It’s a question most physicians will ask themselves at some point, “Should I outsource my medical billing?” The answer varies based on the needs of your practice. Here are seven reasons why outsourcing may be right for you.
1. It saves you time.
Medical Billing is an immense task which requires a considerable amount of time. Outsourcing your medical billing gives you more time to concentrate on treating your patients and your staff more time to manage the practice.
2. It saves your resources.
If you’re running a small practice, your staff may not be able to focus exclusively on medical billing or may not have the necessary expertise. If your practice is growing, you might not be ready to add additional staff just yet. Outsourcing allows your internal resources to spend their time on patient care and managing the office. As your medical billing partner, our team of professionals have the knowledge and the experience to handle medical billing issues as they come up giving your staff more time for the things that matter most to your practice.
3. It reduces rejected claims.
Through experience, we know that a large number of claims are rejected simply because of coding errors. By outsourcing, you gain a team of trained, experienced coders who focus exclusively on your medical billing which can reduce errors and increase your revenue by correcting and appealing rejected and denied claims.
4. It provides added security.
It’s a well-known fact that most cases of fraud come from within a company. While trust is key in every organization, sound internal controls are important for any business. Outsourcing your medical billing gives you an outside perspective on your finances. You’ll gain important checks and balances that you may not have the staff nor the time for on a routine basis. If there are inconsistencies in your finances, we have a good chance of spotting them.
5. You’ll get paid faster.
Practices often cannot designate multiple employees to concentrate on medical billing. With insufficient staffing it can take longer to submit claims, follow-up can be inconsistent, and your money will come in later than it should. Outsourcing enables a team of professionals to submit your claims quickly and provide consistent, persistent follow-up. The result? You’ll see faster and increased collections.
6. It improves your business.
We often hear that it takes more than an M.D. to be in private practice; it takes an MBA as well. At HSC Medical Billing, we do more than send out claims. We partner with you for your best business outcomes. We provide you with monthly reports (or more frequently if you need) detailing the financial health of your practice. In addition, we can recommend ways to boost profitability as well.
7. It helps you negotiate with malpractice insurance carriers.
We can provide you with the detailed information that you need to successfully negotiate a contract with a malpractice insurance carrier. Knowing your costs and your utilization patterns is a distinct advantage when entering the negotiation process.
Would you like to know more about how outsourced medical billing can help you? Contact us to start the conversation.