6 Ways Outsourcing Billing Protects A Practice’s Bottom Line

A lot of independent practices have started to outsource billing in order to keep the records perfect. They hire medical credentialing services for billing and maintaining their financial records.

Benjamin Franklin said thatAn investment in knowledge pays the best interest and this is so true when you think about the medical healthcare system. The billing system in the medical healthcare sector is like an investment that pays off the interest.

As stated above, the majority of independent practices have started to outsource their billing records to medical credentialing services companies and that is mainly because this way they can update the system according to the latest technology and will also know the details of the codes of the patients enrolled at their practice.

There are a lot of reasons why physicians opt for outsourcing billing. We have enlisted a few:

Administrative Expenses:

Over the years, coding and billing have become an intense job, and managing these processes in-house means a lot of time and money is spent. Extra staff is required which itself becomes a burden. With the help of billing firms, the expenses can be curtailed. When an organization outsources a bill, it becomes the responsibility of the vendor to deal with all kinds of expenses and problems, the organization is just concerned with the bill – the end product.

This is a win-win situation as the billing companies already have efficient staff to perform their jobs therefore they can manage easily. The staff is competent and well aware of the industry therefore this is an ideal practice. Outsourcing the billing lets the physician relax and focus on their job better.

Payment Options:

Thanks to the technology, lots of payment methods options are given to the patients to make payments. These can be web-based payment methods, over the phone, or even directly after the service. In fact, the orthodox way of mail-in option for payment is also available, especially for elderly clients.

It gets overwhelming for the medical staff to deal with all these methods. This is where the outsourced billing companies come into the picture to make it easy for the physician’s staff. Outsourced billing is done by third parties. They incorporate all the possible payment methods so that the patients can pay their bills according to their ease and the administrative staff can easily concentrate on other important jobs.

Streamlined Statement:

The streamlined statements make the job easier.

The medical bills are often too confusing for the patients to understand exactly what cost and how much. The streamlined statement makes it easier for the patients to understand. Outsource billing companies are masters in designing these medical bills in a patient-friendly format and easy to understand.

Patient Experience Improvement:

A patient might not return to a particular medical practice if the experience is not good. This is also true in the case of the payment experience. If a patient experiences difficulty during the billing and payment process, chances are that he might never return to the medical healthcare practice again.

A lot of medical billing organizations have started to update the bills at their portals that allow patients to access their bills on the go. This way they can check out their bill, their invoices, account balances anywhere they wish to. This can alleviate their experience and satisfy them.

Sometimes, the third party for billing also offers phone assistance to the patients if they have difficulty in understanding their bills. Speaking directly with a medical bill expert makes a patient feel better and is at ease that he hasn’t been overcharged.

Reduction of Paper Usage:

Gone are the days when the bills and medical statements were printed on pages and handed over to the patients. The process was so time-consuming and difficult to maintain a record. Now with the help of billing experts, the data is directly organized and filed in electronic records and saved virtually as well.

The data and information are easily accessible making it easier for the patients to access the desired information whenever they require it with the help of a touch of a button, saving a lot of time for the in-house administrative staff.

Patient Behavior Regarding Payment Method:

It is hard to understand how a patient feels about a payment method. The outsourced medical billing company gains access to the administrative sector of the medical company due to technical reasons. These administrative sectors give the third-party insight into the outgoing payments and the inbound statements as well as the pending payments.

The physicians can check out all the payments that are due inbound with reference to the source of the payment, the code of the service provided, and the account numbers as well.

The physician can keep an eye on all the transactions, which have been received, delayed, or still due. The physician can always intervene to find out what electronic billing statements were sent out and which remains with relevance to the amount received in the bank account.

This information is accessible from anywhere at any time, making life easy for physicians to make decisions regarding their billing statements and procedures.

Conclusion:

Outsourcing the billing procedures infuses a new lifeline into any medical practice. The overhead costs get reduced as the medical procedures take place on time and without ease. Once the medical procedures increase so do the reimbursements resulting in more profit for the medical healthcare organization.

On the other hand, a third party managing the billing records of a medical organization is equally beneficial to the patients as well as they get streamlined bills and become more knowledgeable about the medical procedures that they opt for. Patients can choose the procedures more wisely and know how much each procedure will cost them.

All in all, outsourcing the billing of a medical practice makes the organization grow more and rather quickly as compared to if they do all that on their own. Outsourcing will also help the organization stay on top of its work and have an advantage over the competitors.