When you manage or run a medical practice, you’ve a lot that occupies your mind, especially when it comes to the overall health and well-being of your patients. Note that the last thing you would like to deal with after a hectic day at work is medical billing.
There is no doubt that medical billing is crucial for medical providers. You may know that medical billing was usually kept in-house in the past. However, note that in recent years, many healthcare facilities in the US have wisely decided to outsource medical billing. But what are the pros and cons of outsourcing medical billing?
Let’s discuss the benefits and downsides of medical billing outsourcing so that you can make the right decision and revolutionize your medical practice.
Pros of Outsourcing Medical Billing
Save Time
When it comes to saving your valuable time, outsourced medical billing is definitely the winner. Note that a dedicated medical billing company invests a lot of time identifying useful and practical methods to improve collections on medical claims submitted on their clients’ behalf.
You will be happy to know that outsourced medical billing companies, like UControlBilling, take control of all aspects of the billing process. As they are experts in their field, they spend considerable time and resources perfecting processes.
As a result, outsourcing billing provides more time for you to practice instead of getting burdened with administrative matters. Outsourced providers are reliable as they hire the most experienced staff that is fast and efficient at what it does.
Consistency in Medical billing
A reliable medical billing company, such as UControlBilling, will not only regularly send medical claims to insurance companies, it will also follow up on all denied and unpaid medical claims.
In many cases, claims are denied due to a lack of information and inaccurate documentation. Note that once the issue is fixed, the billing company can resubmit the claim.
More Transparency
The best thing about medical billing service companies is that they are quite transparent and clear about your collection reports and medical claims. However, this might not necessarily be the case with your office staff.
Your employees may hide things from you in order to keep their errors and mistakes undercover.
Regular Billing
If you outsource medical billing, you will not need to worry about sending bills in a timely manner due to staff illness and heavy workload. This is because bills and medical claims are sent frequently and on time via a medical billing provider.
Benefit from the Latest Billing Software
Did you know that a reliable billing company will leverage advanced billing software in order to monitor and keep track of financial performances? You will be happy to know that efficient medical billing software helps streamline the whole revenue cycle process and helps prevent revenue leakage.
Prioritize Patients
One of the most significant benefits of outsourcing medical billing is that you will get the chance to focus more on the most crucial thing to your business: Your patients. Keep in mind that not having to regularly deal with the inconvenience and hassles of hiring in-house staff means that you’ve more time to focus on your patients.
Boost Cash Flow
The problem with keeping medical billing in-house is that you will not be able to process medical claims as quickly as you would like. This is where outsourcing billing processes can provide you with a stable and continuous cash flow of medical claims. As a result, you will get paid faster.
Cons of Outsourcing Medical Billing
The Risk of Hidden fee
You should always ask the billing provider about any extra fees before hiring them. Did you know that some companies often charge a start-up fee? Also, it is worth mentioning that as more medical billing is being performed electronically, many billing companies in the country also charge extra for any medical bills that they print and mail.
Your billing company may also charge you a printing rate and the cost of postage. You may also incur a cancellation fee.
Lack of Specialization
You may know that many medical billing providers aren’t specialists in meeting all the unique needs and requirements of urgent care and emergency facilities. This is why billing providers in the country not accustomed to these specialty healthcare areas will likely have more claims rejected.
This can cause serious delays in reimbursement along with related cash flow problems. However, when you work with a reliable billing company, such as UControlBilling, you will not face this issue.
Things to Consider before Outsourcing Medical Billing
Here are some important things that you should consider before outsourcing medical billing.
Industry Reputation
If you would like to outsource medical billing to a company specializing in these services, the first and most important thing you have to do is narrow the playing field. This means that you should only partner with a suitable billing company. You can start your research by asking your trusted colleagues or peers for referrals.
Note that other doctors and healthcare professionals will likely give you the unvarnished truth regarding medical billing companies they have worked with in the past.
They will not just wax poetic about their favorites billing companies, but they will also alert you to companies they have had issues with. However, you should do some research on your own. After narrowing down your options, you can start the process of consulting with multiple firms in order to compare pricing, services, and other factors.
Costs and Fee Structure
It is important to consider and compare the cost of services as well as the average time of receivables when choosing a billing company for your practice. You should negotiate for the percentage of the total revenue that they will collect on your behalf. Similarly, it is essential to insulate yourself from the risk of hidden charges.
You should keep in mind that many billing companies tend to charge additional hidden fee relating to data conversion, termination, and patient collections.
Reports You can Expect to Receive
It is best to know what reports the billing provider routinely sends and whether you’ll be able to run financial and operational reports and access your account ideally in real-time. Also, you will probably like to access medical claims and run various reports within your system.
You should ask the billing provider for a few sample reports. This will give you a great idea of what data they will provide and whether or not they will reveal information about your business and their performance.
In many cases, you will receive timely reporting on the following aspects of your billing:
- Credit balances
- Aged account receivables
- Denial reports
Final Thoughts
Although outsourcing your medical billing may require you to relinquish some control, the various benefits of outsourcing significantly outweigh its downsides. And as a healthcare provider, outsourcing medical billing means that you will get more time to focus on your patients, and you will spend less time dealing with irritating and complicated legal issues.
Overall, outsourcing your medical billing to a medical billing company like UControlBilling is the clear answer. However, as a practitioner, you should avoid any misleading assumptions and confusion when deciding to outsource billing services. You should consider a few essential traits, such as reputation, in a medical billing provider before building trust. This will help prevent any mishaps from taking place.