Handling medical billing in-house is always costly. But that depends on the size of your practice, the number of patients visiting you, the staff you have, the budget you work with, and so on. For small and mid-sized practices, handling the billing and coding functions in-house is one trouble they would pay to do away with. South Florida medical billing specialists cater to such medical practices that want to focus more on their service delivery and outsource billing function to a specialist.
But Why Outsource?
When you want to handle billing in-house, you have to manage the following expenses:
- Annual Salaries of Billing Experts
- Software and Hardware Purchase and Upgrade Costs
- Cost of Training In-house Experts to Latest Guidelines
- Cost of Claims Review Before Submission
- Cost of Resubmitting Claims after Denial
- Need for Backup Staff During Leaves
In comparison, none of the above will be your concerns when you outsource medical billing to a third-party professional company. They will collect all the details from you, including the invoice details, patient records, and assurance to get the claims processed at the earliest without fail. You can rest assured that you have joined hands with a wonderful billing company if they:
Assure Utmost Safety for Patient Data: Keeping Protected Health Information (PHI) secure is one of the utmost priorities of a professional billing company. If it is anything less than that, it should raise a red flag immediately for you. You can check with them how they do it, and what measures they have to ensure the safety of data and restrictions for those who can access it.
Let You Access Claims Data 24/7: Since it’s the data of your patients, you should always be in the know of how it’s getting processed and what the status at a given time is. There would be some software that you can use to access these details. However, even if there is no such platform, you shouldn’t worry about the details. You must check if they have a separate mechanism that is just as competent.
Offer Regular Training Updates: When new updates roll in, they are not just for the billing company. Some of those updates are meant for your practice too. Your billing company should mostly be in a position to train you on those updates, comprising eligibility best practices, coding, documentation, data collection methods, and so on.
Keep Improving Their Services: No company can ever sustain itself in the long run if it does not update its services and tools. These updates are mostly meant to make things easier and more flexible for your practice. If you can expect those things coming your way, you can be assured that your partner firm indeed knows what they are doing.
Deliver Regular Monthly Reports: There will always be lots of reports for you to review and process by the end of the day. You will need to go through these reports to assess how your practice is doing and how the bills are being processed. You will need the billing partner to handle and generate all billing reports for you. Your review and assessment of these reports will tell if you are doing great or what changes you need to bring in to improve your service delivery.
Want to know more about how medical billing is just what your practice lacks right now? Then call your nearest South Florida medical billing specialists for scheduling a meeting today.