Outsourcing saves resources. If you have a small practice, your staff may not be able to focus exclusively on billing or have the necessary expertise. Many practices that don’t outsource often can’t afford to have one employee focus on billing with giving attention to other clerical duties. A medical billing service will have the knowledge and the experience to take care of all the medical billing issues that arise with your practice.
It reduces rejected claims. A great deal of rejected claims comes back simply because of errors in data entry and coding. Hiring a medical billing service to focus exclusively on billing can cut down in errors and save you revenue in rejected claims.
It provides added security. It’s a well-known fact the most cases of fraud come from within a company. If you outsource your medical billing, you’ll have an outside eye looking at your finances and providing checks and balances that you and your staff might not have the time or ability to provide. If there are inconsistencies in your finances, a medical billing service will have a good chance of spotting them.
Faster return on your money. Most practices with limited resources can’t designate multiple employees to concentrate on billing. This means it takes longer to submit claims, and follow-up is inconsistent, and your money comes in later than it could. With a medical billing service, your claims will be submitted more quickly and follow-up will be more persistent which all means more and quicker revenue for your practice.
It improves your business. An experienced medical billing service doesn’t just send out claims. It’s also a valuable business partner. A good medical billing service will provide you with reports detailing the financial health of your practice and can recommend ways to boost profitability as well.