Thinking of Outsourcing your Billing?
What you should know when considering outsourced medical coding and billing services.
A growing number of providers are turning to an outsourced Revenue Cycle Management (RCM) partner to alleviate the administrative burden and overhead associated with the billing process. Practices that outsource their billing can see a 5-10% increase in net collections, not to mention the operational benefits that allow practices to focus on a better patient and provider experience. Often, the cost savings associated with reducing in-house billing costs combined with the increase in net collections will pay for the fee of a full service billing company. Even if the costs are close, the increase in net collections will usually more than equal the fee charged by the billing company, so you are effectively getting the service for free. Overall, it is a good idea to assess the strengths and weaknesses of your current processes and staff so you know where you stand in relation to industry best practices.
Increase Practice Revenue
If you find your practice leaving money on the table due to the lack of staff or time to follow up on claims and patient due balances, then outsourced medical coding and billing services is a good option for you. Schedule a consult today to see if outsourced billing is right for you.
What to Consider When Deciding to Outsource Your Billing
- What are the true costs of my current billing process?
- Does my current billing staff have the necessary expertise and bandwidth?
- What type of RCM partner does my practice need?
- What do I do with my current billing staff if I outsource my billing?
- What is the Return on Investment (ROI) of outsourcing my billing?
Questions to Ask When Considering a Billing Company
- What are the true costs of my current billing process?
- Does my current billing staff have the necessary expertise and bandwidth?
- What type of RCM partner does my practice need?
- What do I do with my current billing staff if I outsource my billing?
- What is the Return on Investment (ROI) of outsourcing my billing?
PROS
- Allows providers and staff to focus on patient care
- Reduces billing staff turnover and associated costs and challenges
- Ensures stable cast flow during vacations and sick time
- Keeps cash flow in line with revenue, lower revenue months result in lower billing overhead
- Takes advantage of experience and knowledge gained by billing company with other clients in your specialty and constant training
- Reduces risk of insurance payer audit
- Reduces opportunities for internal fraud and embezzlement
CONS
- Removes some level of oversight and control of the billing process, (however practices can choose the right billing company and service level depending on hteir desired participation level in RCM)
- May displace current staff if other raoles int he practice are not suitable for them
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Physicians and hospitals nationwide trust AccuMedChart for their medical billing and coding needs. Talk to an advisor and learn why.