When you are a healthcare provider, your medical billing is an extremely important part of your practice. Ensuring all regulations and procedures are closely followed is of the utmost importance to guarantee you are receiving proper and timely payment for your services. In a previous blog, we examined the benefits of outsourcing your medical billing, but there are still common misconceptions about outsourcing your billing that we want to examine today. Some of the most common myths are listed below.
MYTH: Outsourcing medical billing is more expensive than handling billing in-house.
Many healthcare providers think that outsourcing medical billing is an unnecessary expense and that they will save money by hiring an in-house billing team. What these physicians forget to take into consideration is all of the money they will put into compensating and hiring new employees including salary, 401(k)s, benefits, training expenditures, sick days and paid vacations. If you are looking to hire a team of in-house medical billers, you are going to end up spending a lot more money than you would if you outsourced your billing instead. If you fail to invest in necessary billing software as a way to save money, you are putting a huge burden on your billing staff by requiring them to do double the work—this illogical solution is incredibly time consuming and unproductive, and your employees will have to work longer hours to complete billing work that could be completed in a fraction of the time by professional billing specialists. Additionally, most medical billing services work on a pay-for-performance basis, meaning they only get paid if you get paid. You will have to pay an in-house staff monthly, regardless of whether you actually receive your payments in a timely manner.
MYTH: You will lose control over your billing work when it’s not done in-house.
This misconception really couldn’t be further from the truth. In fact, you will have more control over your medical billing when you outsource your medical billing. When you partner with EDGE Medical Billing, you will have access to our team of trained professionals to answer any questions you may have. You also have the ability to run real-time, current reports 24 hours a day, so accessing your account information could not be easier. The feeling of losing control of your medical billing only stems from the fact that your billing team will no longer be physically present in your office—we will always be just a phone call away, though! You actually gain more control of your billing work when you outsource because you have our entire team of professionals and all of our cutting-edge technology at your disposal!
MYTH: Your current in-office staff can handle medical billing services.
The world of medical billing is ever-changing—policies, regulations and laws are always being modified and updated, and it is essential that billing professionals stay up-to-date on these changes. On top of that, medical billers must be excellent at math, pay close attention to detail and be extremely organized. The current office staff has been hired to perform other essential duties, and adding medical billing to their job description would be doing everyone a huge disservice. The result is an employee who is spread too thin and unable to perform all tasks at their best ability—when it comes to billing, this is the absolute last thing you want to happen. When an untrained staff member falls behind on billing paperwork or fails to follow up after a claim denial, you will either receive payment in a very untimely manner or payments may be completely loss because time-sensitive paperwork was never filed—see how this puts you and your practice at a huge risk of losing revenue? When you outsource your medical billing work, you will receive every dollar you earn without delay. The team of professionals at EDGE Medical Billing are highly trained in every facet of billing services; we always follow up with patients and never forget to file time-sensitive paperwork. You will be protecting your money and your practice when you partner with us.
MYTH: You will lose patients because you outsource your billing.
This myth doesn’t make much sense because like every other consumer, medical patients are looking for the best services for the best price. If your practice is the provider of the “best services,” your patients really aren’t going to be concerned with whether or not you outsource your billing services. If anything, you will see an increase in the the number of patients you serve because you will be able to spend more time with them rather than spending time sorting through bills and other paperwork. Outsourcing your medical billing will allow you more time to work with your patients while the professionals at EDGE Medical Billing take care of the complex and monotonous billing solutions.
MYTH: There will be a delay in the amount of time it takes for you to receive payment.
Outsourcing your medical billing is actually one way to guarantee you will receive your payments in timely manner. Our professional medical billers work quickly and efficiently to get you your money with ease. We pay close attention to detail and never miss a deadline when it comes to filing time-sensitive paperwork. We also make sure to follow up with patients in the case of late or partial payment. Many times, in-house billers will fail to follow up on late payments, which means loss of revenue, for you. (This is another reason why you should not overwhelm your current office staff with additional duties–it makes it too easy for a busy, hard-working employee to lose paperwork in the shuffle or forget about accounts that need to be followed up on.)
MYTH: I become one fish in a sea of clients when I outsource my billing–it’s impersonal.
At EDGE Medical Billing, we believe in partnering with clients. We have our clients’ best interests in mind and want to create professional and trusting relationship with each practice. This is why we provide our clients with personalized account specialists who will be up-to-date on your account details at all times. This means you won’t ever have to worry about communicating with an EDGE trained professional who is unfamiliar with your account. But if you do want to chat with another specialist at EDGE, you have access to the entire time! Our personalized and family-oriented approach to billing services is what sets us above the competition.
When you partner with the professional medical billing team at EDGE, we guarantee services that are totally transparent and completely professional. You will be able to receive payment quickly, without delay, and you won’t miss out on a single hard-earned dollar. If you own a practice in Texas and are interested in learning more about partnering with EDGE Medical Billing, get in contact with us today to schedule a demo! We look forward to working with you and having the opportunity to show you all of the ways this partnership will be beneficial for you and your business!