Healthcare facilities across the country are choosing to utilize medical billing outsourcing, and here are 5 advantages to keep in mind for your practice.
Every medical billing team understands just how important it is to process claims quickly and efficiently for reimbursement by the insurance payors, and also collect outstanding balances by sending patient statements. Failure to process medical billing claims quickly and accurately will impose a detriment to revenue cycles as the accounts are plagued with unpaid claims and low collection rates.
CPa Medical Billing (CPaMB) has been providing health center (FQHC / CHC), private practice medical billing, and provider credentialing services to healthcare facilities since 2001. An outsourced model provides the flexibility of having medical billing experts but at a variable expense ratio tied to the actual amount of net collections.
In recent years medical billing outsourcing has grown tremendously in popularity for a whole variety of reasons. In-house medical billing teams are slowly but surely becoming a thing of the past, as facilities look for ways to increase their clinical space while also reducing their fixed overhead to align better with unpredictable patient visit volume and collections.
Below are 5 advantages associated with outsourcing your medical billing services to revenue cycle specialists:
1. Medical Billing Outsourcing Helps Healthcare Facilities Save A Considerable Amount Of Finances
Outsourcing any services will typically lead to financial savings due to companies not having to worry about providing fixed expenses such as monthly salaries, payroll taxes and benefits to full-time employees; and these savings are compounded further when you take into consideration the time savings and headaches often associated with managing a billing department (i.e. recruiting, training, staff-turnover, managing staff, schedules, PTO, etc.)
Healthcare leaders all across the country have been stretching themselves thin with in-house billing teams, as teams have been dismantled with layoffs/furloughs due to low patient visits. On top of this healthcare teams continuously wonder when their volume will increase and if the same billing team would even be available at that time, which is why the variable fee offered by outsourced specialists is so appealing. The variable fees paid to a medical billing service will always end up being much less than the costs associated with staffing an entire team to perform the exact same tasks.
2. Outsourcing Your Facility’s Medical Billing Leads To Improved Cash Flow And More Collections
There’s no denying how in-house medical billing can sometimes get put on the backburner while staff is tasked to putting out immediate fires, which are often needed in clinical settings. Busy schedules, short staffing and patient care demands are understandably often a higher priority than medical billing, so it’s understandable how in-house teams can have their medical billing fall behind and be less effective than partnering with a medical billing company.
The medical billing specialists at CPaMB are consistently striving towards maintaining billing and cash flow efficiency for every client. Working outside your clinical practice allows us to solely focus on medical billing. We also have a highly experienced team of medical billers and certified professional coders that have countless hours of experience not only working on one account but many accounts, which provides for increased experiences to shape each specialist into an expert status.
3. Medical Billing Companies Are Much Less Likely To Make Mistakes
Mistakes within medical billing and coding can lead to a whole array of issues that are always best to be avoided, and specialists will always be less likely to make mistakes. This is mainly because an outsourced team of medical billing specialists are pretty much experts at what they do as they are only performing medical billing; and by being located outside the office they can’t get pulled into solving other important tasks that appear in a clinical setting.
Medical billing companies like CPaMB also have many years of industry experience, and our expertise allows us to guarantee that your claims will always undergo a thorough and efficient submission process using best practice workflows which translate into the highest paid reimbursements.
Rejected or denied claims are going to occur in every setting. Using experts minimizes this while also increasing the success rate for collecting on rejected claims!
4. Healthcare Teams Can In Turn Focus On Developing Their Patient Satisfaction
This outsourcing advantage is especially important for healthcare facilities that require their staff to wear multiple hats, which many times includes mixing coding and billing services with patient care tasks (front desk, answering phones, medical assistant, etc.).
It’s never good when your billing staff needs to split their time between a variety of other important duties, because this will inevitably lead to detracting from performing medical billing at the highest and best outcomes.
When it comes to improving a healthcare facility’s overall productivity, outsourcing your medical billing may be just what the doctor ordered. The best benefit within these scenarios is that your team will have a lot more time to dedicate to your patients, which undoubtedly will result in an improved patient care and satisfaction!
5. Specialized Billing Teams Can Help Obtain Maximum Reimbursements
CPa medical billing operates different than most billing departments and medical billing companies. CPaMB does not have general billers. Our staff is composed of experts assigned to only one specific component within the revenue cycle, and this ensures that the work is performed in the most optimal manner.
Doing the math, the difference between a general biller and an expert is significant. For example, a general biller might perform payment posting one day of the week, which equates to approx. 400 hours per year. In a specialist setting, we have a payment poster that performs payment posting all day, every day so in one year this equates to 2,000 hours, which is 5x more experience than a general biller within a one-year timeframe.
Expand these equations to our typical staff person who has at least 3 years of specialized experience and this now equates to 15x more experience than a general biller.
Is Medical Billing Outsourcing Right For Your Practice Or Healthcare Facility? Learn More By Contacting CPa Medical Billing For A No Strings Attached Free Assessment
There are many factors that healthcare facilities need to evaluate when deciding if outsourced medical billing is right for them.
CPa Medical Billing has increased revenues for every single client while also eliminating all of the headaches associated with medical billing.
At CPaMB, an account manager will work directly with you and your team to guarantee efficient, accurate and optimized processing of billing and coding information. We always give 100% focused dedication to ensure our clients reap the rewards of working with us!
Please reach us online or call us at 844-631-9088 to get in touch with our team and learn more about how we can bring your facility’s revenue to new heights!