Outsourcing your medical billing can be a huge relief for practice owners who don’t have the manpower or resources to manage the revenue cycle.
While third-party billing companies aren’t for everyone, there are benefits to the service that can’t be ignored.
Let’s explore those benefits so you can make the most informed decision for your practice.
1. Eliminate Staff Cost
Having an in-house biller has a lot of hidden expenses beyond payroll.
These expenses include the time and money it costs to recruit, interview, hire, train properly, health insurance benefits, PTO, and the office equipment and space are also required for in-house staff.
Outsourcing eliminates all these expenses and eliminates the risk of turnover.
Additionally, if your billing staff member gets sick or goes on vacation, this can negatively impact your cash flow whereas a billing company never goes on vacation or takes an unexpected leave.
2. Transparency and Accountability
Most medical billing companies should be able to provide you with up-to-date account information and performance reports to keep you informed on the health of your revenue cycle.
Many medical billing companies receive a portion of the money collected, it is in their best interest to collect every possible cent for your practice.
3. Reduce Patient Phone Calls
Patients calling with questions about their bill can take up hours of your staff’s time.
With an outsourced billing company, patients can call the billing company directly to get their questions answered, reducing your staff's time on the phone significantly.
4. Receive KPIs/Custom Reports
Medical billing companies know the formula for a successful practice and can highlight the KPIs (key performance indicators) that impact your revenue cycle such as denial rate or cancel/no-show rate.
Here at Account Matters, Inc. we give our clients a detailed month-end report highlighting several KPIs. This snapshot of how their practice is performing helps to identify areas that need improvement.
5. Access to Experts
Keeping up to date with payer policies can be a near-impossible task for in-house billers.
Medical billing companies must be aware of policy changes that could impact their client’s ability to get paid.
Outsourced billing companies’ staff should be able to assist and train your staff to streamline important processes.
If an in-house biller leaves, it can be difficult to find someone to replace the lost knowledge and skills.
Practice owners who outsource their billing have the peace of mind that there’s always an experienced biller managing their revenue cycle.
Want to learn more about the benefits of outsourcing your medical billing? Give us a call at 508-422-0233 or go here and schedule a call with one of our representatives.