15 Reasons Why You Must Outsource Your Medical Billing

When you enter a hospital or clinic, we are pretty confident that you immediately head into the reception, confirm your appointment, see your doctor and nurse, submit your insurance claims, head straight to the pharmacy, and exit the healthcare center. Not many people know this, but in addition to the doctors, medical assistants, and staff, there is another individual who works just as hard as them to keep the healthcare facility operating efficiently. We are discussing the medical billing department.

Medical billing is a laborious and challenging operation to run. These individuals are responsible for the billing process. Their job is to submit claims and ensure that insurance providers reimburse the patient for the services used. If you do not send the appropriate bills to your patients, your account receivables team is likely to suffer huge distress, followed by a decline in your collection rates. Small medical practices often face numerous challenges due to their limited staffing numbers. This is a primary reason for physicians and healthcare teams to outsource their medical billing services to a reputable medical billing company, such as Velan.

What are the advantages of outsourcing your medical billing services?

Before considering outsourcing your medical billing services, ensure that you have valid justifications. Outsourcing your medical billing services is not mandatory.

Taking that chance will cause your company to do the same.

1. Have an advantageous position
2. Implement an efficient and environmentally-friendly strategy for managing your finance department.

The true benefit of outsourcing medical billing lies in its enduring sustainability. The doctors, patient volume, staffing levels, and other hospital requirements will continuously fluctuate. Unlike the internal team, which may face difficulties due to an overwhelming amount of work, a medical billing company can consistently achieve results.

In fact, the benefits of outsourcing medical billing are plentiful, and they extend to all areas of your medical practice.

15 key benefits of outsourcing medical billing services

1. Be sure of your patient’s insurance eligibility.

Your patient’s insurance, it must be current, valid, and eligible for claims in order for their insurance service providers to process it. Employing resources to validate insurance eligibility can be extremely exhausting. If your team undertakes this validation, it will add significant time to their already overwhelming workload.

However, if you enlist the services of a medical billing company, you can rest assured that they will credit the payment to your healthcare account. Your medical billing service will be

• Be aware of your patient’s details.
• their deductible or the covered expenses,
• Which expenses need pre-consent, etc.?

2. Faster and more secure insurance payments

Your staff is prone to making medical billing and coding errors. We are not blaming your staff for their mistakes, but rather the limited time they have to accomplish a significant amount of work. Correcting these billing errors will ensure quick and secure payments and reimbursements. By collaborating with a proficient medical billing company, you can reap the advantages of a streamlined workflow, enhanced revenue, and improved returns for your medical practice. This will ultimately result in reduced expenses and more efficient payment processing.

The reason is obvious: a medical billing service company is proficient at dealing with codes, and their staff will have an advantage over your staff.

3. Expert consulting

Insurance billing and its processes are complex. There are constant changes in the process that your patients may not be aware of until they encounter a specific situation. To deal with such a crisis and attend to all the basic questions they may have, you need to have dedicated staff who can take the blow.

Outsourcing is the best option. Expert consultants, capable of handling even the most trivial questions, will redirect your customers. It will also curtail your administrative requirements, like hiring dedicated customer support staff, computers, desks, internet connections, phones, etc.

4. Improve your productivity.

Medical billing is a full-time profession. To handle the large volume of transactions, one must remain at the top of the field. Healthcare facilities will greatly benefit from outsourcing medical billing, freeing up their staff for other suitable tasks. It will save a lot of your time and boost your productivity at work. Additionally, standard tools equipped by a typical medical billing company will enable them to complete the work efficiently and quickly.

5. Protect your patient’s data

A third-party, expert medical billing company will protect your patient’s data. They’ll have tech-savvy professionals who can protect your patient’s sensitive data from cyberattacks. From performing regular checks to updating the security patches, the team will ensure they are on top of the security of your healthcare’s data.

6. Minimal costs to ensure normal billing activity

The procedures your medical practice employs to print out and mail bills, as well as monitor payments and non-payments, are laborious and time-consuming. Outsourcing this work to a medical billing company will reduce costs. By minimizing expenses on payment supervision, including service time management, reminder setting, and reimbursement processing, you can allocate your staff to more important tasks.

