Medical billing can be a challenging task for many practices. A majority of practices decide to outsource their billing because they don’t have the time or resources to do it themselves. There are pros and cons to outsourcing, and each practice needs to evaluate whether it would be beneficial for their current situation. In this article, we go over the advantages and why outsourcing your medical billing can save you time and money.
Better customer engagement
A clinic that’s struggling with its billing puts a strain on the entire staff. Without the right experts to help, the clinic may be spending too much time on processes that don’t supply optimal results. All that time put into training and hyper-focused productivity can affect patient outreach. In-house billers put the practice at a higher risk for workflow interruptions because of unplanned staffing changes or a leave of absence. Leaving most of that to the professionals will free up the staff’s time for better patient care.
Reduces billing errors
Medical billing rules, regulations, and codes are frequently changing. This can make it challenging to stay on top of what’s current. Medical billing companies have trained professionals with the knowledge and equipment to ensure they are updated on the latest changes.
Medical billing companies are also equipped with the technology and skills to ensure that claims are correctly submitted. With a team of billing experts on your side, issues like denied or unpaid claims typically go down. The right company will be able to evaluate your current billing process and locate any areas of concern, such as incorrect coding. They can then advise the clinic on how to improve that, resulting in less lost revenue.
Improved cash flow and revenue
The salaries, benefits, and training needed for in-house billing employees add up to more than hiring an outside team. A billing company charges a percentage of revenue to maximize the practice’s revenue. If you have a slow couple of months, your fees go down with the overall revenue cycle.
Every billing company is different, but the right one for your clinic will help you increase your overall revenue. In our case, ORI’s current clients save up to 15% overall on what they previously spent on medical billing.