Most doctors, and specialists, will find themselves outsourcing their medical billing to specific companies. There are a number of reasons to make such a decision. All of which will produce a positive outcome for your business as well as the clients that you serve. It will certainly increase the amount of individual attention you can give to your clients and patients, making everyone happy.
Lost Time and Resources
First and foremost, professionals will quickly learn that using a Medical Billing Company can save a great deal of time and resources. Those that have carried out their own billing in the past can attest to the fact that it is extremely time consuming. Therefore, completing this task on your own will take a great deal of time away from the clients and patients that you are serving. All employees on your team will have the ability to focus on patient care rather than dealing with clerical responsibilities.
Next, claims that are rejected by insurance companies cost you money. They also cost you time. Having a successful practice means that time must be spent on patient care. However, professionals expect to be paid for this care. Using a medical billing company to carry out billing will increase the amount of claims that are accepted because these professionals fully understand the system and these professionals will not make nearly as many mistakes. In the end, claims are accepted and paid.
When medical billing is completed in a timely fashion then payments are received quicker. There is nothing like knowing you earned a paycheck but you have not received it yet. A medical billing company completes billing in a timely manner, on a regular basis, so that payments are continual. Staff will be dedicated to carry out this job and the billing will not be put off day after day because of other office duties that need to be completed.
Fraud on the Rise
Third, fraud can become a problem within companies and organizations. But, deciding to work with medical billing companies can decrease this possibility. This is because the company will act as a system of checks and balances for your business. Some people will tell you that this is almost like having an additional set of eyes watching over the books. There is a lot to be said for added security when it comes to earning a living and creating a successful profession.
ICD 10 Codes
The ICD 10 will become part of the health care system in October of 2015. This entire system will be completely different from the system that is currently being used. Because of these changes, it may become difficult to follow through with your own medical billing. In fact, codes are believed to go from 14,000 to more than 69,000. This information is overwhelming and frightening for practitioners that need to focus on patients.
While doctors, and specialists, will need to become more detailed with all of their documentation, and the codes that they are using, they will not have to worry about learning each and every change for billing. Professional medical billing companies have a full understanding of these changes, how to follow through with them, and what changes are to be made. Therefore, claims will be paid rather than rejected.
It goes without saying that HIPPA must be followed throughout the entire process. Medical billing companies fully understand this. They all have guidelines and rules that must be followed in order to ensure that privacy is maintained through each step. Many practitioners worry about the fact that claims are submitted electronically. All connections will be secure and they will follow strict standards.
Finally, if you find that your malpractice insurance is going up, the billing company will be able to assist with this. The company will be able to give your insurance carrier a great deal of information about patterns related to your costs and your utilization. Once the insurance company has access to this information you may be able to get a better rate on your malpractice insurance.
Even when professionals are struggling to make the switch to a medical billing company, it is easy to see that there are benefits to doing so. In order to have a success practice, of any kind, patients must be treated properly. Employees need to be focused on those individuals that they took an oath to treat. Medical billing can get in the way of that oath. Companies designed for this task allow you to get to the heart of your job. Earning a living for services rendered will still be a top priority but it will be executed by professionals that know the laws, updated codes, and how insurance companies work. Just think about the amount of time and energy you will be saving in the end.
Alex Tate is a digital marketing specialist, content strategist, and a health IT Consultant at CureMD who provides perceptive, engaging and informative content on industry wide topics including EHR, EMR, practice management and compliance.