Medical billing is the backbone of a healthcare practice, but getting it right takes significant time, effort and money. U.S. medical practices are increasingly outsourcing this critical process as a result, and perhaps you’re considering doing so too. If so, read on to find out how medical billing outsourcing can help your practice thrive.
1. Reclaim your time and space.
With in-house medical billing, your biller (or billing department) needs to be managed by yourself or other staff members, and they need physical space on the premises to work and to store records. Outsource your billing to a specialist company, though, and you free up valuable space in both your schedule and your practice.
2. Eliminate staff turnover.
Medical billing tasks can range from highly complex to utterly monotonous. People skilled enough to handle the former are rarely content with the latter, but in small practices, those people are usually one in the same. They often get dissatisfied and seek a challenge elsewhere, leading to high staff turnover and all of its associated costs. However, when you outsource your billing, this problem goes with it. With much larger teams of varying skill levels, every task is handled by the appropriate person for the job. For you, that means uninterrupted service with none of the HR headaches.
3. Free up the phone lines.
Do your office employees spend half the day answering medical billing calls? When you outsource your billing to a company like Ideal Practice Solutions, we solve this issue at the root. Fewer billing or claims errors means fewer phone calls in the first place. And when somebody does need to pick up the phone, we’ll be at the other end dealing with their query on your behalf.
4. Only pay for what you need.
In-house billing staff will always incur you an expense, no matter how much — or how little — you bill. If your revenue cycle fluctuates, this can lead to some stressful months financially. Alternatively, a billing company will take a percentage of collections, so you’re only paying out when money is coming in.
5. Access valuable market intel.
Your in-house biller only knows what’s going in on your practice. An independent company like Ideal practice Solutions, on the other hand, has a broad and invaluable view of the whole marketplace. We can give you access to insights on practices and outcomes across your entire specialty, helping you to keep your competitive edge.
6. Get data-based performance insights.
When it comes to maximizing reimbursements, a medical billing service can offer a valuable vantage point. At Ideal Practice Solutions, for example, we rely on decades of analytics experience to highlight weak spots like common coding errors, and show you how to optimize your coding for better reimbursement rates.
7. Get ahead of payer rule changes.
With payer rules changing all the time, medical practices are often unaware of new rules until they begin to affect reimbursements. A medical billing company makes it their business to stay ahead of all changes in the payer landscape, making sure your revenue cycle is protected from costly denials.
8. Know where your accounts stand.
Do you know what percentage of your claims are paid within 30 days? 60 days? 90 days? Do you know which claims are still outstanding? Which payers are more likely to deny reimbursement? Which payers are most valuable to your practice? A one-man billing team doesn’t have time to provide you with such granular accounting data, but a specialist billing agency provides it as standard.
9. Leverage insider relationships.
Your in-house biller typically deals with too many different payers to build up a personal relationship with any one of them. On the other hand, each biller in a billing company will often be assigned a small group of specific payers, with whom they’re in contact day after day. If you have a payer issue, your biller can leverage this close working relationship to get you a speedy resolution.
10. Breeze through payer audits.
There are few things a practice owner dreads more than a payer audit, but it’s all in a day’s work for a medical billing company. Why navigate that minefield alone when we can guide you painlessly through the entire process?!
A word of caution…
These are just ten of many reasons why you should consider outsourcing your medical billing. However, it’s important to go with a reputable company. As you know, your medical billing data is strictly governed by both financial and health regulations, and the penalty for even small lapses can prove catastrophic for a practice.
Ideal Practice Solutions has over 50 years of experience in medical billing, with practices all over the U.S. trusting us to take care of their most sensitive data. We can optimize your medical billing processes and strengthen your revenue cycle, while keeping your practice secure, compliant and competitive.
Want to know more about how our medical billing services can help your practice? Schedule a consultation and get a free practice analysis now (worth $2500.00).
About Ideal Practice
Ideal Practice Solutions has decades of experience spanning all practice roles. We have lived and breathed the issues facing medical practices today and we’ve created innovative solutions to solve them all.
