“Streamline the Revenue Cycle Management of Your Healthcare Practice by Partnering Up with an Outsourcer and Get Precise Solutions to Your Medical Billing Challenges”
Shifting the focus from patient care to the medical billing process is like moving against the clock. Healthcare providers spend a large amount of time providing the best care to their patients. As their buckets are already full of responsibility, managing the process of medical billing becomes tedious. It is also a reason for their stress as administrative tasks are often laborious and burdensome.
The financial health of any medical practice is dependent on the efficiency of the medical billing process. In the end, if the practice does not receive adequate revenue, it is a loss for the practice. With proper management of billing procedures, a healthcare provider or practice can easily achieve the goal of maximizing revenue. They either must face this hassle themselves or partner up with an outsourcer to get a successful outcome.
Juggling the challenges of medical billing without complete dedication can have a dual negative impact. On one hand, the quality of patient care may degrade, and on the other hand, errors may disrupt the cashflow.
Why Should You Hire a Medical Billing Company
To sustain healthcare practice, healthcare providers need to ensure timely reimbursement for a smooth operational flow. This is possible with a streamlined medical billing process free of errors and claims denials along with complete regulatory compliance. Medical billing companies understand the nuances of billing and coding. They hold expertise in tackling roadblocks with solutions that are custom-made for unique requirements of clients.
Also, the growing market of medical billing companies makes the process of hiring a partner effortless.
A study found that the US medical billing outsourcing market size is expected to expand with a Compound Annual Growth Rate (CAGR) of 11.56% from 2023 to 2030.
A medical billing company is capable of delivering valuable results that are vital for the growth of any healthcare provider or practice. With proven ways, it leads a practice to upgraded revenue cycle, reduced operational costs, and improved patient care.
Let’s Look at the Benefits of Choosing a Medical Billing Company for Your Healthcare Practice.
Benefits of a Medical Billing Company for Your Healthcare Practice
Specialty Specific Expertise :
One of the major tasks of medical billing is being well-versed in the specialty-specific CPT and ICD codes. Most of the errors are caused by incorrect coding as maximum specialties have numerous and complicated codes.
Medical billing companies are professional at handling different specialties with their knowledge and skills. Their proficiency drives accurate coding that leads to positive financial outcomes.
An outsourcing partner will assist you in getting compensation with specialized solutions that are also technologically advanced. It will streamline the revenue cycle management with:
- Proper Practice Management
- Regular Audits
- Addressing the Neglected Charges
- Effective Denial Management
- Timely AR Follow-Up
Minimal Billing and Coding Errors :
It’s a fact that some errors are bound to happen in the process of medical billing. These errors and mistakes are the reason that healthcare providers suffer revenue leakage. While eliminating all the errors might seem impossible, there is still a possibility of minimizing these errors.
Here a medical billing company turns out to be the best solution with its assurance to minimize errors to a point that doesn’t create a massive impact on the financial health of the provider. It manages an extensive number of claims efficiently.
It can rectify an array of errors and mistakes such as:
- Missing or Inaccurate Patient Information
- Incorrect Coding; Over or Under Coding
- Duplicate Charges
- Unbundled Services
- Mismatched Diagnostic or Treatment Codes
- Wrong Balance Billing
A medical billing company provides the best services to reduce these errors, and uplift revenue cycle management. As a result, it contributes to the expansion of financial gains with on-time reimbursement.
Increased Reimbursement :
Errors or mistakes in the documentation process lead to denial of claims. The frequency of claim denials is a major reason that obstructs the flow of income for the healthcare practice. Denial of claims is concerning, but some denied claims are recoverable with a chance of regaining the lost revenue.
Some common reasons of claim denials are:
- Incorrect or missing information
- Eligibility criteria due to the lack of insurance coverage
- Insufficient documentation
- No prior authorization
- Over or Under-Coding
- No steps to Rectify denied Claims
A medical billing company investigates, analyzes, and resubmits the claims to reclaim reimbursement. With a proactive approach, it also takes measures to prevent future denials with well-structured denial management.
Accountability and Compliance :
Medical billing companies take accountability for their actions. When it comes to errors, they ensure noteworthy accuracy and take steps to prevent human errors as well. The aim is to enhance the financial performance of the practice, with boosted operational flow and bottom-line.
A medical billing company achieves this by offering automated systems for reporting and recording. Along with this, it follows mandatory compliance regulations like HIPAA to protect the interest of patient information. It helps in staying up to date with the constantly evolving guidelines and laws along with market trends and changes in the codes.
For Instance, EHR (Electronic Health Records) is used to guarantee the security of sensitive patient data which makes the usage of this data more secure.
This cuts down the risk of misuse of patient information and protects against legal actions due to breach or non-compliance.
Cost efficiency and Transparency :
Choosing a medical billing partner might seem expensive. On the contrary, it is more economical as all the duties related to billing are shifted to the billing company. This is because. The need to create and manage an in-house billing team is eliminated. Your healthcare practice no longer needs to invest in and maintain administrative activities.
In the case of transparency, billing services make sure that they communicate the cost structure throughout the process. Professional billing partners also take care that they convey all types of costs including additional charges before attaining the duties.
This helps the healthcare providers in making an informed decision about which medical billing company to choose. It gives them an insight into the flow of cost and decisions regarding the same.
A perfect medical billing partner will assist you during the whole process and provide analytic reports about the usage of funds.
Better Patient Experience :
With the help of a medical billing partner, the weight of cumbersome administrative tasks is lifted from the shoulders of healthcare providers and practices. This enables healthcare providers to dedicate their time to the sole responsibility of patient care.
Healthcare providers can now be carefree as the medical billing company manages the entire process with precision.
Here’s How:
- Actively collects all the relevant data to handle the medical billing process step by step. Along with that, manages the patient queries to take corrective actions.
- Automates the process of claim processing to increase the claim acceptance rate and reduce patient frustration.
- Billing professionals provide accurate estimates of total treatment costs. This eliminates patient stress.
Conclusion
All in all, hiring a medical billing partner will support you in improving your practice. As a healthcare provider, you will get more time to interact with patients and better the services.
Unify Healthcare Services is a professional medical billing company and has experience in handling the complexities of medical billing with ease.
Get maximum reimbursement with the industry’s best tools and techniques and optimize your practice.
