Outsourcing your medical billing services can help you get paid faster,
reduce your overhead expenses, and increase patient satisfaction.
Outsourcing your medical billing can seem really scary. The more empowered you are, the easier will be to make the right decision for your practice´s medical billing needs.
On our webinar “Five reasons to outsource your medical billing”, Health Prime´s Strategic Account Manager, Caroline Balestra, reviewed the main reasons to outsource your billing and some benefits for your medical practice.
Here are some reasons why you should outsource your medical billing:
- Get paid faster
- Reduce overhead expenses
- Increase patient focus
- Compliance & Guideline Adherence
- Financial Transparency
Get paid faster
So, are your reimbursements and overall revenue decreasing and you are not quite sure why?
All too often billing staff doesn´t have the time or expertise to audit and analyze the entire claim lifecycle. If you outsource these services, your billing company will help you. They will provide you with specialists such as: certified coders, ex-practice administrators, nurses, business analysts and more.
At Health Prime, we can help you identify those pain points and partner with you to improve upon them. Our team can put you on the right track and help you monitor success along the way. By having optimal performance in your billing, your practice will be more streamlined for staff and provider workflows. Billing tasks start from the second the patient calls to schedule and walks through your doors.
Reduce overhead expenses
With the costs associated with searching for valuable employees and then hiring, training and providing these employees with the support they need to be successful it can cost a lot of money.
Compared to other industries, employee turnover in healthcare is incredibly high. Turnover in this industry is about 30% higher than others. Lack of employee loyalty and workplace stress leads to a 50% increase in voluntary employee turnover. These turnover costs actually represent an expenditure of about 5% of the annual operating budget for the average practice.
Cutting this expenses from your overhead is a huge saving. We offer a team of people with different areas of expertise in many specialties (rejections & denial management, denial avoidance, finance and patient AR, and more). You can decrease your stress and help your practice run smoothly by outsourcing your medical billing services.
Increase patient focus
Outsourcing your medical billing on specific office functions like billing or coding can give providers and practice administrators that peace of mind when it comes to their claims lifecycle and coding or reporting. This allows providers or other staff to focus on patient care and take care of the patient.
Claims submission and follow up work done by an experienced, outsourced billing company can take a huge weight off your shoulders. It will also allow you to concentrate on the clinical aspects of patient care and the overall patient´s experience.
Free your staff and assign them tasks related to quality care. Ultimately, create the patient centered care environment you are striving to provide to each of your patients.
Happy patients that feel they are important to you, your staff and your practice will help you build your business in the long term.
Compliance & Guideline Adherence
In medical billing, it is essential that you understand coding rules, insurance carrier guidelines, different specialty rules and billing regulations.
To receive reimbursement as a network provider, insurance payers need to follow require medical insurance billing guidelines.
Our team will help you set up your account and prepare it for our billing teams. We also include completion of clearinghouse enrollments for electronic claim submission, electronic remittance and electronic fund transfer. At HP, we can assist with ensuring specific practice billing rules are documented and guidelines are adhered to.
We will continuously work to create a plan and report on progress for best practices in your office. This plan includes your prebilling functions, claims information, and overall efficiency to allow you and your staff the time and ability to provide quality patient care.
There are always different levels of reporting regardless of the system and or billing team you choose. Health Prime provides the most robust analytical application for practice analysis reporting in the industry. With this tool, reporting becomes simplified and effective in assisting with running your business.
Health Prime Datalytics can pull your financial data from your Practice Management system and deliver it in a more visual format. Our team reviews this data on your specific account, to proactively identify areas of improvement and put plans of action as needed.
If you want to know more about outsourcing your medical billing services, please reach out to us at email@example.com. Subscribe to our Health Prime blog to stay tuned on our upcoming webinars and all the latest updates to run your medical practice better so you can focus on what matters the most: your patients.