Medical billing is the process of submitting claims and following up on them with health insurance companies, both federal and commercial, to receive reimbursement for services rendered by a healthcare provider. Medical billing thus translates a medical service into a billing claim. A knowledgeable biller can optimize revenue performance for the practice.
Rules and regulations governing the healthcare industry are updated constantly. The code sets also undergo revisions regularly. Physicians have to devote a large part of their time to overseeing billing and follow-up. This eats into the time needed for quality patient care leading to stress and frustration.
To overcome this scenario, physicians are forced to find a solution to reduce their workload and increase the quality of patient care delivery.
Medical Billing – Should it be in-house or outsourced?
In-house billing requires medical practitioners to regularly educate in-house staff about the changes in rules/regulations/changes in codes. Even simple in-house billing requires additional staff training, software support, the latest hardware, storage space and a separate working environment that would add costs to the practice rather than revenue collections.
The healthcare industry is a complex one and the healthcare revenue cycle is no different. To manage stress and sustain a profitable practice, outsourcing medical billing and medical coding have become a common practice among healthcare organizations. It results in more significant cost savings and brings broader business benefits.
- • Outsourcing is more accessible than before and less expensive compared to in-house services.
- • Acts as the trump card for physicians to improve the business bottom line and revenue collections.
- • The smooth functioning of the revenue cycle – reimbursement is faster due to reduced denials.
- • Cost-cutting – reduced operational cost, staff cost, infrastructure, software and hardware support costs.
- • The pricing structure is customizable. Outsourcing companies offer several pricing packages based on the requirements of the physicians.
- • Faster claim submissions and more immediate revenue transactions.
- • Helps to improve billing efficiency by providing services on deductibles, withholds and co-payments tracking.
Hence outsourcing medical billing services to ensure an effective medical billing cycle is a more prudent option.
Bristol Healthcare Services is a medical billing and coding company serving healthcare professionals for more than twenty years. Our billing team consists of certified billers and coders with specialized expertise. Our workflow processes are designed to ensure maximum efficiency and submission of clean claims. Our denial management is superb with rapid follow-up with payors and patients. We assist you in improving your collections by over 20% and reducing costs by over 40%.