Why outsource RCM
A highly challenging and demanding task, medical billing is one of the pillars on which your organization stands. Mistakes made in your medical billing can sink your practice faster than the Titanic. While there are definite advantages to having your own medical billing staff, the advantages of outsourcing your medical billing far outweigh them. Given below are some of the advantages and reasons to outsource your medical billing.
It is cheaper
An in house billing system requires staff and infrastructure. With every employee overhead expenses such as insurance, benefits, payroll, and training costs get added to your cost. On an average, a company spends between 30 and 40 percent of their collections on the medical billing process. Staff attrition and infrastructure (both hardware and software) upgrades are regular expenditures that eat into your bottom line. Add to that the cost of training your staff to the constantly changing regulations and you will see your overheads spiral upwards. Outsourcing your medical billing saves on the capital investment required. In most cases, outsourcing your medical billing can be done with no initial investment at all. On the other hand medical billing companies charge a flat rate per claim or a percentage of the reimbursement on each claim. Hence, the more you earn, the more they earn.
It reduces errors
Who do you go to when your car refuses to start? The car mechanic, right! It requires a trained and professional mechanic to ensure that your car problems are rectified. It is the same with medical billing. The rules and regulations of the medical billing world are constantly evolving and changing. Keeping up with all the changes requires time and effort. Medical billing companies exist for the sole purpose of providing medical billing services. They ensure that the coders and billers they hire are professionals who undergo regular training and are up to date with all the changes in the medical billing world. Remember, they charge a percentage/ flat rate on each claim. It is to their advantage that your claims are error free and compliant, as their bottom line depends on your getting reimbursed. Hence, they strive to make sure that your claims are not denied or rejected due to coding and billing errors. Medical billing companies also review, track unpaid claims, follow up and ensure that you are paid the correct amount. Like we mentioned earlier, they get paid when you get paid.
It increases patient satisfaction
Customer service and satisfaction is important to any business and the medical profession is no exception. Imagine you and your staff engrossed with sorting out your medical billing issues while your patients are waiting for someone to take care of them and their issues. Juggling between handling your medical billing and the demands of your patients can be quite a challenge. Both are important for your revenues – dissatisfied patients or incorrect bills can reduce your earnings substantially. Outsourcing your medical billing will provide you and your staff with more time to interact with your patients.
How can MedConverge help?
The reasons to outsource your medical billing indicate that the reduction in overhead costs, timely submission of error free bills, following up and ensuring that you receive your just dues and patient satisfaction, result in increased revenues for the practice. Our professional, trained and certified coders and billers understand the importance of ensuring that your medical bills are error free, confirm to all the current rules and regulations, are submitted on time and followed up till you receive your reimbursement.
After all, your success is our success. Contact us at info@medconverge.com for all your medical billing requirements.
References
- 10 Reasons to Outsource Medical Billing. (2018). Retrieved November 12, 2018, from www.flatworldsolutions.com: https://www.flatworldsolutions.com/healthcare/articles/reasons-to-outsource-medical-billing.php
- 5 Reasons to Outsource Your Medical Billing. (2018). Retrieved November 12, 2018, from www.appliedmedicalsystems.com: http://www.appliedmedicalsystems.com/5-reasons-to-outsource-your-medical-billing/
- Hicks, J. (2018, September 16). Pros and Cons of Outsourcing Your Medical Billing. Retrieved November 12, 2018, from www.verywellhealth.com: https://www.verywellhealth.com/advantages-of-outsourcing-medical-billing-2317424
- Why You Should Outsource Your Medical Billing. (2018). Retrieved November 12, 2018, from www.360connect.com: https://www.360connect.com/outsourcing-medical-billing/
