medical billing outsourcing

Is Medical Billing Outsourcing Right for You?

It’s no secret that you need an efficient medical billing process to succeed. However, just because the process you currently have in place is working, it doesn’t mean there isn’t room to improve.

Imagine what your workflow would look like if you had more time to train your staff and engage with patients rather than sitting in front of a screen filing claims for hours on end. Think about all the revenue currently slipping through the cracks in the form of denied claims and partially-paid claims.

These are just a few reasons to consider medical billing outsourcing.

Keep reading for more signs it’s time to make the switch and an overview of the benefits available once you do.

Signs it’s time to invest in medical billing outsourcing

The easiest way to tell if medical billing outsourcing is right for you is if your current billing process is giving you more problems than you’d like to admit.

Here are a few problems you may be facing:

  • You have a low percentage of clean claims
  • You’ve been letting low-value claims go unpaid
  • You have trouble keeping up with compliance changes
  • Your billing staff is overworked
  • The average lifespan of your revenue cycle is much higher than industry standard

Why allow such issues to continue if there’s a better way to manage claims? Medical billing outsourcing can fix these problems and do a lot more for your business!

The top benefits of billing outsourcing

Whatever your reason for investing in a tech-savvy billing system, you’re sure to enjoy many additional benefits after implementing this change to your workflow.

Three of the top benefits available are:

1.     Fewer billing errors

If you keep filing paper claims, you’ll keep running into time-consuming errors. If you start working in a billing portal that can catch errors before you submit claims, your workflow will become much more efficient.

With medical billing outsourcing, the chance of encountering billing errors is much smaller. You don’t have to worry about submitting claims without all the necessary patient information or think twice about which payer you’re sending claims to. You can rely on your billing program to notify you of these errors and many others that may occur – and even the best staff members can’t do that 100% of the time.

2.     More time to focus on patients

As much as you need to handle the logistical aspects of your business – like billing, staff training and growth projects – the most important responsibility you have is taking care of patients.

That’s the whole purpose of working in healthcare. But, you can’t give your patients all the time and attention they deserve if your day is consumed by other things. Thankfully, implementing a faster billing process can give you a lot of time back in your day to focus patient care.

Having more time to focus on patients means you can build stronger relationships with them, offer more in-depth treatment and create a better patient experience overall.

3.     More value for the cost of billing

A faster, more efficient billing process puts more money in your pocket as well as more time in your day. And if you compare the cost of outsourced billing versus a fully in-house process, the value of outsourcing is clear.

Whether you have just one in-house biller or a whole billing department, you’re spending significantly more money on filling and training these positions each year than what an outsourced billing process costs. You may also need to invest in new equipment and certifications as industry regulations change. However, this overhead is taken care of for you if you work with a billing vendor.

Investing in this resource frees up your time and money, speeds up your revenue process and cuts down on delays in your revenue cycle. If you’re still asking if it’s right for you, imagine the value it would bring to your organization.

revenue cycle management

Not Sure How Patient Pay Trends Are Changing? Find Out Here!

The smaller the gap between when you render services and when you get paid, the better. With so many potential blockers in your revenue cycle, though, it can be a big challenge to keep things moving.

Between communicating with payers, working through denied claims, and managing the payments that patients are responsible for, it’s hard to get a clear idea of when each expected payment will come through. Not to mention, you must also pay attention to the way payment processes are evolving!

This is a big factor in the revenue cycle that far too many medical providers don’t consider. It’s not enough to stay on top of the claims you’re filing today; you need to start thinking about how changing patient pay trends will affect your A/R cycle tomorrow.

Here are 3 major shifts in patient payment trends you need to be aware of.

1. Patients in some cases are more scared of their bills than their diagnosis

It’s an unfortunate reality, but it’s true. High-deductible health plans are increasing their rates, and the changes to deductibles, co-pays and coverage causes confusion for patients, along with an increase in patient financial responsibility.

Add the fact that 28.9 million Americans are uninsured, and it’s no surprise patients are becoming increasingly concerned about how to pay for services.

So, what can you do? Make payments more manageable for your patients.

Explore the option of in-house patient payment plans rather than leaving patients on their own to work things out with payers. This allows you to maintain a strong presence within the growing market of patients who are uninsured or have a high deductible. It gives patients who are concerned about their payments an easy way to manage what they owe and how they’re going to pay. Also consider making payment processes more accessible by establishing a new patient system that helps people understand their eligibility and benefits.

No matter what your job title is, adjusting to changes in patient financial responsibility is tied to your purpose as a medical provider. Contributing to the wellness of your patients means helping them navigate the financial responsibilities associated with their health.

2. Outsourcing medical billing is on the rise

The good news about helping patients understand their payment responsibilities is that you don’t have to do it all yourself. Medical billing outsourcing is one of the smartest things you can do to ease patient payment concerns and better manage your revenue cycle.

The right platform can completely transform how you distribute invoices and process payments. It can give customer-facing personnel the extra few minutes in their day to talk through payments with patients, while also making each patient’s payment responsibility easier to understand.

3. Payment processing has advanced

As you’re looking into medical billing outsourcing possibilities, pay attention to the payment capabilities available. It’s not enough to simply offer cash or check payment options anymore.

Modern-day patients want a modern way to pay. They’re more likely to keep up with payments when they can easily access their medical bills through a credit and debit card-friendly portal. If you can save their payment information, offer automated payments or send out payment reminders, the results would be even better.

These responsibilities are simple to take on and implement on your end, and they make a world of a difference for your patients. They show your patients that you truly care about their experience and well-being, not just about how much you’re billing them and getting paid for.