The latest healthcare regulations have made medical billing a daunting process. Managing medical billing is as significant as handling patients, although it may seem burdensome. The single most important source of revenue for the practice is the accurate management of insurance claims via optimized medical billing services.
However, mistakes are likely to happen when novices manage the duties associated with the billing procedures. You may not be able to hire someone who specializes exclusively in billing when you have a small staff who are asked to wear a lot of hats.
In addition, you could be leaving money on the table due to costly errors when your staff isn’t up to date on all the latest billing changes. It opens your medical facility up to penalties, fines, or an audit.
At this point, this situation demands the need for a solution that can ensure a streamlined workflow of the billing process. Outsourcing could be a cost-effective and reliable medical billing solution for your healthcare business.
Various healthcare professionals are tending to outsource their medical billing services to exceptionally embrace efficiency and higher productivity.
But still, there are misconceptions regarding outsourcing that practitioners possess. The biggest misconception about medical billing outsourcing is its limitations and scope aside from quality or security concerns.
These myths can break the decision of outsourcing and leading practices can lose the opportunities and benefits that can get from outsourcing. Therefore, it’s probably important to correct a few of the common myths out there about it before rejecting the idea.
Medical Billing Services_ Expectations vs. Reality
Unfortunately, many practices fail to counter the misconceptions they face about outsourcing and struggle with the dilemma of whether or not to take the advantage of these outsourced services.
While medical billing outsourcing solutions are changing the perceptions of the healthcare industry. So, here we will provide you with the big picture and take on the myths one by one.
Handling Billing Procedures Manually
Many healthcare organizations think that their in-house department is capable of handling the medical billing process smoothly as compared to outsourcing. They expect that their staff is familiar with the billing tasks so they can handle them as the professionals do.
But the reality is, they must understand that the healthcare industry is continuously changing. They should be aware of the new norms of the market to keep their practice operations running suitably.
When you outsource medical billing services, billing experts stay updated with the latest billing and coding regulations. They possess vast industry experience and help you bring innovations to your existing IT frameworks. That’s why it does make a lot of sense to let the medical billing specialist manage the revenue-based tasks.
Billing Outsourcing_ Just Another Expense
Healthcare providers would rather handle all the tedious processes in-house as they think outsourcing will leave a huge dent in their wallets. Now, they hire extra employees and train them to get the billing done at the right time.
But when you outsource, you don’t need to hire extra staff as the billing teams have expert coders/billers who handle your tasks efficiently.
Practices expect outsourcing will cost them money but in reality, it can boost your revenue excellently. You don’t have to spend further purchasing technology, tools, upgrading system, infrastructure, office space, equipment, maintenance, etc.
Specialty Doesn’t Matter
It is a general misconception that coders knowing your specialty will generate fewer mistakes & will be productive. Knowing the codes, jargon, and internal working of a healthcare organization is invaluable. As Expectations vs. Reality comes to payer expectations, accuracy, and productivity.
When you outsource to a reputable medical billing company they remain completely up to speed on the nuances of your specialty-specific procedures. As they have a successful track record of planning and executing specialty-specific billing. While providing a full suite of customized medical billing services and consulting solutions. Which involves;
- Interoperability.
- Technology planning.
- Integration.
- Performance improvement.
- Regulatory compliance.
Outsourcing Won’t Save Any Time
The third-party medical billing teams only focus on medical billing and often submit claims faster than your manual billing department. They ensure that you don’t miss Expectations vs. Reality deadlines for appeals and also keep a follow-up on rejected or denied claims. There are more chances to get paid faster if the medical claims are submitted in a timely manner.
Moreover, billing experts integrate efficient practice management and EHR/EMR systems. In this way, they automate the entire billing cycle efficiently and reduce the need to manually process all the billing processes.
Billing professionals free up your precious time so you can just focus on your patients. Moreover, this enables you to reduce your stress and focus on the core competencies of your healthcare business remarkably.
Only Established Practices Outsource
This is the most famous myth among the newest medical facilities. They thought they could go for services once they had established themselves. But the reality is that a new healthcare practice requires a flawless business system and collective coordination of hundreds of tasks.
If they try to execute the billing and revenue cycle management Expectations vs. Reality their own it will cause a lot of friction in the practice. By outsourcing medical billing services, you can focus on high-priority tasks like maintaining the reputation and managing medical care management. Medical billing professionals help brand new practices to generate revenue for their healthcare setups.
Practitioners often think they will lose their grip on the whole system due to outsourcing. But it is exactly the opposite. By outsourcing, you stay connecting to the outsourced experts. They provide effective analytics so Expectations vs. Reality able to stay in control and see the progress of your business effectively.
Restricted or Limited access to Data & Reports
When a healthcare facility works with an accountable medical billing specialsit_ they witness the progress of their business by sharing regular reports with the practitioners.
Billing experts stay compliant with the HIPAA policies and protect your sensitive data as well as restrict access to data. They divide your duties and take your responsibilities by building up a rapport with your staff and share detailed, relevant reports of reimbursements/payments.
Medcare MSO has a thorough understanding of billing and coding. Efficient billing services are our only focus. We work beyond meeting your expectations. Our objective is to not only get you paid for your services but also exceed your practice’s financial sustainability in every possible way.