Outsourcing dental billing and coding can provide a competitive edge for healthcare providers in today’s dynamic and expanding healthcare market. Its efficient processes, advanced systems, cutting-edge technology, and specialized, experienced staff can lead to significant cost savings and improved outcomes. As a small group of doctors with specialized skills, you have recently invested heavily in your practice, including office space, equipment, marketing, and staff. However, despite these efforts, you may be struggling to maintain a steady income. Outsourcing these dental billing solutions can help bridge this gap and allow you to focus on growing your practice.
Many of your valued patients are struggling to pay their bills in a timely manner. Delayed payments from any other insurance providers can be attributed to mistakes in coding or documentation. This is a common issue in the healthcare industry as reimbursements have decreased while HIPAA-related paperwork has increased, making it increasingly difficult to maintain a profitable business. According to industry statistics, a significant portion of patients owe their healthcare providers at least $500, and over half owe more than $1000. Without proper payment or settlement, the cost of treatment will not be recouped.
With high operating costs and capped reimbursement rates, it can be difficult for small and medium-sized medical practices to achieve and maintain success. However, outsourcing medical billing and coding to a healthcare Business Process Outsourcing (BPO) company can help alleviate these challenges. BPOs have a proven track record of increasing revenue and reducing expenses for healthcare providers globally. Outsourcing these tasks to a BPO is a simple and efficient way to improve the profitability of your medical practice.
Here are seven advantages of outsourcing medical billing
Outsourcing billing and RCM tasks free up medical staff to concentrate on patients. Medical personnel can concentrate on delivering top-notch patient care by delegating claim filing and payer interactions to experts. This is especially advantageous for solo practitioners or small practices without the resources to hire dedicated medical staff. When healthcare providers are weighed down by administrative duties, their ability to provide high-quality care is impacted.
In-house billing can be costly due to the expenses of hiring, training, and maintaining billing staff, including salaries and benefits. These costs repeat with every employee turnover. Outsourced medical billers with specialized knowledge and experience can guarantee accurate and timely claim submissions. The primary focus of medical billing companies is to offer billing services, so they invest in providing their staff with comprehensive training to ensure proper claim submissions. This not only decreases the occurrence of denied or rejected claims due to billing issues but also provides valuable insights to maximize reimbursement on future claims.
In-house billing requires additional resources such as office space, computer equipment, and software. By outsourcing billing, these costs are eliminated, as the medical billing service operates separately from the practice and provides its own office and equipment for its employees. Medical billing companies function as standalone entities, employing their own billers to handle the task at hand.
Medical billing involves handling sensitive patient information such as personal details, medical histories, and more. Outsourcing billing ensures the secure transmission of this highly personal and valuable data. With hackers constantly finding new ways to access this information, it’s crucial for digital security companies to stay ahead of the game by updating their software defenses.
Medical billing services use the latest, regularly updated software to protect patient information during communication with payers. Outsourced medical billing companies that comply with HIPAA regulations guarantee the safety of patient data during information exchange with providers and billing businesses.
While outsourcing medical billing may seem like an added expense, it can actually increase revenue for medical practices. Denied claims result in significant financial losses each year, but outsourcing billing services prevent these losses and maintain a steady flow of claims and revenues. A consistent cash flow is crucial for the financial stability and success of a medical office.
Efficient medical billing services have streamlined procedures for submitting claims quickly, leading to faster reimbursement. By outsourcing, medical practices can avoid losses from denied claims and benefit from reduced errors through the use of an effective EHR system and expert billing services. This minimizes the number of rejected claims and ensures that unpaid claims are persistently pursued until payment is received. Medical billing companies typically charge a small percentage of practice income, reducing financial risk for the practice.
Medical billing companies use advanced software to complete their work, which may not be affordable for small clinics or independent labs. BellMedEx leverages its electronic health record software to streamline the process and increase efficiency. This guarantees the use of up-to-date codes and compliance with new payer regulations.
If you haven’t outsourced your medical billing yet, it’s time to consider it if you cannot afford in-house billing services.