Business

Why outsource medical billing services to third party companies?

11:42:00 PM Lokesh kumar 0 Comments

The fact is that managing medical ling billing is indeed a complicated task for majority of the medical offices across the country. It is for this reason few offices prefer to hire well-trained and knowledgeable medical billers as full time employees, while others prefer to outsource the task to professionals.

Three reasons to outsource medical billing services

Reduce labor cost: Cost is indeed the main concern for small businesses. Maintaining medical billing department indeed is very costly. For every two physicians in the practice, as a thumb rule, there needs to be 1.5 workers in the office to provide backup. With the experienced and trained medical billing professional’s salary being quite high and benefits to be provided to them like life insurance, dental insurance, health insurance, unemployment insurance, 401K and other taxes to be paid, the cost will go much higher. Also are involved miscellaneous costs to provide necessary equipment to the employees. The expenses are also likely to include workers compensation insurance, software, postage, HCFA/CMS-1500 forms, clearinghouse fees, printers, papers, envelopes, additional computers, office furniture, etc. This can be done away with by hiring professional medical billing companies, who can do a wonderful job.

Focus upon patient care: During the course, physicians tend to learn about taking care of patients and providing them with proper treatment. But they are not taught in details about insurance related aspects. Hence, they have very less knowledge pertaining to the same. Also, managing patients, paperwork and claims simultaneously is not possible. Physicians are involved in saving patients’ lives and hence, are to focus more on patient care. Therefore, it will be useful to hire a reputed medical billing team who will manage their billing aspects. Smaller practices can benefit immensely by outsourcing their billing & practice management services. This is because, it is very costly for them to hire large medical staff. They can have better access to experienced team of medical billers, A/R representatives and medical coders.

Reduced turn-around time and billing errors: It is the desire of almost every medical practitioner to get prompt payments for the services rendered by them to patients. But if there arises errors within the billing methods, then receiving payment for the concerned party might take weeks or even months! But upon sending clean claims, payment can be received quickly in weeks. Hence, the need of the hour is to submit clean claims in the very first instance. On outsourcing the task, the top medical billing companies in USA will complete the billing tasks on time and also ensure that costly mistakes are avoided and precious time saved in receiving payments.

Being aware about the constant changes being made in the industry with regards to new codes, outdated codes, modifiers, etc., hiring the professionals is indeed a wise choice made. When claims are being made, the above considerations are to be made to ensure that it is clean and free from errors to receive quick payments. Therefore, hiring professional services will be a wise decision made.

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