The True Facts on Outsourcing Medical Billing

medical-billing

Is it a Good Idea to Outsource Your Medical Billing?

There are several very good reasons why you might want to consider outsourcing your medical billings.

First off, you can potentially save up to 70% on staffing cost. Affordable staffing is one of the major reasons why many clinics and healthcare providers outsource their medical billings to a professional. My clinics encounter issues when staff changes. That office manager/billing clerk who did the job for several years retires or moves elsewhere and everything they knew goes with them. Training new staff takes months and with the increasing complexity of billings, clinics often fall behind. Finding experienced staff for the job has become increasing difficult.

Outsourced billings are less expensive especially if you’re starting up a new business or transitioning because of an employee’s resignation, outsourcing makes the most financial sense.

Outsourcing medical billings delivers experienced professional services that stay on top of continuing changes and deliver superior results. A medical billing company should be able to supply you with comprehensive performance reports automatically or upon request. This capability grants you unparalleled visibility into your billing operations without requiring you to micromanage – or even oversee – any staffers. 

Outsourced billing services streamlines your process allowing you to focus on your core services without worrying about billings. Done correctly, medical billings take time. A lot of providers are finding that they are working longer hours and they see their earnings shrinking and errors on billings increasing. Many billings are missed altogether. Outsourcing to professionals working on a percentage basis gets results because outsourced services are motivated to maximize billings. Who makes more money for a company, salesman on a fixed income or commissioned sales who earn more when they sell more?

Outsourced billings provide enhanced consistency. Your outsourcer will be contractually obliged to perform certain services, such as appealing denials, for you with a certain level of success. Plus, you never have to worry about staffing, since it’s their job to support your needs year-round.

The billing company creates core competencies, such as coding properly, meeting compliance standards, credentialing accurately, and applying necessary updates, to help the practice achieve its desired success.

Tips for Selecting the Right Billing Partner

For practices that decide to outsource, here are some key tips for selecting the right partner.

Outsource Partner with Billing Expertise

The vendor should have a solid reputation and understanding of your needs as a practice

Billing Partner with Solid References

Asking for recommendations for other practices like yours; then you’ll have evidence that the outsourced biller works for your kind of practice.

Outsource Billing Partner Transparency

The vendor should provide clear information up front about the terms of the agreement, fee structure and implementation plans. There should be no hidden costs.

The use of Current Technology

Ask for clarity that the vendor is using the most current technology to get the work done.

Main Benefits of Outsourcing your Billing

Medical practices are businesses and need to be run like a business. Your practice does not owe anyone a living and that is true of your billings. Any outsource medical claims biller needs to earn their keep.

Increase Cash Flow

When in house medical billers are away, either on vacation or for other reasons, claims can be delayed. These billing disruptions can end up causing backlogs, resulting in problems with cash flow. By using medical billing outsourcing, healthcare organizations can ensure a steady, consistent cash flow with no delays or interruptions in billing.

Reduce Staff Size and Employee Expense

Ensuring staff can handle the complexity of medical billing without making errors requires a considerable amount of training. Training costs can be a major expense for any type of business, but they can be particularly high in the healthcare industry.

More Focus on Patient Care

When healthcare organizations have to focus on medical billing and administration, patient care can suffer. In the healthcare industry, it is important to ensure patients are satisfied with the care they receive. With the challenges and competing interests that medical professionals face, it can be difficult to meet the demands of patients. By outsourcing medical billing, healthcare professionals can focus more on providing high-quality patient care without having to worry about financial/administrative concerns.

Reduce Billing Errors

Medical billing needs to be accurate. Billing errors and inaccuracies can cause delays and increase complications, workload, and costs. Ensuring accuracy with medical billing can be done by outsourcing to a highly trained call center team with experience working with healthcare organizations.

Reach out to us for your Canada Medical Billing Needs

At Max Systems, we offer billing services to healthcare professionals across Canada that supports and maximizes their billing revenue.

We can provide everything from complete billing services, where we do the healthcare billings, submissions, reconciliations and all follow up.

Call us on 204-663-5000 or reach out to us online to discuss your needs.

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