If you’re a physician who owns a busy practice, you may be tempted to bring on an in-house specialist to take care of your medical billing needs. However, many experts believe that outsourcing your billing is the key to reducing stress, saving money, and running your practice more efficiently. Read through the three following reasons to determine whether outsourcing your healthcare billing is right for you and your practice.
1. You Can Collaborate With Healthcare Billing Experts
The medical industry, and especially the current coding and billing requirements, often changes rapidly. Outsourcing to professionals who make it their mission to stay on top of recent rules, regulations, and trends in the medical billing industry could play a large part in your practice achieving success.
Medical coding professionals need to have a solid understanding of which codes to use for each patient and how to complete their job in a timely manner. If they are not completely dedicated to their jobs, the practice’s revenue cycle may suffer as a result. For example, if your in-house billing specialist is absent for two weeks, numerous patient codes may not be submitted to insurance on time. Even small practices submit multiple claims to insurance every day — and you will not get paid until they are submitted!
2. You Can Experience More Consistent Healthcare Billing Results
What happens when you hire an in-house billing expert? If this employee calls in sick, takes vacation days, or notifies you of other absences — whether or not they are unavoidable — you may be left anxiously wondering who will complete the billing and coding responsibilities that start the revenue cycle for your practice.
Having only one or two people to complete this important job depends on them being at work consistently. If your main problem is that your medical billing is not completed on time, by outsourcing to a company with multiple billing professionals, you can experience more consistency and a lower stress level.
3. You Can See Increased Profits and Higher Savings
Outsourcing healthcare billing often results in a practice seeing increased profits and the ability to save. Though it seems counterintuitive, a small practice that employs one or two billing specialists may be spending much more of its budget on in-house billing than it would on outsourcing. When you combine this point with the ability to have a team of billing experts at your disposal with consistency and efficiency, outsourcing becomes the smarter choice.
Get in Touch With Billing Direct
Choosing whether to outsource your healthcare billing is an important consideration for physicians who operate busy solo or group practices. Consider the increased insight into the billing industry, the chance to save money and make higher profits, and the consistency that accompanies this decision before you decide to hire in-house. Contact Billing Direct today to learn more about the benefits of outsourcing. We staff professionals who are well-versed in thousands of unique medical codes, possess an understanding of online medical records, and strive to partner with you to make your practice all it can be.