Medical billing and coding is a precise field that demands accuracy to ensure that patients receive and pay for the correct treatments. Transposing just one number could cause a medical practice to charge too much or too little, and it could result in unhappy patients or debt for your practice. Perhaps most concerning frequent mistakes on the part of in-house billing staff could subject your practice to auditing and harsh penalties.
To avoid these issues, many medical offices choose to outsource medical billing to a company that specializes in this task. Outsourcing services include statement printing and mailing, billing statement processing, and electronic presentment of bills for the purpose of viewing & on-line payment.
The decision to outsource medical billing can be a complicated for some businesses. The change could result in a restructuring of the personnel and ultimately overall efficiency. The savings acquired through postage discounts alone is a solid reason to outsource your billing.
Here are a few benefits that employers can experience when they outsource medical billing to a billing services company.
- Hands-off Management While many business owners are reluctant to relinquish control of something crucial like their accounts receivable, this decision can result in being a great convenience for these managers. Without having to oversee a billing department, a manager doesn’t have to be involved in the process of billing customers. This can give employees the chance to handle other responsibilities that are more vital to day-to-day operations.
- Savings of Time and Money With the chance to outsource comes more time to spend on helping patients rather than managing the details of routine billing. This translates to less time that customers have to wait to receive a bill and less turnaround time in accounts receivable. May also speed up cash flow by at least one to three days. In addition, you will save money and reduce your postage expense, through outsourcing. Cost is a factor for many medical practices, and outsourced billing can save money when compared to running a billing department.
- Online Billing Capabilities Electronic billing provides a quick and simple option for customers who need to pay a bill quickly and at their leisure. Online billing systems give customers easy access to their bills and billing archives. Online billing is also environmentally sound. Businesses can “go green” by letting customers opt out of paper bills. This means cost savings for you while conserving resources.