Although implementing an electronic health record (EHR) can significantly streamline communication and internal workflow within your practice, technology alone won’t be enough. Healthcare is going digital at a breakneck speed, and so many regulations continue to be rolled out. While most physicians prefer outsourcing technology, there are some things to consider when it comes to outsourcing the medical billing process. Before considering outsourcing, here are a few things you should know.
Benefits of Outsourcing the Medical Billing Process
Despite having a few limitations, outsourcing your medical billing process is a great move that can help you allocate your human and financial resources more efficiently. Here are four ways outsourcing can improve your practice.
1. Minimize administrative duties
By working with a reputable medical billing company, you’ll spend less time and money keeping your staff updated on medical coding changes, subsets, and modifiers. Also, your staff will spend less time preparing claims or keying in information for submission. This creates time for your physicians to focus on patients instead of trying to get pre-authorization from insurance companies.
2. Automate insurance verification
Most medical billing companies automate insurance verification. This enables you to save money you would otherwise spend on personnel in charge of insurance verification. In addition, you’ll have access to patient information such as their deductibles and eligibility for particular diseases or injuries.
3. Boost cash flow
Partnering with a trusted medical billing company can boost your revenue potential because you get paid fast, spend less when it comes to on-going training and spend less on staff. Ultimately, this reduces your operating costs while increasing revenue collected in your practice.
4. Enhance patient satisfaction
Outsourcing your medical billing process means you can spend more time with your patients, leading to you providing better quality care.
The healthcare environment continues to change rapidly, and finding ways to reduce costs and boost revenue cycle management is critical. Outsourcing your medical billing process can offer the best of both worlds. For more information, contact us today at Advanced Reimbursement Solutions in Phoenix or Wilmington and learn more about outsourcing medical billing.