Every year in the United States, hospitals, health care/medical facilities, and insurance companies spend nearly $400 billion on administrative costs. A substantial percentage of that money goes toward covering the costs associated with medical billing and coding. With these kinds of administrative expenses being as high as they are, doctors and physicians are having an increasingly difficult time maintaining their private practices despite the fact that such costs are considered an essential element thereof. It can be challenging, however, for healthcare administrators to find medical billers who do efficient, accurate, and timely medical billing and coding, particularly if they are looking for one that specializes in a specific area of the medical profession.
Healthcare claims require compliance and accuracy 100% of the time. Medical billing companies that perform billing work for all areas of the medical field tend to sacrifice some of that accuracy and compliance in order to grow their bottom line by having a broader client base. But there are distinct advantages to utilizing medical billers that focus on billing and coding only in specific areas of medicine and those advantages can end up saving you a lot of money.
Fewer Claims Issues
The billions of dollars that are spent every year on medical billing and coding represents not only the cost associated with the billing tasks themselves but the money spent on additional resources that are needed to compensate for the lack of specialty knowledge that should be implemented for many healthcare claims. That is to say, when medical billing companies do not have the knowledge required to bill for specific medical specialties, the chances for errors in billing and for claims being denied, underpaid, or flagged for audit increases exponentially. If medical billing was carried out exclusively by companies with specialty-specific knowledge, the annual costs associated with medical billing overall would decrease dramatically.
Less Time and Money Spent on Training
Medical billing and coding collectively constitute an endeavor that requires extensive training even for the specialty-specific variety. But extra time and resources must be spent when training to bill and code for all specialties and practices. People spend months or even years training and being educated for a medical billing career but that training does not end once the billing professional is hired by a hospital or health care facility. The industry is never static. It is constantly enduring changes and updates to processes and logistics that make ongoing training an essential part of accurate billing.
Specialization reduces the amount of time that is needed for billers to spend training so that they can spend that time doing what they’ve been educated to do. If medical billing companies don’t specialize, then they are forced to maintain ongoing training for all of their staff across all or many different areas. Specialization requires training only for the area or areas in which a particular company specializes and that means less training and more billing and coding.
ff you are looking to make your practice run smoother by with world-class medical billing and coding, feel free to contact us at any time to see what we can do for you.