Medical Billing Outsourcing
Medical Billing Outsourcing
More and more healthcare offices rely on medical billing outsourcing to oversee their patient billing operations. Keep reading to find out why outsourcing the billing part of your office might be the answer to a happier office team and improved patient relationships.
Outsourcing Medical Billing Grows
It used to be that most medical offices handled all of their invoices in-house. Everyone from a solo-practitioner to large scale hospitals relied on their staff to usher patient bills throughout the payment process. In-house billing is much less common today as a growing number of all types of medical practices are outsourcing their medical billing part of their businesses.
The primary reasons that healthcare providers no longer opt to do in-house billing stem from the increased challenges from such things as multiple payers and detailed coding requirements. The ICD-10 coding required for Medicare and Medicaid claims now has more than sixty-eight thousand unique codes. As you can imagine, assigning the correct codes for insurance claims is now a daunting challenge, and many practices decide to outsource their billing as a result.
Read here for an excellent discussion on how the ICD-10 impacts the healthcare industry.
Two Types of Outsourcing
Once you decide to explore outsourcing your office bills, you’ll face the fact that there is more than one type of outside medical billing assistance. Your two significant choices generally fall into the categories of freelance practitioners and various sizes of medical billing companies. Let’s examine how these two types of outside billing help operate.
Small medical practices sometimes consider hiring a freelance medical coder/biller to assist the office team with their billing. We know that hiring a freelancer appears to make sense, but there are a few downsides to going the freelance billing route. The disadvantages include:
- A freelancer might not be current on coding and billing rules and regulations. The result could be delayed and denied insurance payments.
- Billing continuity will fail if the freelancer stops working with the medical practice.
- There is a strong chance that the freelancer does not offer additional financial services.
Medical Billing Companies
Hiring a medical billing company helps you to avoid the pitfalls that come with freelance help. In general, a professional medical billing company knows the ins and outs of all types of medical coding and billing. Medical billing firms are also familiar with how to move an insurance claim through to payment in as little time as possible.
Examples of the insurance billing services that cause so many healthcare businesses to turn to a medical billing company include:
- Skilled coders with knowledge of current coding rules
- Insurance preauthorization
- Successful claims filing
- Insurance appeals
While it’s undoubtedly correct that much of your billing concerns insurance claims, your office also must collect money directly from patients. Here are several examples of the ways that a medical billing company makes it easier for you to collect patient payments:
- Translate electronic patient electronic health records into billing statements
- Payment monitoring
- Timely overdue payment reminders
- Oversee collections process on delinquent accounts
Along with collecting insurance and direct patient payments, medical billing companies will also provide regular financial reports that will keep you current regarding your practice’s medical billing.
Are you ready to consider contracting with a medical billing company? If so, you’ll find that you have plenty of choices. Follow along as we tell you why CPa Medical Billing should be your first choice.
Medical Billing Outsourcing & CPa Medical Billing
CPa Medical Billing is a small firm that has become the outsourcing company of choice for medical offices of all sizes. We believe that the primary reason that our clients stay loyal to us is because we are more than merely a medical billing company. Instead, we take pride in being a one-stop place for assistance with all of your money related needs.
Of course, successful medical billing is the core of our business. Our team of accomplished medical billing experts seamlessly guides insurance claims and direct patient bills through to completion every day. We work extra hard to get your billing statements paid as we know that when you receive prompt payment, you are in a stronger position to manage your medical office.
However, our services don’t end when you receive payment. No, we offer a complete line of services designed to help your medical practice thrive in the competitive healthcare industry.
Healthcare is one of the most rigorously regulated industries in the United States. Many of the regulations determine how medical providers must code and bill for their services. Along with preparing the bills and claims correctly, the provider must maintain a high level of patient privacy.
CPa Medical Billing keeps you in compliance. We’ll help train your office on issues related to the law so that you can be sure that your office team works within the regulation at the earliest stage of the billing process. We guarantee that everything that we do for you complies with all HIPAA regulations.
Read here for more information on our compliance program.
Does the credentialing process make you queasy? You’re not alone. Many of our clients shy away from taking on new insurance providers due to the credentialing requirements involved. Fortunately, you don’t have to handle credentialing yourself when you contract with us at CPa Medical Billing.
We know that undertaking credentialing with public and private insurance providers and hospitals is troublesome. Our streamlined process makes credentialing a stress-free experience. Read about our credentialing program here.
Forget about struggling with the numbers side of your practice. Through our partnership with The Professional Associates, CPa Medical Billing offers a wide array of financial services to help you manage your practice. Examples of our business services include:
- Tax planning and preparation
The above are just a few of the business-related services that we offer our clients. Contact us to talk about how we can help you with all of your business-related needs.
There are many reasons that so many healthcare organizations choose medical billing outsourcing to handle their billing needs. CPa Medical Billing wants to become your choice for outsourcing, and we promise to provide you with outstanding billing and financial services. Contact us today for a straightforward discussion of how our services can help to make your medical practice flourish.