5 Signs You Need to Call a Medical Billing Specialist
July 1, 2021There are still doctors who think outsourcing their medical billing process would deprive them of a healthy cash flow. However, most doctors swear by their outsourced billing services and wouldn’t consider bringing it in-house ever again. No matter where you fall on the spectrum, there might still be leaks in your revenue cycle. Here are five signs that you need to tap into the expertise of an experienced medical billing specialist.
1. Revenue Stream Slowing
You might not notice your revenue stream reducing when you’re focused on the day-to-day duties of patient care. First and foremost, assess how well your in-house billing department is operating, how much it costs, and if you’re paid on time. Then, start adding up what you spend on phone bills, internet, information systems, physical space, support staff salary, and billing supplies to get a handle on your billing expenses. When comparing the cost of a third-party medical billing specialist, this figure will come in handy.
2. Recruiting and staffing challenges
Because the process of filing claims and following up on them can be time-consuming, independent practices often find it difficult to maintain staff while being cost-effective. Any practice will suffer from high personnel turnover, leaving the billing department particularly vulnerable. The revenue cycle, on the other hand, will not run properly without up-to-date and constant staffing. If you’re having trouble finding and keeping the right billing employees, outsourcing might be the way to go.
3. Services rendered without payment and late payments
Payment problems can cause the revenue cycle to wind down quickly. Medical billing has evolved into a complex science, and most practices deal with multiple payers regularly, making it easier for unpaid bills to slip through the cracks. An outsourced billing system can help by taking care of the time-consuming and inconvenient task of following up on outstanding claims and notifying patients about their costs.
4. A high number of rejected claims
A rejected claim must be reviewed, altered, and sent again immediately by your billing or office staff. The procedure can take up a considerable amount of their time and decrease the insurer’s productivity, not to mention making a new claim submission a second time. As a result, your billing process is not as efficient as possible if you notice an increase in rejected claims. With the help of a medical billing specialist, you will get fewer rejections and better service.
5. The billing and coding process is not up-to-date.
You may be overlooking inefficiencies in your practice if your billing staff cannot keep up with changing rules and trends. Errors in medical billing are costly and all-too-common. A third-party medical billing specialist will retain a high level of competence while also providing you with efficiency reports, which will give you vital, real-time feedback.
Benefits of Outsourcing your Billing Process
Working with experienced medical billing specialists has many benefits. Here the top 3 benefits of outsourcing your medical billing process:
- Healthy Revenue Cycle
Medical billing companies are experts in the field. Entrusting your revenue cycle management to renowned specialists will be the best choice you can make for your practice.
- Committed and licensed professionals
You’ll need the assistance of a devoted and licensed staff, and you won’t necessarily need to go through the training and hiring process. The experts will advise you to keep track of all of your claims. Their primary focus will most likely be on maintaining and improving the status of one’s practice.
- Maintaining regulatory compliance
Medical billing companies are always up-to-date in changes in regulatory compliance and coding procedures.
- Save money
You can save a ton by outsourcing because you won’t have to spend as much money on overhead costs, hardware, and software. Management software can cost up to $200 per month per physician, and it isn’t inexpensive. Those concerns do not present once you have decided to outsource maintenance, and the cost of the equipment appears to be around $500.
- More time with patients
Who doesn’t want more time and energy to devote to their patients? When you outsource medical billing services, you free up time and resources to focus on your key strengths, such as healthcare. Once your medical billing professionals take care of your billing and insurance processing, you’ll have hours on your hands.
Tap Into Our Expertise
At 5 Star Billing Billing Services Inc, we offer the highest level of performance for high-quality medical billing and coding services.