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How does outsourcing medical billing services lead to an excellent return on investment?
There is never a dull moment inside most healthcare facilities. Everyone is always busy, most employees wear multiple hats, and all hands are on deck to get essential tasks completed.
Aside from dealing with patients, staff is dealing with patients’ families, verifying insurance eligibility/deductibles and reviewing and/or documenting medical records. Healthcare facility staffs are also responsible for performing medical billing, handling audits, reviewing fee schedules and providing oversight for coding and charge reviews to ensure the financial health for their practice.
To be done the right way, medical billing requires complete focus and expertise, which is why countless healthcare leaders are choosing to outsource their revenue cycle to specialists at a medical billing company such as CPa Medical Billing. If your practice has trouble finding, retaining, and training medical billers and certified coders, then you’re not alone.
Below are many factors you should consider when it comes to outsourcing the medical billing services for your facility.
Here Are Eight Benefits Of Hiring A Medical Billing Company:
1. It eliminates all pain points associated with medical billing
There are thousands of medical billing codes, along with ever-changing policies and procedures pushed down from the insurance payors. Working with a medical billing services partner will save your facility a significant amount of time and effort. Passing these responsibilities to dedicated medical billing and coding experts makes sense, as they will be held completely accountable for getting the job done every day.
2. It significantly increases your net collections
The best medical billing services must always be able to increase the net collections for their client. These increases typically fall between 5-50%, depending on how many deficiencies are found within your existing revenue cycle. These increased net collections are an immediate profit boost that will more than cover the billing fees charged by the outsourced medical billing company.
Most clients have extra profits that get allocated to growing their practice or increasing staff bonuses.
3. It allows for predictable cash flows and speeds up collections
What happens when you have complete focus on medical billing? Good medical billing services use certified professional coders that scrub claims before sending off to payors. This leads to faster claim processing, less rejections and subsequently a reduction in your outstanding AR days.
The goal should be to have your outstanding days in AR less than 30 days. Reducing your outstanding AR days will always provide a more reliable and predictable cash flow.
4. No excuses, single point of contact accepting 100% accountability
Most practices are forgiving of shortcomings in medical billing as they understand their billing team gets pulled in many directions, mostly related to patient care, which leads to stakeholders accepting excuses and tolerating mediocre billing results. With an experienced medical billing company there are no interruptions, and therefore no excuses as the only goal is collecting as much as possible in the shortest amount of time.
One account manager is your single point of contact and accepts 100% accountability for achieving optimal results, and these responsibilities translate into excellent returns on investment.
5. It reduces overhead costs
Partnering with a tried and tested medical billing company reduces overhead costs by changing your cost structure from a fixed departmental expense to a variable cost that is directly tied to the net revenue collected.
Having medical billing department expenses directly associated with net collections is simply a good idea, because the billing fees decrease or increase in conjunction with how well the practice is doing in terms of patient visit volume and collecting net receipts. When patient visits and reimbursements are down so are your medical billing fees, and when patient visits and reimbursements are up it justifies paying higher fees for higher volume.
This relationship works especially well during times of uncertain patient volume, which is what most practices are experiencing today.
6. It offers better efficiency, reporting and accountability
A medical billing service for your facility will automate the entire process, and what’s even better is that all of this takes place behind the scenes without needing your time, training, management, etc. Your staff will now have extra time to dedicate to patient care and satisfaction, as well as growing the practice.
The outsourced billing service takes full accountability for the results of performing the entire revenue cycle, as billing experts are assigned to each component of the revenue cycle. Financial reports are shared to demonstrate excellent returns on investment.
7. It’s easy to use
You don’t have to worry about learning anything new when using a medical billing service, and your outsourcing partner will make the transitions seamless.
In fact, your facility will quickly realize optimal results as the billing service experts have little to zero learning curves working on your account.
8. It increases your clinical space
By outsourcing your medical billing, administrative space can be converted into revenue generating space, such as exam rooms or an on-site lab. This shift can potentially generate hundreds of thousands in additional revenue that couldn’t be realized before due to space constraints.
Reach Out To The Experts At CPa Medical Billing To Learn How Our Team Can Support Your Healthcare Facility
The primary benefits of working with a medical billing partner for your facility are clear.
If you’re looking to collaborate with a professional medical billing company, reach out to us online or call 844-631-9088 to see how we can help!