Medical professionals train for years to get qualified to treat patients. While service to humanity is the overriding mission in their lives, they are sadly ill-equipped to handle their professions’ business side. The healthcare system has many parts and is not simple. Doctors have to handle tons of paperwork to get reimbursed for the services they render. The billing and coding paperwork has to be accurate, which adds further stress to the already stressed physician. Therefore, doctors prefer a medical billing company they can trust to do the coding and billing for them.
A billing company follows HIPAA and other industry guidelines and makes sure physicians receive payments quickly. Billers and coders go through regular training on Revenue Cycle Management processes, understanding the International Classification of Diseases (ICD) /other codes and keeping themselves updated with changes. The medical billing and coding company is fully equipped and competent to handle the entire RCM cycle, thus ensuring that physicians are financially healthy.
It is common to think that outsourcing amounts to a loss of control over the practice’s RCM processes. This perception is not accurate. A client is always connected to the billing/coding company and all processes are visible to him. Outsourcing billing to an established company has immense payoffs to a client. The major ones are enumerated below.
Outsourcing billing can increase revenues tenfold. Doctors do not have to worry about maintaining and upgrading the hardware/software, office infrastructure, recruiting and training billers and coders. Studies have shown that outsourcing leads to an increase in revenue by 35%-50% for practice since there is zero capital investment and reduced labor costs. Overall all stakeholders benefit the patient, the provider and the billing company.
Billing experts at your service
The burden of recruiting competent staff and continually training them is taken off your shoulders. You no longer have to worry about absenteeism and staff attrition. Your billing company is staffed with knowledgeable and trained billers. Work is executed seamlessly, without a break and with few errors. Claim reimbursements are monitored and assertively followed up to ensure quicker collections.
Workflows in a billing company are structured to yield insights about your practice, a great way to increase revenues. Moreover, it is an interactive system that allows a physician to follow his claims at every stage and control the work done for him.
A billing company will remove the stress of your front-end and back-end office work. Physicians have more time and energy for themselves and their patients. They have the time to explore the possibility of expanding their practice. The well-being of physicians is crucial to society. By eliminating the stress of navigating between patients and payors, billing companies contribute to physicians’ well-being.
Top billing companies give the utmost importance to compliance. They follow HIPAA guidelines. Further, they invest in all forms of security to ensure data safety and integrity. There is an internal audit of all processes to eliminate errors and ensure patient health information confidentiality.
Happy patients and happy providers
Outsourcing billing frees up the time of providers who can now spend more quality time with patients, which can result in a more extensive loyal patient base. Patients can contact the billing company to get their doubts cleared regarding their insurance and billing matters. Thus patients greatly benefit when outsourcing is resorted to. Providers are happy as they save on costs and have more time to invest in themselves and the practice.
Bristol Healthcare can help you
Bristol Healthcare Services has had over 20 years of experience, led by people who have devoted their life to serving healthcare providers. We understand the world of healthcare and what it takes to make a billing company world-class. We will continue to serve our physicians and work towards bringing them to the next level.