Currently in the healthcare industry, there is a lot of uncertainty and concern about payment systems, insurance policies, and reimbursements. Healthcare providers, physicians, and doctors spend countless hours to understand and monitor the complex changes and adapt them into their daily workforce which may seem difficult.
Due to such changes and pressures to adapt to new policies, healthcare providers become overwhelmed with the choices of which payment system to choose; whether to keep their medical billing in-house or to outsource their medical billing services. The main questions that they ask themselves is which choice will give them a greater return, save the most money, and will it be worthwhile in the long-run. However, considering the constant changes, government regulations, IT equipment costs, staff salaries, and numerous other overhead costs medical practices are looking more and more at outsourcing their medical billing as an option. With this in mind, the primary focus then shifts to patient care, which is where a medical practices focus should always be
Administrative functions such as medical billing and coding, patient scheduling and filing claims; many healthcare professionals are looking into outsourced medical billing to, reduce their time spent on administrative issues. Healthcare professionals are constantly trying to improve their medical billing, coding and collection practices, which ultimately cause them to spend less time on their patients. Due to the unique features and benefits of outsourced billing, doctors are looking at outsource medical billing as a ‘fits all’ medical billing solution. Outsourced medical billing may also result in the optimal performance for your revenue cycle management.
Outsourcing medical billing may seem like an obvious choice, but there is always the question of how much does outsourced medical billing cost in comparison with in-house billing? Or what percentage will I be charged and how much of my revenue will I lose if I go with an outsource medical billing company? These are all very important questions a healthcare provider should ask. It may also depend upon the number of annual claims submitted, the number of practice specialties, reporting and filing requirements, and expertise and the capacity to carry out the whole revenue cycle management process. A small practice may require staff to carry out multiple roles and cover many services and responsibilities of medical billing, but for an overextended practice; they may need a designated department to properly manage and execute medical coding and medical billing functions, as the slightest billing mistake can affect the entire revenue cycle of the practice.
The dangers of over extending staff can also cause medical billing errors as there can be a lack of follow-ups on claim, which could result in delayed payments and revenue loss. Certain small practices have less than 500 claims in a year, which may not be enough to cover administrative billing costs.
Outsourced Medical Billing companies have dedicated and experienced medical billing teams, who are experts and can handle your medical billing as well as take care of your revenue cycle management process. More than that, they are medical billing and coding specialists, who have and maintain active coding certification from the standard healthcare coding associations such as, AAPC (American Association of Professional Coders), AHIMA (American Health Information Management Association), RCC (Radiology Coding Certification), etc.
They also have all the necessary training and expertise to process and resolve medical claims accurately within the appropriate timelines, decrease collections and reduce claim denials. They also provide financial audits, generate performance reports, stay up to date with the latest and upcoming regulations and policies and provide analysis of your entire revenue cycle management.
At GreenSense Billing, we provide medical billing services through highly trained and experienced medical billing professionals who recognize that every practice is unique and should be handled with care and focus to efficiently handle your medical billing.