7. Stay compliant with evolving regulations.

As previously mentioned, the healthcare industry’s government protocols are constantly evolving, making medical billing a complex process to navigate. There are always new protocols and updates in the medical industry.

The process requires an expert to keep track of the changes, what they mean, what services they will cover, etc. A dedicated medical billing professional, whose job it is to be cognizant of this information, will know the upper-hand details and make it easy for your patients. It will help them make sure that they are submitting clear and updated claims.

8. Control and transparency

The notion that outsourcing medical billing implies relinquishing control over the business, specifically medical billing, is a fallacy. We call it a complete nuisance. Once you sign a contract with an outsourcing vendor, they become obliged to help you with details whenever you need them and to meet all the defined metrics. They must provide you with data from time to time, provide answers for the outcomes, ensure transparency in the overall process, and work towards meeting the purpose defined in the contract.

Velan, a reputable medical billing company, has been serving healthcare providers for more than a decade, and we understand what it takes to be a highly trustworthy vendor to our clients. We provide detailed performance reports in a timely manner, keep you informed about what is happening with your business, give you prompt updates about your patients’ claim statuses, and inform you of delays and payment issues, if any. This means our clients will have complete control over their revenue cycle management, eliminating the need to micromanage or control any billing staff.

9. Easy integration with your EHR

Before that, what is EHR?

EHR is an acronym for electronic health records. It is a digital format of a patient’s health chart. From the patient’s medical history to current health problems and diagnosis, an EHR is a complete warehouse of information about a patient.

If you are handling your medical billing in-house, you will understand that managing various EHR systems is really strenuous and takes a lot of time. Medical practices are hesitant to outsource, fearing that their vendors might not be able to easily integrate with their EHS and would ask them to replace it with their recommended software.

10. Scale your business’s growth.

Healthcare businesses have a huge opportunity to scale their businesses when they are free from the burden of medical billing complexities and can focus on their everyday tasks. By outsourcing medical billing and coding, you are eliminating distractions, noise, interruptions, and complications that would otherwise hamper your routine at work.

11. Keep your customers happy.

Customer satisfaction is the key that makes or breaks any business, and medical practice is no exception. Every medical office aims to deliver outstanding customer care and better service. Juggling multiple tasks could put your customer satisfaction on hold, potentially leading to catastrophic consequences later.

By outsourcing medical billing services, you are liberating your staff to do what they are best at: running scheduled tasks, executing patient check-in and check-out processes, maintaining the books, and handling clinical concerns.

12. Improved Access to Insurance and Billing Information

When you outsource your medical billing, you’ll have more convenient access to billing and insurance information. The medical billing services staff will handle all claims and paperwork for you. This can significantly reduce the time required to access this information.

13. Decreased Probability of Fraudulent Activity

Outsourced invoicing services can mitigate the likelihood of fraudulent activity. This is because the outsourced billing team comprises professionals who have a thorough understanding of the medical billing process. This outsourced medical billing and coding team will manage the claims and documentation on your behalf. They will be capable of identifying any suspicious activity or red flags.

14. Keep up-to-date regularly.

Changes in coding are one of the numerous factors that can influence reimbursement. By outsourcing medical billing services, you can be confident that the medical billing company’s team of experts will remain informed about the most recent coding changes. This ensures the accurate processing of your claims.

15. Increased Income as a Result of Effective Follow-Up

Proper follow-up with insurance companies accounts for 40% of your income. It is essential to receive the correct payments in order to accurately calculate your income and expenses. You can guarantee that you will receive the correct amount.

Conclusion

Healthcare is an industry that is constantly evolving with escalating demands. Medical billing and coding companies can help you achieve success by advocating for your patients’ interests.

There are numerous beneficial reasons to outsource your medical invoicing. Outsourced medical invoicing can allow you to concentrate on patient care, saving you both time and money.

In order to provide a tailored solution, it is important to locate the appropriate medical billing company that will comprehend the unique requirements of your organization. So that you can concentrate on what’s important—patient care—our team of billing experts can help you outsource your medical billing and coding. We urge you to contact us today if you are contemplating the use of medical billing services. We would appreciate the opportunity to engage in a conversation regarding how we can assist you in reducing your expenses, increasing your income, and saving time.