In these fast-paced and rapidly evolving times, providers are faced with many challenges, including reduced reimbursements, changing government laws, strict patient health information rules and more. Physicians are faced with providing excellent patient care and need to ensure they are paid fully for all the services they have provided. Providers usually hire a dedicated in-house biller or billers for their practice or outsource their billing requirements to a professional medical billing and coding company.
In House Billing
If the provider decides to have their in-house billing, they need to interview and select an experienced specialty biller. Providers still need to monitor and manage the process performed by the biller. Providers have to watch coding and billing compliance at all times. Providers also need to ensure the biller’s productivity matches with the industry expected standards and benchmarks. Billing rules and regulations keep constantly changing and keeping up with them is a challenge. This means the providers still need to spend considerable time on the medical billing process and provide quality patient care.
On the other hand, providers and hospitals resort to Medical Billing Outsourcing and medical coding outsourcing to be freed of many stresses and have more time. They also outsource their entire billing process to a professional billing company to avoid losses caused by in-house billing errors/high rejections.
There are many reasons for medical professionals to outsource their medical coding and billing process.
- • Access to Certified Resources: Medical billing companies hire certified coders and billers. They also have years of specialty coding and billing experience. This provides instant access to the providers to start their coding and billing process efficiently.
- • Reduce Compliance Risk: Certified coders and billers help to code and bill the services accurately. This allows the providers to reduce their compliance risk and work more peacefully without worrying about the industry changes.
- • Pay when you get paid: Most medical billing companies charge the providers on the percentage of the monthly collections. So providers pay only when they get paid and can keep their costs under control.
- • Access to the latest technology: Medical billing companies use the latest medical coding and billing software to stay ahead of their competition. They closely monitor the technological developments in the industry and quickly make the process changes to keep up with the latest requirements.
- • Experience: Medical Billing companies deal with different providers and handle many specialties. They follow up with insurance companies daily and understand their requirements well. This helps them to submit many clean claims at their first chance ensuring quicker reimbursement.
- • Reduce labor and administrative expenses: Hiring and managing an in-house full-time billing department is an expensive affair. Providers as employers need to worry about salary, employee benefits, taxes, stationery, clearinghouse fees, hardware, software and more. In outsourcing, all these responsibilities are transferred to a billing company and providers can focus on their job.
- • Healthy Cash Flow: As the billing companies work full time on claims daily, they have a quick 24-48 hours turnaround time to submit the claims to the respective insurance companies. Fast turnaround means quicker reimbursements helping the providers to maintain a healthy cash flow for their practice.
Bristol Healthcare can help you
Bristol Healthcare Services, a medical billing and coding company with over twenty years of experience, will serve you with commitment as we have done to thousands of physicians. We assure you that you will see collections improve by 20%. Your costs will be reduced by 40%. With our fast turnaround time, you will see speedier reimbursement and constant cash flow.
Partnering with us is a mutually rewarding relationship! Talk to an expert today!