Medical billing outsourcing models offer numerous advantages to healthcare practices. These models help streamline the complexities of medical billing, bringing various benefits. One of the most significant advantages is that they enable healthcare professionals to prioritize patient care while experts handle the intricacies of billing and revenue cycle management.
In-house billing comes with the added costs of hiring, onboarding, and training staff – all of that is in addition to staff salaries and benefits. Furthermore, all of these costs reoccur whenever there is a turnover.
What matters most is that experienced medical billers ensure that all claims get properly submitted and timely, too. A third-party billing company’s main objective is to offer the best medical billing services to a healthcare practice, regardless of size, specialty, or operations. Third-party companies ensure that their billing team receives extensive training and know-how on how to submit claims correctly. Doing so reduces the number of claim denials or rejected claims due to billing errors.
Billing outsourcing models ensure that patient data is transmitted through the safest channels, as it contains private and identifiable data, including:
Such information is personal and highly valuable in the market. Hackers continuously experiment with new ways to get hold of this information, so digital security must update software defenses ahead of the game. Third-party billing companies use the latest software to protect patient information while it is being communicated to and fro. HIPAA-compliant billing companies like Physicians Revenue Group, Inc. take steps to ensure data security during exchanges between provider/billing entities.
Effective billing outsourcing models come with a system for swiftly filing claims. These claims can be reimbursed faster if filed as soon as possible. Outsourcing medical billing services increases practice revenue. Efficient EHRs coupled with expert billing services decrease billing errors, errors that lead to claim denials. Furthermore, EHRs keep the unpaid claims in the system until they are paid out.
Third-party billing companies usually work on a small percentage of your total collections/income, thus reducing any risks to your practice.
Healthcare facilities have the highest average cost per data breach compared to other industries. The average costs clock in at $9 million plus per incident. It only takes a small blunder on the part of your vendor to expose sensitive patient data, putting your medical practice at massive risk.
Keeping this in mind, data security and privacy must be on top of your mind while selecting a billing partner. It is essential to partner with a provider whose operations are up-to-date, encrypted, and meet industry standards, including HITECH and HIPAA.
Outsourcing your billing operations to a third-party provider means trusting they will act in your best interests. These include:
Eventually, you must feel comfortable knowing your vendor will act as a direct extension of your team. The last thing you want is a provider that remains unresponsive and is hard to work with.
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