The advent in technologies has brought about many complications for practices such as declining insurance reimbursements, increasing operational and administrative costs. Increasingly detailed and ambiguous systems of payments and compliance related needs have made it tough to handle business practices without having an effect on care quality.
The results of such complications lead to losses in revenues, cash flow reductions, higher costs of operations, unnecessary and unproductive time spent on administrative and clerical issues etc.
For practices and care providers, the main issue to tackle is to ensure that all providers completely document their activities and professional services according to the coding standards because for medical billing, coding defines the effectiveness of billing operations.
The first thing to do is to assess your practice by asking questions about the process of billing and future plans. Providers should ask themselves if the account receivables take too long, if the number of claims denied is too high, if some of the charges are not being sent to the right payers and if providers feel that they are not getting time to concentrate on their patients.
After asking yourself such questions, you have two options – to with an outsourced medical billing service or to go with an in-house medical billing service.
If you are generally unhappy about your billing practices and feel that you are incurring losses, then the best way to change the situation and turn those losses into profits would be to go for an outsourced medical billing service.
Outsourced medical billing services are usually ideal for smaller and new practices because they want low costs in billing operations as well as in administrative workflows. With outsourced billing companies, practices need to be ready to work with external personnel such as medical billing representatives from the outsourced company. Therefore, with a team of well-trained medical billing workforce, outsourced billing would help your practice in streamlining your financial workflows and have providers concentrate more on their clinical workflows.