The decision to outsource or not to outsource billing to revenue cycle management services company is a very difficult one for every health practice. Based on your size, daily patient volume, number of staff, and budget, different practices will have different preferences.
It is imperative that medical billing is managed properly in order to ensure the cash flow of every practice. In House medical billing can be very challenging for the practice to manage employees, so outsourcing medical billing can be very helpful. Outsourcing would reduce your administrative burden, enabling you to devote more time to patient care.
Reasons To Outsource Medical Billing to Revenue Cycle Management Company
1. Reimbursement Should Continue
With in-house medical billing, reimbursement would be affected whenever the medical billers and coders were on leave but in case of outsourcing billing continues while your biller is sick or on vacation. You will always have an outsourced biller working for you.
Hiring a revenue cycle management company that specializes in medical billing and coding enhances provider income by up to 30%. As a result of not spending money on continuous training, providers will have more time to devote to their patients.
2. Save Money
The cost of hiring an in-house employee is usually higher than that of outsourcing medical billing. The costs of software and other types of equipment needed to perform the medical billing job correctly can also be reduced by outsourcing. If a practice hires certified medical billers and coders to handle their in-house billing service, they will face a lot of expenses in terms of salaries; however, by outsourcing practices can reduce their expenses as they would not be paying allowances, for example, medical allowance.
3. It Reduces Errors
There is constant change and evolution in the medical billing world. This requires time and effort to keep up with. The sole purpose of medical billing companies is to provide medical billing services.
Medical billing companies typically have well-trained, experienced, and certified professionals who ensure the accuracy of their work. It is the priority of almost every medical billing company to make sure claims are error-free to receive maximum reimbursements that will directly impact their profit.
In addition to reviewing, tracking, and following up on unpaid claims, medical billing companies ensure that insurances are paying correctly.
4. Increases Patient Satisfaction
Customer satisfaction is the most important for every business. Imagine if the patient is waiting in your practice and you are busy resolving a billing issue. To manage both the billing and the demands of your patients is a really challenging task for the practice.
Incorrect billing and dissatisfied patients both can reduce the practice’s revenue. Your staff and you will have more time to interact with patients if you outsource your medical billing. Outsourcing allows you to spend more time caring for the patient. You just need to take care of your patients and billing tasks would be performed by the medical billing company.
5. Convert Stress into Focus
You would no longer have to worry about unusual staff leaves, maternity leaves, weather-related office closures, etc. when you outsource your medical billing service to any medical billing company. Your reimbursement would not stop in every condition, and you can focus on taking care of patients and expanding your practice.
Looking For a Medical Billing Company for Outsourcing Your RCM?
Today, most medical providers have chosen to outsource their billing to a medical outsourcing company due to the numerous benefits that they offer. It is advisable to outsource your medical billing since the main purpose of medical billing is to increase revenue.
If you are looking for the best medical billing service providers in the USA, CompleteCare medical billing can be the best choice for your practice. With a combined experience of 15 years, we are a well-known medical billing company providing complete medical billing services nationwide. .
CompleteCare Medical Billing provides services like quick claim submission, verification of insurance eligibility verification, follow-ups, denials and rejections management, reimbursement specialists, appeals at all levels, monthly review of accounts, and many more.
As an extension of your organization, we work with a complete solutions approach. Based on our expertise in our own business, as well as our understanding of how other businesses operate, we are able to provide best-in-class medical billing services. Before moving forward, I want to elaborate here the types of medical billing for better understanding!
Types of Medical Billing
Following are the two types of medical billing
1. In House Medical Billing
A medical billing service performed within a clinic or hospital is called “in-house billing”. Medical billing in-house is exactly what it sounds like: all aspects of billing are handled in-house. A healthcare provider who engages in in-house medical billing has to hire certified medical coders and billers, which can result in backlogs/pending work if any of them fail to show up or is inefficient, thereby risking the provider’s reputation
2. Outsourced Medical Billing
Outsourcing is healthcare providers who outsource the medical billing service, hire a third party to handle all billing functions for them, taking a cut of the total revenues generated. If a health care provider employs a professional medical billing service, they will submit claims on time since they are familiar with the latest ICD-10 coding and employ skilled medical billers and coders. In addition, it eliminates concerns about staff turnover for physicians.
CompleteCare Medical Billing: Why Outsource Medical Billing to Us?
CompleteCare Medical billing has highly experienced, professional, and versatile medical billers and coders who have comprehensive and up-to-date knowledge about medical billing and guidelines for each insurance. By outsourcing your medical billing services to CompleteCare medical billing you will get the following benefits.
- Increase your revenue by 10-20%
- Reduce denials and rejections
- Reduces managerial expenses
- Improves business efficiency
- Minimizes your back office expenses
- Ethical medical billing service
- Customized turnarounds
- HIPAA compliance
- Free trial
- 24/7 technical support
- Online reporting
- Customized billing procedures
- Electronic billing