Outsourcing your medical billing can seem scary. However, the more empowered you are, the easier it will be to make the right decision for your practice´s medical billing needs.
On our webinar “Five reasons to outsource your medical billing”, Health Prime´s Strategic Account Manager, Caroline Balestra, reviewed the main reasons to outsource your billing and some benefits for your medical practice.
Here are some reasons why you should outsource your medical billing:
- Get paid faster
- Reduce overhead expenses
- Increase patient focus
- Compliance & guideline adherence
- Financial transparency
1. Get paid faster
So, are your reimbursements and overall revenue decreasing and you are not quite sure why?
All too often billing staff doesn´t have the time or expertise to audit and analyze the entire claim lifecycle. If you outsource these services, your billing company will help you. They will provide you with specialists such as: certified coders, ex-practice administrators, nurses, business analysts, and more.
At Health Prime, we can help you identify those pain points and partner with you to improve upon them. Our team can put you on the right track and help you monitor success along the way. By having optimal billing performance, your practice will be more streamlined for staff and provider workflows. Billing tasks start the second the patient calls to schedule and walks through your doors.
In the last year, Health Prime has shown a 6% reduction in our customers’ No-Show Rate. Also, our customers reported an increase of 11.5% in year-over-year reimbursements.
2. Reduce overhead expenses
The costs associated with searching for valuable employees and then hiring, training, and providing these employees with the support they need to be successful can be very high.
Employee turnover in healthcare is incredibly high compared to other industries. Turnover in this industry is about 30% higher than others. Lack of employee loyalty and workplace stress lead to a 50% increase in voluntary employee turnover. These turnover costs actually represent an expenditure of about 5% of the average practice’s annual operating budget.
Cutting these expenses from your overhead is a huge savings. We offer a team of people with different areas of expertise in many specialties (rejections and denial management, denial avoidance, finance, and patient AR, and more). Outsourcing your medical billing services can decrease your stress and help your practice run smoothly.
3. Increase patient focus
Outsourcing your medical billing to specific office functions like billing or coding can give providers and practice administrators peace of mind regarding their claim’s lifecycle and coding or reporting. This allows providers or other staff to focus on patient care and take care of the patient.
Claims submission and follow-up work done by an experienced, outsourced billing company can take a huge weight off your shoulders. It will also allow you to concentrate on the clinical aspects of patient care and the overall patient experience.
Free your staff and assign them tasks related to quality care. Ultimately, create the patient-centered care environment you are striving to provide to each patient.
Happy patients who feel they are important to you, your staff, and your practice will help you build your business in the long term.
4. Compliance & guideline adherence
In medical billing, it is essential to understand coding rules, insurance carrier guidelines, different specialty rules, and billing regulations.
To receive reimbursement as a network provider, insurance payers need to follow the required medical insurance billing guidelines.
Health Prime provides consulting services to streamline office and billing processes to ensure you know what guidelines are to be followed so claims are reimbursed correctly and timely.
Our team will help you set up your account and prepare it for our billing teams. We also include completing clearinghouse enrollments for electronic claim submission, electronic remittance, and electronic fund transfer. At HP, we can assist with ensuring specific practice billing rules are documented and guidelines are adhered to.
We will continuously work to create a plan and report on progress for best practices in your office. This plan includes your prebilling functions, claims information, and overall efficiency to allow you and your staff the time and ability to provide quality patient care.
5. Financial transparency
Regardless of the system and/or billing team you choose, there are always different levels of reporting. Health Prime provides the most robust analytical application for practice analysis reporting in the industry. With this tool, reporting becomes simplified and effective in assisting with running your business.
Health Prime Datalytics can pull your financial data from your Practice Management system and deliver it in a more visual format. Our team reviews this data on your specific account to proactively identify areas for improvement and develop plans of action as needed.
If you want to know more about outsourcing your medical billing services, please reach out to us at [email protected]. Subscribe to our Health Prime blog to stay tuned to our upcoming webinars and all the latest updates to run your medical practice better so you can focus on what matters the most: your patients.
