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Is medical billing outsourcing right for you?

It’s no secret that you need an efficient medical billing process to succeed. However, just because the process you currently have in place is working, it doesn’t mean there isn’t room to improve.

Imagine what your workflow would look like if you had more time to train your staff and engage with patients rather than sitting in front of a screen filing claims for hours on end. Think about all the revenue currently slipping through the cracks in the form of denied claims and partially-paid claims.

These are just a few reasons to consider medical billing outsourcing.

Keep reading for more signs it’s time to make the switch and an overview of the benefits available once you do.

Signs it’s time to invest in medical billing outsourcing

The easiest way to tell if medical billing outsourcing is right for you is if your current billing process is giving you more problems than you’d like to admit.

Here are a few problems you may be facing:

  • You have a low percentage of clean claims
  • You’ve been letting low-value claims go unpaid
  • You have trouble keeping up with compliance changes
  • Your billing staff is overworked
  • The average lifespan of your revenue cycle is much higher than industry standard

Why allow such issues to continue if there’s a better way to manage claims? Medical billing outsourcing can fix these problems and do a lot more for your business!

The top benefits of billing outsourcing

Whatever your reason for investing in a tech-savvy billing system, you’re sure to enjoy many additional benefits after implementing this change to your workflow.

Three of the top benefits available are:

1.     Fewer billing errors

If you keep filing paper claims, you’ll keep running into time-consuming errors. If you start working in a billing portal that can catch errors before you submit claims, your workflow will become much more efficient.

With medical billing outsourcing, the chance of encountering billing errors is much smaller. You don’t have to worry about submitting claims without all the necessary patient information or think twice about which payer you’re sending claims to. You can rely on your billing program to notify you of these errors and many others that may occur and even the best staff members can’t do that 100% of the time.

2.     More time to focus on patients

As much as you need to handle the logistical aspects of your business like billing, staff training and growth projects the most important responsibility you have is taking care of patients.

That’s the whole purpose of working in healthcare. But, you can’t give your patients all the time and attention they deserve if your day is consumed by other things. Thankfully, implementing a faster billing process can give you a lot of time back in your day to focus patient care.

Having more time to focus on patients means you can build stronger relationships with them, offer more in-depth treatment and create a better patient experience overall.

3.     More value for the cost of billing

A faster, more efficient billing process puts more money in your pocket as well as more time in your day. And if you compare the cost of outsourced billing versus a fully in-house process, the value of outsourcing is clear.

Whether you have just one in-house biller or a whole billing department, you’re spending significantly more money on filling and training these positions each year than what an outsourced billing process costs. You may also need to invest in new equipment and certifications as industry regulations change. However, this overhead is taken care of for you if you work with a billing vendor.

Investing in this resource frees up your time and money, speeds up your revenue process and cuts down on delays in your revenue cycle. If you’re still asking if it’s right for you, imagine the value it would bring to your organization.

By Inovalon