With the new year quickly approaching, as well as a brand-new decade, now's a good time to reassess the systems your medical practice has in place. One of the most common services that every clinic has is also one that lends itself to being outsourced: medical billing services. Still not sure if outsourcing this often-complex and highly-necessary service are right for your medical practice? Here are six advantages you'll enjoy if you do so:
1. Reduce Employee Turnover
Is your practice is one of the many across the United States that doesn't have the room in your budget to support a billing office, but you don't see another solution? If so, it's likely that you also experience higher turnover than you'd like to see in that department. This costs you time and resources to recruit and train another member of your staff. Outsourcing medical billing and coding -- which can range from highly-technical tasks to those that are tedious -- pass that challenge on to a company that focuses solely on it.
2. Aligned Interests
Both the medical billing company and your practice have the same goal: to increase the collection of payments and fees coming in. Because the business is design to increase collections, any money that comes in, and that's less than their rate, your practice comes out ahead. Many times in-house employees prefer to adjust the denial claims without working aggressively on denial reasons to collect that money from payers.
3. Make More Money by Saving money
One of the big reasons you make more money by outsourcing medical billing to the right company is that they work more on denials than merely adjusting. So you make more money, and you don't spend so much on your employee's education and office space. Small medical practices often have razor-thin profit margins with little room for error. By outsourcing medical billing, you'll likely save money in more than one area.
A medical billing service focuses all its efforts, expertise and resources toward their core services. Because they are experts at what they do, it's likely that you'll see an increase in collections. Not only can this help pay for the service itself, but it can also pad your practice's budget.
4. Boost Productivity
Outsourcing medical billing and routine administrative tasks and you'll make your practice more efficient and productive. By shortening the claims process, you'll increase your cash flow. A medical billing company must stay up-to-date on the latest code changes, regulations and other requirements within the industry. This increases the likelihood that each of your claims will be coded appropriately for reimbursement and that it will be free of mistakes.
5. Patient Data Stays Secured
Everyone in the medical community -- including your patients -- knows how important privacy is in the digital age. Data breaches that expose sensitive patient information can have long-term ramifications on your practice. Investing the money to ensure that such breaches don't occur is an outgoing expense that requires frequent checks, updates and training.
Outsource your medical billing services and that company will take these same concerns very seriously. In fact, they'll invest scores of money in order to protect your patients' records because they want to keep you as a client. You're assured that they are following the latest recommendations that keep the possibility of a data breach low.
6. Be Prepared for Audit
A payer's audit is an occurrence that can rattle an in-house billing office. It means your staff will have extra work to complete and they'll have to scramble to gather the necessary documentation. A company that handles medical billing is familiar with the process, knows what's needed and will have instant access to all the documentation that's required.
At M-Scribe Medical Billing Services, we work closely with medical providers to help make their practice perfect. As your partner in the ever-changing medical billing and coding industry, we also provide related services such as payer contract review, provider credentialing, hiring needs and more. Call us today for more information at 770-666-0470 or contact us for a free medical practice analysis to learn how we are Making Practices Perfect.