If yours is like most medical practices, it can seem that you spend a lot more time with paper than with patients. Various government agencies and programs as well as individual medical insurance companies all have separate billing and reporting requirements. This paperwork can take a big chunk out of the time you and your staff have available to their patients. One way to get around this huge time drain is to outsource your medical billing and reporting. However, making the most of your medical personnel's time is just one of many good reasons to outsource this critical but time-consuming part of your medical practice.
Benefits to outsourcing your medical billing
1. Saving time. The most obvious benefit of outsourcing your medical billing is giving the people who work in your practice more time to concentrate on their other tasks.
2. Saving money. A firm whose only job is dealing with medical records and billing can do the job less expensively, since they can concentrate all of their time and resources on that task, rather than switching back and forth from billing to other jobs. In addition, the cost of equipment, supplies and personnel needed to handle the billing function can be spread over several clients, rather than having to be absorbed by a single medical practice.
3. Expert training. People who handle medical billing all day, every day are likely to be better skilled at this function than employees who split their time between billing and other functions in the practice.
4. Better cash flow. With dedicated (outsourced) billing experts working on your medical billing, the paperwork necessary for your practice to get paid by government agencies and insurance companies will likely go out more quickly and more accurately, decreasing the interval between when you provide the service and when you receive payment.
5. Less stress, less overtime. Another prime benefit to outsourcing your medical billing is to reduce the stress caused by knowing that you have billing waiting to be done at the end of the day. It can help reduce your and your staff's overtime as well as help to improve employee morale.
While outsourcing your medical billing functions is not necessarily the right answer for every medical practice, hiring a firm to handle this function can help you spend more time with your patients, save you money, help increase your cash flow, and help increase billing efficiency. Contact a company like Bill Medical to learn more.