5 Reasons You Should Outsource Your Medical Billing Services
“Ever found yourself drowning in an avalanche of bills and receipts?”
“Your claims and follow-ups crippling your hours of productivity?”
“Finding yourself working later than usual, sacrificing your domestic and social life?”
“Does it feel like all that you’ve been doing lately is running after payers to keep your revenue cycle ticking?”
“With your focus shifted towards claims and billing, do you not at times feel more like a professional medical biller rather than a physician?”
You are not alone!
Medical billing can be highly demanding for small medical practices. The medical industry constantly goes through tremendous change. Dynamic regulations and stricter norms that govern the industry continuously landscapeits evolution.
If there’s one thing that medical billing heavily relies on its accuracy and precision. A misplaced decimal or a missing zero could result in a ruthless rejection. Hence it is highly critical to pay close attention to it. If you take it upon yourself to scrape through the various stages of the billing and claims, you’re likely to miss out on your optimal patient care services.
This leaves you with two likely choices, one - to outsource your medical billing services to a professional medical billing company, and two - onboard an in-house medical billing team.
If you own medical practice and have read this far, you’re probably wondering if outsourcing could work for you. We’re here to help you with some pointers in that direction. We’ve put together a list of 5 reasons why we think outsourcing your medical billing services may be right for you.
1. Speed and Economy:
Outsourcing your medical billing services will cost you a lot less than hiring and training a medical biller for your practice. Look at it this way, when you onboard an employee, you’ll also have to account for his or her overhead, insurance, paid vacations and training costs. Along with these expenditures, you also must factor in the infrastructure costs like installation and maintenance.
There will also be instances where you may lose revenue from billing errors and inadequate billing practices. With reliable outsourcing, all these pesky expenses can be eradicated. Working with a professional medical billing company will make a world of difference when it comes to billing errors. This will subsequently help your practice receive swifter payments and reimbursements.
Professional medical billers like Velan HCS, work closely with insurance companies to better understand their process, resulting in a shorter revenue cycle for clients.
2. More Stress-less Time:
Owning and managing a medical practice is no walk in the park. And as a physician, you’re likely to have a full plate. To be laser-focused on what you do best i.e. treating patients, you should relieve yourself of the headaches involved around billing. We know you don’t have time to be worried about tracking your medical billing or following a claim for clearance. By working alongside medical billing company, you can free up your time and finally feel like a physician again.
The dynamic and ever-changing regulations constantly create headaches even for in-house medical billers. With the ever-impending threat of an inspection, many medical practices are turning to professional medical billers.
If you don’t want to lose sleep or hair over compliance or chasing denials, let the billing company worry about it. Let them do what they do best so that you can have time for that crossword puzzle before work.
3. $aves Money:
By Outsourcing, you can save your practice thousands of dollars in annual salaries, perks, medical insurances, office supplies, furniture, software, equipment, and costs. The software and billing equipment would require periodic upgrades and maintenance.
Most medical billing service providers charge a flat rate per claim. Some billing companies charge a percentage of the reimbursement on each claim, which might at times exempt charges on a failed claim. Either way, all this will account for a lot less than what you would pay for an in-house medical billing team.
So why not save your practice some dollars, keep the revenue cycle ticking and provide exceptional services with primary focus on patients by simply outsourcing your billing.
4. Customer Satisfaction
Now that you’ve got the billing fiasco out of the way, you can spend more time doing what you do best – Patient care. You’ll now have enough time to provide quality care to your patients. This will be highly ideal especially for smaller physician groups that cannot afford large medical office staff. If you are bogged down by the financials of running a practice, it is likely to have a negative impact on the patient care that you provide.
A 4.8-star rating to your Medical practice on Google is likely to generate more business to your practice than would a 3.2-rating. These are purely based on the customer service you offer. So, the ability to provide patients with excellent customer service can both retain old patients and also generate new ones. However, juggling between the demands of rendering optimum customer service and handling billing issues effectively is almost improbable.
5. Better Billing Compliance and Enhanced Cashflow
One of the primary challenges of medical billing is the ability to keep up with the constant changes in governing regulations. Insurance companies are partly to blame. It is the full-time-job of third-party payers to ensure that a given medical office us following the appropriate protocol required by each payer. Hence, medical billing service providers must stay abreast and up-to-date with the latest changes in norms and regulations to uphold compliance and ensure the submission of clean claims.
Why Velan HCS?
Our legacy and proven proficiency as a medical billing service provider for over a decade have exposed to us the nitty-gritties involved in the business. We stay abreast with every little change that is likely to impact your claims.
We would love the opportunity to onboard you to the Velan family and cater to your billing needs.
If you like what you hear more about what and how we do, feel free to explore our website to learn more about our medical billing services and to request a free quote.
And hoist stronger sails for a smooth sailing amidst the tornado of receipts
We at Velan Health Care Services, specialize in medical billing and extend our experience and expertise to reduce denials and get your claims cleared faster.
At Velan HCS, we hold an impeccable track record of submitting clean claims more than 95% of the time. Now if that isn’t impressive? I don’t know what is.