There are many reasons why practices choose to outsource ENT billing. However, not every situation requires outsourcing medical billing services. In some cases, training and support are all that are needed to improve a practice’s medical billing system and get them back on track. However, if you are working with a small staff, have just opened a new practice, or are experiencing growth and are unable to manage your otolaryngology billing and coding during regular work hours, it may be time to consider outsourced services.
Outsourcing medical billing services does not mean you can’t ever get back to doing your own in-house medical billing system. Practices and clinics should take advantage of the opportunity to outsource ENT billing while they are in a transition or are having in-house staff re-trained for all the latest coding requirements and software upgrades. In fact, most practices have outsourced their otolaryngology billing and coding at one stage or another, as they expand their business. Outsourcing doesn’t just help your bottom line, it can also provide you with more free time to focus on what really matters – your patients.
The Current State of Medical Billing & Coding
There are many factors that affect a practice’s medical billing system. Depending on where your practice is located, you may be in an area that has been devastated by economic conditions, leaving many patients unable to pay for services. You may need to expand your reliance on third-party payers, such as Medicare and Medicaid, in order to meet your patients’ needs. Even those who have insurance are now struggling as well, with the Affordable Care Act making some insurance companies raise rates, co-pays and deductibles, ironically making these payments beyond what many patients can afford.
So now your practice needs to worry about all of the new rules made by insurance companies, the new changes that were made to otolaryngology billing and coding, along with other details that can affect cash flow. If you don’t you could risk losing money every month due to lost claims, ignored claims, denied claims and under-payments. Hiring a team of professionals to outsource ENT billing can be a solution, as being able to hold a third-party responsible for any errors made in medical billing system claims can be very effective. However, if you have in-house billing staff, you might be better off outsourcing medical billing services on a temporary basis, while you focus on training and re-training your team.
The Case for Outsourcing ENT Billing
While it might sound expensive to hire outsourcing medical billing services for your otolaryngology billing and coding, you will quickly find that once everything is added up, outsourced services can actually be more cost-effective than having your own team of in-house billing employees. One reason why it is cheaper to outsource ENT billing than you might think is that most billing services charge for their services on a percentage basis. What that means is that you are only charged a percentage of the revenue that the service is bringing in for your practice or clinic. That means that they will be faster and more effective at collections and submitting claims because they only get paid on what comes in through their efforts.
It can be quite costly to keep a team of employees on just to take care of your medical billing system tasks. Costs associated with hiring a new employee include training, salary, benefits, taxes and other compensations. If you do not currently having a medical billing system set up at your new practice, you will also need to get computers, billing software and ensure that everyone on staff is aware of procedures and coding, to prevent potential errors. And unless you have a dedicated billing staff, your doctors and nurses will end up spending a lot of time focusing on otolaryngology billing and coding instead of caring for patients.
Consider Hiring a Pro
The bottom line is that outsourcing medical billing services means having a team of experienced individuals working on your behalf who have a lot more experience working with ENT billing and coding than you or any of your in-house staff. When you hire a professional consultant to take a look at your medical billing system, you won’t just outsource ENT billing, but you will also gain insight into other ways that you can improve the way your practice does business. Call MD Pro Solutions today by dialing 508-946-1665 to get a FREE estimate on outsourcing medical billing services, ENT training and support, as well as any other professional services you might require.