Short Term and Long Term Benefits of Outsourcing Your Medical Billing

Posted by KUNAL JAIN on Nov 14 2014

Do you know how outsourcing billing can help your practice financially?Outsourcing medical billing and patient payment services isn’t a transition to be taken lightly by any professional practice; it’s a big, progressive step that takes much consideration before “pulling the trigger” and becoming a reality. However, as medical billing service providers with reputable track records in outsourcing will tell you, the benefits are real, and ripe for the taking for any practice that is prepared for the change.

Outsourcing your medical billing can bring both immediate and long-term growth to your practice, and result in an impressive cornucopia of practice benefits, including:

  • Revenue growth and savings across the IT/billing board
  • Higher practice quality and improved patient service
  • Lucrative bonuses for startup medical practices, no matter their specialties served
  • Significant reduction (if not total avoidance) of common reporting and billing errors

Outsourcing your medical billing is so much more than handing off tasks to a third party; it’s a highly effective, reliable way to generate new savings for your practice and improve patient relations every day.

If you’re not sure about making the transition to medical billing outsourcing, or feel that managing billing processes are much better handled internally, we urge you to read on. Some of these short-term benefits of outsourcing and long-term benefits of outsourcing may just surprise you.

Committed Billing Services Eliminate Common Errors

Pay special attention to the word “committed,” as a commitment to billing is one of the greatest strengths medical billing outsourcing companies have over internal billing operations.

Medical billing companies, such as PracticeForces, are fully committed to simplifying and improving the patient payments, billing and revenue reporting of private practices. Whether your practice a large organization or a growing start-up, handling medical billing internally will often leave much to be desired in terms of quality.

By giving committed billing companies the resources and approval to handle your patient billing, you can avoid many of the common, unnecessary errors that occur by performing these tasks in-house.

Think of medical billing outsourcing companies as medical billing experts; they’re fully devoted to improving your billing, and helping you provide better quality care for your patients. Why miss out on that offering?

Building Practice Revenue and Increasing Savings

Now, let’s take a look at the tangible, long-term financial gains that outsourcing can bring. Outsourcing your practice’s revenue cycle management to experienced and committed third parties can help you see thousands of dollars in savings and revenue in just one year. This spells huge financial gains for your practice in the long-term. The flat rate charged by medical billing companies like PracticeForces will always end up less than what it would take to pay off in-house billing and payment staff.

Much of the savings that outsourcing provides come in the form of billing optimization; you’ll never again have to handle denials, Claim resubmissions, Coding, Insurance Calling or Face coding audits, internal billing tasks, or interrupt patient care to run payments. Outsourced medical billing services take the EHR load off of your staff’s shoulders, which translates into a more streamlined operation and the savings that come with it.

Less Time With Billing Means More Time With Patients

As you probably expect, less time spent on tedious billing tasks means more time with patient. If poor care quality and patient flow are a major concern in your practice, outsourcing can ultimately resolve these issues by removing day-to-day billing tasks from your staff’s to-do lists.

Of course, higher quality medical care means greater customer satisfaction with your services, which fosters long-term growth for your practice. When your practice staff aren’t tied up with the mundane billing tasks that in-house billing requires, they can instead serve your patients much more productively, and improve care quality across the board.

Outsourcing is Ideal for Start-up Practices

Medical billing outsourcing is an ideal step for practice start-ups to take right from the start; if you’re just getting your private office onto it’s feet, you don’t want to hold yourself or your staff back with menial billing work.

At this stage, it’s much more important to focus on spreading the word about your practice, and achieving the greatest quality possible care for your patients, than it is to manage revenue cycle management internally.

If you’d like to learn more about what benefits outsourcing medical billing can bring to your practice in both the short-term and long-term, don’t hesitate to contact us today!

 

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Topics: Medical Billing, medical billing outsourcing, launching a practice, outsource medical billing

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