Medical billing is the process of filling out and submitting necessary forms in order to claim funds owed by insurance companies for services provided to patients. Medical billing is extremely important for all types of medical practices, but may be the single most mundane task performed in the office. For many medical offices, outsourcing can provide a barrage of benefits over performing medical billing tasks in-house.
1. Reduces Strain on Staff
Outsourcing medical billing can benefit both large and small medical practices in many different specialty areas. Depending on how billing is handled, less staff may be needed or staff members that currently work on medical billing may be free to perform other tasks. Removing this cumbersome task from the shoulders of staff members may improve the company culture and help to create a friendlier office that is more appealing to patients.
2. Allows Greater Customer Focus
With billing tasks being handled by professionals, receptionists, doctors, and other staff members can increase their focus on the most important part of the job-the patients. Doctors may have more time for each patient, which may help to improve the overall service provided. Staff members may also breathe easier and have more time to focus on patient needs.
3. Decreases Potential for Errors
Medical billing may be mundane, but it is not easy. CPT codes are updated and deleted annually, requirements and rules change frequently, fees change, and carrier rules change. It can be exceedingly difficult for over-worked staff members or physicians to keep up with these changes. Medical billing specialists are experts, however. By outsourcing medical billing to a third party that focuses solely on this area, medical offices greatly reduce the potential for errors that may affect revenues and even incur penalties.
4. Speeds Time to Payment
Medical billing services can submit claims quickly and will thoroughly review the claim to prevent errors that may result in denials. This means a faster turnaround time, with money going into the banks instead of just onto the books. If denials do occur, medical billing service specialists will quickly correct the errors and back their work to recover payment as quickly as possible.
5. Increases Transparency
While some offices are afraid to relinquish control of medical billing for fear of losing transparency in their operations, the opposite is generally true. Allowing professionals to handle time consuming medical billing tasks and headaches can free physicians and staff up to have more time to review monthly reports and get a better feel for the overall health of the practice. This can give medical offices greater control over operations than they generally have when they are stretched thin trying to handle all tasks in-house.