As Americans struggle with debt, studies have found that a large portion of that may be due to medical costs. According to Discover Person Loans, the majority of consumers face more than $2000 of medical debt. This has led to patients risking health problems over the potential rising of their debt, which then only results in more serious issues and services down the road. The study also revealed that 44% of Americans put off routine care because of their debt and 33% put off being seen for an illness. This has led to many overall issues, such as routine appointment numbers going down, a rise in emergency care, an increase in unpaid bills, and medical clinics struggling to hit their benchmarks. While that calls for a variety of solutions, a big one can help: reviewing your billing process.
At the end of every year, medical clinics should be going back to review how your yearly billing went. Was there an increase in unpaid bills? An increase in denied claims? Were patients complaining about a faulty payment system? Did front staff fail to ask for updated insurance information? There could be many reasons as to why a clinic’s reimbursement has suffered, so an evaluation is an essential part of finding a solution. In some cases, that means considering the benefits of outsourcing.
In many ways, using an outsourced team for your billing can save you money in the long run. Instead of paying salaried workers, you have access to a team of experts that typically charge by the hour. By finishing their work quickly and efficiently, there’s less time spent on fixing denied claims, and you get reimbursed on time. Plus, the right medical billing partner will keep track of any bills that are unpaid, and follow-up to help it avoid going to collections.
Plus, when it comes to improving in-house procedures, the company can also help streamline your everyday process. They can look at those evaluations and pinpoint areas that are lacking. If front staff have been struggling to ask for payment upfront or update insurance information, then some additional training will need to take place.
When in-house improvements haven’t been working as efficiently, it may be time to look into outsourcing. The experts at Outsource Receivables Inc. can complete your billing, evaluate your digital systems, and help improve your administrative tasks.