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Medical Billing Outsourcing – A Boon to Healthcare Industry

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In these changing times, providers are faced with many challenges including reduced reimbursements, changing government laws, strict patient health information rules and more. Providers are faced with the task of providing excellent patient care and also need to ensure they are paid accurately on all the services they have provided. Providers usually hire a dedicated in house biller or billers to their practice or outsource their medical billing requirements to a professional medical coding and billing company.

In House Billing – If the provider decides to have their own 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 keenly watch on coding and billing compliance. Providers also need to ensure the biller’s productivity matches with the industry expected standards and benchmarks. This means the providers still need to spend considerable time for medical billing process along with providing quality patient care.

Medical Billing Outsourcing – Providers also outsource their entire medical billing process to a professional medical billing company to avoid loses caused by in house billing errors. Billing rules and regulations keep changing constantly and keeping up with them is a greater challenge. There are many reasons for the providers to outsource their medical coding and billing process.

  • Access to Certified Resources: Medical billing companies hire certified coding and billing resources. They also have years of specialty coding and billing experience. This provides an instant access to the providers to efficiently start their coding and billing process.
  • Reduce Compliance Risk: Certified coders and billers help to accurately code and bill the services provided. This helps the providers to reduce their compliance risk and work more peacefully without worrying about the industry changes.
  • Pay when you get paid: Most of the 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 cost under control.
  • Access to 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 latest requirements.
  • Experience: Medical Billing companies deal with different providers and handle many specialties. They follow up with insurance companies on daily basis 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 medical billing department is an expensive affair. Providers as employers need to worry about salary, employee benefits, taxes, stationary, clearing house fees, hardware, software and more. In the case of outsourcing all these responsibilities are transferred to the medical billing company and providers can focus on their job.
  • Healthy Cash Flow: As the medical billing companies work full time on claims on daily basis, they have a quick 24-48 hours turnaround time to submit the claims to the respective insurance companies. Quick turnaround means quicker reimbursements helping the providers to maintain a healthy cash flow for their practice.