How Outsourced Physician Billing Services Boost Your Revenue

It is one of the great ironies in the healthcare industry that the very thing needed to acquire revenue is extremely expensive practice. Medical billers and coders are the unsung heroes of healthcare industry across the globe, spending their days relentlessly supporting your practice.

The only catch employing an in-house billing team is it has habit of cutting into the very revenue it generates. There is a myriad of expenses that come along with an in-house billing team including salaries and wages.

But that’s not all! The story gets real when even with their best intentions, this very team of yours can make costly billing mistakes!

However, you have an eminently reasonable solution at hand: outsourcing physician billing services.

Outsourcing has been long connected with IT support and contract centers, but now it has stepped into the arena of medical billing and coding and providing tailored services to the providers to streamline their practice operations.

How Outsourcing is Empowering Physician Billing Services

While countless sectors have been reaping the benefits of outsourced services for decades, it is a big step for healthcare practices.

With the increasing administrative complexities, managing billing and quality care simultaneously is difficult for physicians like you.

However, an outsourced team of medical billing experts can help you transform your practice in unimaginable ways.

Here are some of the advantages your practice can have with a medical revenue cycle management organization by your side.

1) It is cost-effective.

Money talks in any industry and healthcare is no exception. Expenses tend to creep up when you maintain an in-house billing department. Not only the salaries and wages, but also the expenses that need to be outlaid including onboarding and training, employee benefits, software, equipment and space. With much lower costs in outsourcing hotspots such as India, you can save up to 80% overhead costs in your practice.

2) Outsourced team reduce errors.

Outsourcing providers make use of applications as new tools and data analysis to improve billing and seek ways and means on how to make it better, faster and more efficient.

3) Enhanced staff morale

Changes such as taking a billing responsibility from front-office staff and clinicians are a good thing because it decreases burnout. This also enables them to do their work, enhance staff morale and productivity.

4) Stronger compliance

Dealing with challenging and constantly altering rules and codes is always a problem. Outsourcing with an experienced third-party provider also means that legal requirements are obeyed to help to manage risks and save time.

5) Satisfied patients

By handing over billing to professionals, you can extend more quality time with the patients and therefore increase their satisfaction and hence increase their level of trust, which would be especially important to small practices.

While these advantages are undeniable, outsourcing physician billing services is not all rainbows and flowers!

Of course there are some downsides, but with wit you can surpass them too!

Challenges of Outsourced Physician Billing Services

While many administrators will welcome the opportunity to pass the physician billing portfolio, there are still some practical/working managers and clinicians who may look at it as a real challenge to let go off their portfolio to an outside operator. Such issues do not normally linger as it is common for in-house teams to quickly see the dollar and hour-return-on-investment when billing becomes someone else’s ‘problem’.

On the other hand, there can be some organizations who include fine print charges in their contract by which your idea of outsourcing will be eroded.

But there are companies who will provide you with extremely structured and well-defined physician billing solutions while maintaining an upfront and transparent process.

Getting Started

Could outsourcing be the panacea for your physician billing woes? Great!

But don’t jump in the water without knowing it. Visit the sites of potential providers, look at their publications and see if they know your systems and software. That is why each seller and buyer is ready to make a way for the other, so that the outcome is worth it.

Here’s the key: communicate! Be very specific of your requirements for your outsourcing partner – these could be skills which you require, attributes like qualifications, or specific tasks and projects. The more decisions are made clear, the less it will become a problem and streamlined.

Oh, and here’s a bonus: Outsourcing is a trending practice globally, and India is not left behind; it has many qualified physician billing personnel. For one, they speak English, but these individuals are also associated with offering only the best support to healthcare practices.

Ready to get started? It’s time to do away with those nagging billing issues!