Perhaps, you could be the best healthcare service provider in your area and of your field, but how good are you in managing billings and overheads? Don’t worry; one can’t be the jack of all trades. The solution is simple and straightforward, that hire someone for this task. Yes, I know what you are thinking – easier said than done! Scarcity of trained and certified coders and billers maintains to be an awful subject for healthcare providers. They find it difficult to perform revenue cycle management and sail through billing and coding challenges.
Who are billers and coders?
To understand it in single line, they are the associations between doctors, patients and insurance companies. Hiring skilled and experienced billing staff is not only difficult but also very expensive. What if you hire inexperienced staff? Trust me when I say that you don’t want to be doing this. If you answer yes to any one of the following questions, then it is not harmful for your practice.
- Do you want delayed or half payments for your practice?
- Would you like to submit inaccurate claims to insurance providers?
- Are you comfortable with unorganized patient data?
- Do you think you can stay in the business without following the ICD-10?
I do not know how but I am more than sure that answer to all the questions is a no in block letters. You would be thinking that how I am helping you telling you the problems, which you probably are already facing. Patience dear doctors, I got a magical four words solution for you all which is “REVENUE CYCLE MANAGEMENT OUTSOURCING”.
With the implementation of ICD-10, the shortage of billers and coders has increased further which is eventually causing revenue losses to many hospitals and individual health experts. The matter of the fact that to follow the right coding requires right skill, you can’t rely on naïve staff. How outsourcing your medical and billing tasks can help you? Well, how is the idea if you stop losing revenues because of under-coding and over-coding? We all like this idea, right? It is very rare for in-house staff to submit the claims on time and follow up with the insurance providers. Know how medical billing and coding companies do it:
- The fact that they have a number of clients, therefore, it is feasible for the outsourcing partners to hire top class staff and buy expensive up to date infrastructure. For a successful running business you can’t escape the need of certified coders and experienced billers.
- Experience means least chances of getting it wrong and accurate coding means more revenues and more revenues mean future growth. The whole thing is very simple. Isn’t it?
- Good billing partners have their own training programs, thus, you don’t have to worry about the new updates.
Benefits of Healthcare Revenue Cycle Management Outsourcing
- The main advantage of outsourcing is that since you can remove overheads and worries of billing from your practice, you eventually get more focused on patient care. Your patients get happier by you and spread a good word of mouth. Who doesn’t want free marketing?
- Yes, how can we forget? You get error- free and comprehensive coding and billing.
- On-time monthly reports.
- You save money! Researchers tell that normally a company saves 30-40 % on medical billing costs.
- No hassles of hiring and buying equipments.
- More than 60 % enhancement in coding turnaround and drop in backlogs.
These all benefits apply when you choose a reputable company. Do not get tricked by fraud companies overseas, as there are many.