitive in today’s consumer-based markets. Having an insider’s assistance to create a plan for growth and the tools needed help stay on track are some of the best features offered by an outstanding medical claims service.
M-Scribe Technologies, LLC can help take on the whole billing process for you with accurate coding, insurance verification, claim submission and payment follow-up. M-Scribe has been an industry leader for over 12 years by providing accurate, fast claims turnaround and follow-up. Contact them today for a free analysis of your billing and revenue management needs.