When you are a healthcare professional who has been taking care of your medical billing in-house, outsourcing your billing may seem like a scary change. Many medical practices feel like they may lose control over their billing work or that they will have to pay lots of money to outsource. In a previous article, we debunked common myths about outsourcing medical billing. In this article, however, we will explain how outsourcing healthcare billing will actually boost your practice’s bottom line. And while your primary focus is on your patients, maintaining a profitable practice is extremely important when building a successful and reputable business.
If you are on the fence about making a move towards outsourcing your medical billing, take a peek at our article about the benefits of outsourcing billing services and continue reading below to learn how teaming with EDGE Billing & Consulting will boost your business’ bottom line.
1. Reduce Claim Errors
When you decide to outsource your medical billing needs, you will significantly decrease loss of revenue that is associated with claim denials. At EDGE Medical Billing, our team of professionals stay up-to-date on changes in medical billing policies and regulations—this means we will always include the proper and most current coding on claims so you never have to worry about missing out on receiving payment for your hard work. When you choose to partner with us, we make it our priority to stay ahead of the ever-changing industry.
When you use an in-house staff to take care of your practice’s medical billing needs, it is likely the employees on the billing team are being cross-trained and attempting to handle the duties of multiple different positions. For example, many receptionists at doctor’s offices are expected to take care of the business’ billing services. This leads to employees who are spread too thin and end up cutting corners to complete all of their daily tasks. If your billing staff does not have time to stay current on changes in healthcare billing, you run the risk of losing revenue because of billing errors. Everyone who works at your practice is an expert in their field–we are too! So allow your team to do what they do best while we do what we do best. It’s a win-win!
2. Shorten The Time It Takes To Receive Payment
When your in-house staff is cross trained in a primary position and also in your medical billing, they often times take care of more immediate tasks like working with patients and scheduling appointments. Claims may sit on their desks for days or weeks before they are processed. If any of those claims are denied, it could take months before the denials are resolved. This results in extremely delayed payment for you. When you outsource your billing, our trained professionals focus exclusively on your billing needs–their one and only job is to quickly and efficiently process your claims to get you your money in a timely manner. As we previously mentioned, your focus is on your patients, but maintaining a profitable business is paramount.
3. Decrease Staffing Costs
If you choose to handle your medical billing in-house and need to bring aboard a new employee to perform those duties, you are going to have to spend money on hiring and training a new staff member. Other expenses include the new employee’s paid time off, benefits, sick days, etc. Outsourcing billing means hiring on an entire team of professionals with resources and current informations at a fraction of the cost. Additionally, if a claim is denied, you are going to be paying your in-house billing staff to spend extra time look through paperwork in search of errors or discrepancies. At EDGE Medical, we work on a “pay-for-performance” basis, meaning we don’t get paid if you don’t get paid. You will have to pay your in-house billing team monthly, regardless of whether you receive your payments in a timely manner.
4. Boost Patient Satisfaction
While we are working hard, focusing on your billing, you will be able to spend more time focusing on your patients. There are two ways that outsourcing your medical billing will increase patient satisfaction. First, when you trust the professionals at EDGE Medical to take care of your billing, you will free up in-house staff, giving them the opportunity to spend more time interacting with patients. Your patients will be greeted and seen in a timely manner, always, because your team won’t have to focus on doing multiple jobs at once–this will not only boost patient satisfaction, it is also a way to ensure your receptionist won’t be caught up on the phone with a patient who has billing questions while another patient is waiting to check-in for their appointment. The phone lines will be free for people trying to schedule appointments. When you partner with EDGE Billing & Consulting, you are able to run reports 24 hours a day. Account details will always be current and in “real-time,” so you never have to worry about lags in data reporting. This is to say, if you do end up having an impatient patient pressing you for information about their billing, you will be able to access their report at anytime.
Second, patients appreciate when their claims are handled quickly and correctly, the first time. No one wants to wait to hear back about their expenses, and no one wants to be caught in a situation where their bill is laden with errors and discrepancies. Outsourcing your medical billing is a guaranteed way to quick and accurate claims processing.
5. Better Understand Your Practice’s Financial Status
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 have the ability to run real-time, current reports 24 hours a day–accessing your account information could not be easier. With thorough reports and statuses available any time you need them, you will easily be able to asses the financial state of your practice. Maybe you have been hoping to expand and add another location–a report from EDGE Billing & Consulting will clearly lay out the number and amounts of pending claims. Unless you plan on installing the latest medical billing software in your office (another costly expense), an in-house billing staff is going to have a difficult time trying to obtain the same level of visibility in reporting.
To learn more about medical billing services in Texas, get in touch with the team at EDGE Billing & Consulting. We appreciate your interest and look forward to partnering with you soon.