Every healthcare organization should focus on medical as well as non-medical obligations of their system. The administrative side of any medical practice i.e. medical billing, coding and revenue cycle management also hold significance for the sustainability and growth of their business.
Although, it has become extremely challenging for physicians and other healthcare facilities to manage their revenue collection system. Therefore, most providers tend to hire medical billing solutions.
According to a recent study, the demand for outsourcing medical billing services has increased by up to 168 percent in the past eight years. It means that more physicians are realizing that a medical billing agency has something more profitable to offer than an in-house billing department.
In this article, I have mentioned the reasons why so many healthcare practitioners are moving to hire a medical billing collection agency.
Reasons To Hire A Billing Agency:
The entire healthcare industry has encountered a host of challenges over the past several years. After the introduction of the Affordable Care Act, the implementation of ICD-10, physicians are finding it difficult to comply with new regulatory changes related to medical billing and coding.
Below are the factors that justify how medical billing solutions provide more benefit to your practice in terms of increased cash flow.
- Offer Professional Expertise:
Generally, medical billing and coding have become increasingly complex. Thus, it requires a greater level of expertise to streamline operations and drive maximum reimbursement.
Mostly, hiring an in-house certified medical billing and coding staff is quite expensive for physicians. Therefore, they usually deploy unqualified staff for these responsibilities.
It thrusts an excessive burden on physicians when they have to supervise, train and implement innovative billing solutions for their employees. It causes doctors to stay engaged in the time-intensive and laborious administrative tasks.
While in-house billers and coders may process hundreds and thousands of claims each month. A medical billing agency will have essential resources and equipment to process thousands of claims across multiple specialties of your healthcare facility.
Since they already commit to achieving claim success rate on the contract. So they remain obliged to their commitment and process claims to achieve maximum reimbursements.
- Provide Innovative Billing Solutions:
Billing and coding have undergone a series of changes in the US healthcare system. Therefore, providers should opt for hiring professional medical billing solutions that can provide professional guidelines and help you stay compliant with the regulatory changes.
Physicians who are reluctant to invest in upgrading their revenue collection system should acquire such advanced solutions. It will allow them to stay abreast of up-to-date industrial standards and more efficient than their on-premise billing practice.
- Focus On Patient Care:
Due to the updates of MACRA policy and the shift to value-based care, physicians are under pressure to provide quality care services to their patients.
They have become more responsible to maintain quality metrics of their patient care services in order to prevent penalties that can lead them to reduced patient flow.
When they outsource medical billing services, doctors and other healthcare providers have more time to focus on improving the quality of patient care services and providing a satisfactory experience.
Similarly, your medical staff would also get rid of excessive responsibilities at the front desk. Since they would have reduced call volume_ specially billing-related phone calls. Because such phone calls will flow to the medical billing agency.
- Provide Increased Income:
Physicians have to pay variable costs for in-house medical billing tasks i.e. salaries, incentives, annual bonuses, paid holidays, billing software and equipment.
Expenses of hiring these resources and IT expenditures can cost up to hundreds of thousands of dollars. Even though independent practices have to pay this amount regardless of the revenue coming in.
On the other hand, a medical billing solutions just costs you up to a fixed percentage of the reimbursements _ that it collects on your behalf. Hence, it will eliminate a portion of those extra expenses.
As a billing agency charges their payment from the reimbursements that they collect from your claims. So they will efficiently submit more “clean claims” to earn benefits for themselves as well.
In this way, they can strive to achieve mutual business success goals. Even those practices_ who have an increased number of unpaid claims and an excessive amount of uncollected dollars in their account receivables_ can get their millions of lost revenue back.
Conclusion:
Due to the new updates in federal guidelines, insurance payer’s policies and the US healthcare system. It has become increasingly complicated for physicians to maintain quality metrics of patient care services and revenue cycle management simultaneously.
Therefore, they should decide to partner with a professional billing agency that can provide real-time guidelines and advanced medical billing solutions. In this way, physicians can share their administrative burden with professional billing specialists that commit to optimize cash flow for your practice.
Are you dealing with increased medical debt, complicated billing procedures and reduced revenue generation? Medcare MSO is a reliable medical billing company that has been serving a comprehensive suite of medical billing solutions across multiple specialties.
