We know that medical billing outsourcing is highly beneficial to practices and individual practitioners in order to support the revenue management cycle of these practices and practitioners. But there are certain myths that commonly impact medical practices which we will have a look at in this blog. Before we get into the topic, let us know why outsourcing is the best option for your medical billing process.
Why opt for outsourcing for your medical billing process?
Practices should understand that dealing with medical billing outsourcing is equal to handling patients. It seems to be a pretty easy task, but in reality, it is not. In medical billing, managing insurance claims is the primary and foremost source of revenue for your practice, which can be easily accomplished only through outsourcing it to an experienced medical billing company. All your practice’s responsibilities when carried over by a third-party company, leaving you with sufficient time to focus more on patient care, is quite beneficial rather than looking at just the cost aspect of outsourced medical billing services.
5 Common Myths that Impact Medical Billing
#1: Patients play only a minimal part of the payer mix
Delivering high-quality and accurate patient care is more important than focussing on improving your operational revenue at first. Patients are now the third-largest payers who have high responsibility for their healthcare costs, which increases the emphasis of practices and hospitals to turn their complete focus on patients and their care. In all the above, insurance verification plays a major role where coverage estimation should be given to patients accurately.
#2: Some believe that medical billing and coding are more of a data entry kind
Medical billing is not just data entry; it is more than that where a medical coder requires a clear understanding of medical codes connected to the diagnosis and treatment and finally, the medical records. Later which they must determine what information is relevant and translate that information into codes, leading to the appropriate submission of codes.
#3: If you outsource, you may lose control over the revenue of your practice
There is no such losing control on your practice’s revenue on outsourcing your medical billing In fact, you get detailed reports from your medical billing partner to understand where your practice stands in terms of performance and revenue generation, with which you can plan your own strategies to fill the gap, with the help of your outsourcing partner. Medical billing is not about just managing your revenue generation and reconciliation but also ensuring transparency across what’s happening with your billing system.
#4: It’s very costly to outsource
Nothing comes for free of cost in this world. In such cases, medical billing outsourcing also cannot. But when you compare it with the cost you invest in your practice’s staff and operations, training, customized EHR software, your medical billing outsourcing will cost you only 1/3rd amount of your total investment, which is pretty good. It is also important that you notice the revenue of your practice increasing double the amount you invested in outsourcing, with the efforts your outsourcing partner puts in.
#5: Outsourcing only helps in cutting operational costs
It is true that outsourcing definitely cuts down your operational costs but it does not stop with that. Along with the cost-benefit, medical billing outsourcing help you stay in touch with the latest updates of codes and other security information but also monitors and improves the other management departments with its value and efficiency delivered at a great level.
These myths can highly impact your medical billing process, but whatever the reasons are, outsourcing is always an ideal option to medical practices and practitioners, easing out all hectic tasks right from patient scheduling, insurance eligibility verification, credentialing, claims submission, and follow-ups, till those claims are reimbursed, it becomes the responsibility of your to accomplish. If you have any doubts to clarify before outsourcing your medical billing system, talk to the experts of 24/7 Medical Billing Services and take a wise decision. Our certified billers are available at +1-888-502-0537.