Increase Revenue by Outsourcing Medical Billing
Date Posted: Tuesday,
March 06, 2018
Many practices are starting to weigh the benefits outsourcing medical billing compared to keeping it in-house. Traditionally, private practices and other healthcare organizations have had an internal billing structure that files, codes, and manages billing claims. Medical billing is commonly known as Revenue Cycle Management and is handled by individuals on the billing staff within the organization. This is the process of providers sending claims to insurance companies to receive payment, and following up on those claims to ensure their completion. The accuracy, timeliness, and organization of these claims are extremely important in order to maintain a high clean claims rate and maximize revenue within a practice. The main issue with in-house billing is that it is one of the most difficult parts of a practice to manage. Intricate billing coding is constantly changing, maintaining a staff is expensive, and training that staff is equally expensive and time-consuming. To decrease cost, save time, and increase revenue, healthcare providers are turning to billing and coding specialists by outsourcing medical billing.
Outsourcing Medical Billing Decreases Staffing Cost
A major concern that providers have is that the cost of outsourcing medical billing. When you add up the cost of staffing, training and managing a billing department, outsourcing medical billing can actually save a practice money. Government rules and regulations are constantly updating and changing, forcing providers to train and retrain their staff. Being well-trained on billing is crucial when submitting claims. If the staff does not complete training properly, this can lead to claim denial and a major decrease in your clean claims rate. The purpose of your billing department is to receive the payments your practice has worked so hard for. Outsourcing medical billing puts your billing needs in the hands of professionals whose job it is to stay properly trained. Putting your billing needs in the hands of a billing specialist is the best way to guarantee that your clean claims rate stays high and your practice maximizes its revenue by decreasing staff and training costs.
Eliminate Billing Resources
One of the many forgotten costs of in-house billing is the maintenance of billing software and equipment. By outsourcing medical billing, your practice no longer has to worry about maintaining software. This includes making sure the software stays up to date year over year as billing regulations are constantly changing. That headache will be removed from the shoulders of providers start outsourcing medical billing. Billing specialists are responsible for staying on top of these changes and keeping your billing department in perfect condition, helping to increase revenue.
As mentioned before, outsourcing medical billing can increase your clean claims rate. A clean claim is a medical insurance claim that has zero mistakes and doesn’t need extra information for processing as well as almost zero risk of denial. A high clean claims rate is extremely important to increase revenue within your practice. Outsourcing medical billing is an amazing way to maintain, better yet, increase your clean claims rate and increase revenue. Outsourcing medical billing puts your practice’s billing structure in the hands of qualified professionals who know how to submit perfect claims. They have the software set in place that prevents errors and corrects them before claims are submitted. This speeds up the billing process and ensures your practice is earning the most money as quickly as possible. Providers no longer have to worry about the burden of claim resubmission or denial due to mistakes that providers could avoid if they had proper resources. Outsourcing medical billing is the best option to increase your clean claims rate and amplify revenue.
Outsourcing medical billing is an amazing opportunity for providers all over the country to earn the most from their medical billing. With decreased staffing costs and software maintenance, as well as an increased clean claims rate, your practice will have no issue increasing revenue. Outsourced billing is the answer to removing the headache of an in-house billing department and allowing providers to focus on what really matters. The only thing providers should be focusing on is providing the highest quality of care to their patients.
iSALUS Healthcare's mission is to provide healthcare professionals with affordable yet innovative electronic health records and practice management solutions that will increase their efficiency so they can spend more time focusing on patient care while continuing to grow their practice and maximize profitability. http://isalushealthcare.com/about/company-overview