You need to make sure that you are getting paid for the services you are providing to your patients. Many practice managers or physicians choose to outsource their medical billing operations to capable companies that are adept at handling RCM. According to Deloitte’s 2014 global incoming and outsourcing survey “beyond 2014, customers are looking to expand their flexibility to react to potential changes in the regulatory and technology environment”.
The entire process of medical billing starts from coding and processing claims and thereafter, ends with account receivables follow up of patients as well as dealing with many insurance companies at the same time. Medical Industry Outsourcing process was estimated to grow by about 22% between 2012 and 2022. It becomes even more crucial to choose reliable, determined and able company for outsourcing your medical billing needs.
Many physicians and practice managers finds it difficult to reach a firm decision on Outsourcing Billing. Are you one of them? Well, here are the answers for few recurring questions coming in your mind.
- What is Best for you? In-house or Outsourced Revenue Cycle Management
This is the most crucial question to address in billing management. Usually Medical practitioners opt for the first option i.e, In-house medical billing needs to have a certified coders to look after the operation. You will also require a practice management software for keeping a track of patient’s balances and also for sending bills to the payers.
The downside to having an inhouse medical billing team is that there are chances of losing a lot of money, in the form of investments done for the team, as well as operational costs. Also, it is vital to keep in pace with the modifying billing and revenue cycle for valuable results. The introduction of more complex ICD-10 coding is making it much more difficult for keeping up in the pace for having a flourishing practice.
If you want to go for a outsourcing revenue management it will increase your collection rate resulting in more money. The denial rate will reduce because of the trained staff allocated for managing your entire billing process. Medical billing service will keep and provide you with accounts receivable at any point of time.
This will help your staff to concentrate on their work with efficiency rather than performing the arduous tasks of billing and coding. You need to choose carefully the company for outsourcing your medical billing as it is significant decision with far-reaching implication on financial and legal sector.
2. Will our billing partner be Supportive?
A proactive medical billing service provider is a step towards boosting up the bottom line of the company. The financial practices are equivalent to the success of the company. Every company wants to engage with a communicative partner which keeps you informed about each and every turn.
It becomes important to ask the following questions before joining the hands as different company comes with different services.
- Will I be given information about the revenue cycle at any point of time?
- Will I be getting the copies of “electronic remittance advice” or “explanation of benefits” documents which are collected from payers?
- What can I expect in case any mistake is made?
3. How to choose a correct medical billing service
There are many questions in your mind when going for outsourcing your medical billing. Some crucial aspect to keep in mind before selecting a company are
- Cost of the service
The cost are variable depending upon the specific focus and size of the practice. Some companies offers a general estimate of their charge while for many other companies you need to contact a sales representative.
Make sure that the services are up to date with the transition to ICD-10 coding system. You need to check that the company have certified coders.
- Remote Hosting Software
This service maintains the system from their end and take cares of the updates. It will help in decreasing the workload from the staff.
- Engagement with Patients
Billing service should deal with unpaid accounts and keep the patients in a loop.
The need of every practice are different. It becomes important to keep in mind all the requirements and demands of your company. For gaining substantial benefit, provider must select a medical billing service who perform the service of claim generation, posting and processing of payments, invoicing of patients, carrier follow-up.
Healthcare BPO Market Forecast shows that health care provider services has the highest rate of growth of 31.9% in 2016 starting from 2011. You can go for a company providing you with these services but make sure that all these claims are received in a written form.