Doctors – are you experiencing problems with your medical billing system due to the financial pressures and challenges of healthcare reform? Do you find you’re sacrificing valuable patient time to mounds of paperwork that seems endless? Is your Electronic Health Record (EHR) not optimizing your productivity in the office? If you answered “yes” to any of these questions, it’s time to open your eyes to the benefits of outsourcing your medical billing and how it will serve all of your billing needs and provide an ultimate solution across the board.
Most offices are able to ascertain there’s a problem, but oftentimes there are limited resources available to remediate the problem.
It is becoming very common for physicians to outsource and consult a third party concerning medical billing for their practice—and it’s no secret why.
Outsourcing allows for greater control over your revenue cycle management (RCM) as well as a quicker turnaround time for claims reimbursement. And when Medicare and other health payer rates are on a constant decline, optimizing your reimbursement will allow your practice to maintain its grounding and even flourish in these difficult times. On top of that, it will also allow your staff to not become overwhelmed and conduct what they’re at the office to do: take care of patients.
Here are some problems with in-house medical billing, and the solution that comes with outsourcing:
Problem: My budget has gotten tighter.
Outsourcing Solution: Cut down costs. Outsourcing is a lot cheaper than hiring and training staff, which is a huge expenditure in every practice. When you’ve got to tighten the revenue belt, that means seeking more cost-effective solutions. Paying employees a salary on top of their benefits can drain a practice’s resources; outsourcing also minimizes the chance of interpersonal issues developing in the office.
Problem: I only need help partially running my medical billing.
Outsourcing Solution: Customized packages. The number of qualified medical transcriptionists is becoming increasingly scarce; outsourcing your medical billing allows for services on an as-needed basis, so you stay in control. There are many scalability packages available to fit the needs of your office without breaking the bank.
Problem: My claims keep getting denied and are in Accounts receivable (A/R) way too long (over 120 days).
Outsourcing Solution: Outsourcing companies work around-the-clock to ensure your A/R list and reimbursement time is shortened. At PracticeForces, we are all well-versed in multiple EHRs as well as expert billers in order to optimize your RCM and increase your net revenue by 20% within the first 90 days.
Problem: I’m launching my medical practice, and don’t know where to start with my medical billing.
Outsourcing Solution: Full integration with EHR, credentialing and Medicare enrollment. Depending on your needs, outsourcing can establish all of the above as well as software for your practice and managed care contracts without interrupting your new office. This can allow for a seamless transition and immediate start to setting your practice up for long-term success. This also includes piece of mind with knowing your documents and records are all HIPAA compliant and secure.
Problem: Paperwork keeps getting lost.
Outsourcing Solution: Outsourcing has a web-based secure portal that allows you, the physician, to access records and reports instantly through any computer with internet. This substantially limits the amount of costly IT services a practice requires and saves the physician and staff time when looking up a patient.
No matter what your situation, whether you are a physician seeking to start your own practice or have already been in business for over 20 years, outsourcing can provide noticeable improvements and cost-effective solutions to your medical billing. This will allow your staff and yourself to capitalize on patient care and focus on other integral elements of the office. We hope these tips will give insight to outsourcing and how it can help optimize the RCM in your medical practice.