Benefits of Outsourcing Medical Billing and Coding Services
Have you ever thought about outsourcing medical billing services to reduce stress and pressure at your practice or clinic? You might be surprised to learn that a growing number of small and large practices are enjoying the benefits of outsourcing. Medical billing and coding services can take up a significant portion of the day. Even if you already have staff dedicated to coding and billing at your office, they might be better served by working on administrative operations to help your practice run more efficiently. However, many offices have staff who multi-task, taking care of patient services, appointment setting, collections, and chart management at the same time. New practices typically can’t afford to hire a dedicated staff, and growing practices often can’t keep up with the demands for claims submissions without neglecting some part of their responsibilities. This is how denied payments, rejected claims, reduced compensation, and compliance issues occur – even in the most professionally-run practices.
Top Reasons to Outsource ENT Billing
You might be surprised to learn that outsourcing does not remove the control from a medical practice but instead puts the physician or practice manager in a position of having even more authority. Outsourcing medical billing services is cost-effective, can help to ensure compliance, and has been proven to boost patient satisfaction. The good news is that one of the most significant benefits of outsourcing is that it can save you money. When you think about how much it costs to hire, train, and retrain billing staff, establish workspace, purchase computers and peripherals, provide human resources services, payroll taxes, benefits, insurance, and overhead, it can all add up quickly.
Outsourcing is a fixed cost based on the claims that are submitted and paid – no more worrying about sick days, holidays, vacations, and coverage issues. We have a comprehensive team of highly trained, certified, and experienced coding and claims submission specialists to ensure that everything is processed in a timely manner and is done right. The costs saved by not having to recruit and train staff alone can be significant. Outsourcing can free up a lot of extra space at the office and eliminate workstations, billing departments, and room that could be used to provide increased patient services or storage for essential supplies. The physician or office manager can more effectively manage practices without dealing with the day-to-day issues surrounding medical billing and coding services.
Other Advantages of Outsourcing
In addition to saving money, eliminating valuable workstation space, and reducing stress in the workplace, there are other advantages to outsourcing medical billing services. Studies show that outsourcing reduces billing errors, which makes sense because you will now have a team of highly skilled and experienced billing experts working on your claims and collections. As a result, outsourcing helps to improve cash flow and increases revenue, ensuring that you get paid for the work that you have done. Overall, when you outsource ENT billing, you also help to ensure that your medical practice collection goals are aligned with the mission of your billing company, as you are all working toward a common goal.
The reporting and data collected and provided by medical billing and coding services can help to improve your overall reporting and benchmarking. This creates a level of audit oversight due to the separation of duties within your office dynamics. At MD Pro Solutions, our professional billing services are designed to uphold the highest quality standards, which work to assist our clients in maintaining a consistent message and brand. We start by providing a FREE Billing Review, which you can use to determine the current state of your billing department and medical practice. Identifying how many days your claims are in accounts receivable, how much of your AR is greater than 90 days, and determining how frequently claims are submitted, how quickly payments are posted, and how soon charges are billed out after services have been performed can be eye-opening, to say the least. An external billing review is like an insurance policy for your practice and should be done every two to three years.
At MD Pro Solutions, we have offices serving clients nationwide. If you are interested in learning more about outsourcing medical billing services or training and education for medical billing and coding services, give us a call at 1-800-853-8110. We can answer any questions you might have about how to outsource ENT billing, Orthopedic coding, and Plastic Surgery services. Call today and speak with one of our friendly and knowledgeable healthcare consultants about your needs.