The Benefits of Outsourcing Medical Billing

The benefits of outsourcing medical billing are manifold, and it offers wiggle room to physicians overwhelmed with the daily challenges of patient care. Despite what doctors learn about keeping the billing operations in-house in medical school, the times and demands for accurate medical billing services are changing. Healthcare billing is now as complicated as running a medical practice itself.

Benefits of Outsourcing Medical Billing Operations

Unless a healthcare practice is large enough to comfortably accommodate its in-house billing staff, it makes sense to consider outsourcing its operations to a third-party billing provider. The benefits of outsourcing medical billing include the following:

Targeted Focus on Patient Care

While medical billing is necessary for healthcare practices in the USA, as a practice, your primary focus should always be on patient care. When you outsource billing operations to a third-party provider, you can concentrate your time and resources on offering stellar levels of patient care. Doing so facilitates an increase in patient flow and satisfaction levels.

Reductions in Administrative Tasks

Having in-house billing operations can cost you both time and money. For most healthcare practices, their billing team also serves as their front desk staff. When your front desk team is busy preparing claims and keying in the data, this time is taken away from patients. Your front desk is the first interaction most patients have with your practice—any crossover between the front desk and billing operations limits your patient flow. Additionally, the benefits of outsourcing medical billing shall help solve all and any insurance conflicts, effectively reducing administrative costs.

Outsourced Medical Billing Services Improve Cash Flow

According to multiple reserved opinions, outsourcing billing operations to a billing provider company can help boost revenue by 30%. Additionally, you will also have more time to focus on your patients while getting faster reimbursements. Third-party billing companies create cleaner claims and offer up to 99% acceptance rates. Furthermore, outsourcing billing can save you money by reducing claims processing intervals sending daily A/R and billing follow-ups.

Reduction in Billing Errors

One of the most significant benefits of outsourcing medical billing is the reduction of billing errors. When claims are worked on time and accurately submitted, your practice will likely see a massive decrease in the number of rejected claims. Additionally, third-party billing companies also provide feedback to help you maximize your reimbursements.

Improving Patient Satisfaction

When you outsource your billing operations, you effectively reduce the burden on your office staff. Doing so shall boost productivity, employee morale, and efficiency. Your office will be more open and compassionate for dealing with patients who might walk through your doors, sometimes seeking more than medical treatment.

Ensuring the Security of Patient Data

Ensuring the security of patient data is another one of the benefits of outsourcing medical billing. The data on a medical/patient file is 10 to 20 times more valuable than the other digital data types. When you outsource your operations to a billing company, you gain experts who invest money and resources for safeguarding patient information. Plus, most third-party billing companies are HIPAA compliant, which means the chances of data breaches are minuscule.

Ensuring Compliance

Outsourcing billing operations helps you stay on top of compliance and regulations. Healthcare regulations and industry are evolving, and the right billing partner can help you get maximum reimbursements.

Final Word - Benefits of Outsourcing Medical Billing

For an effective RCM, a medical practice must use quality control procedures, organized billing operations, and a suitable billing outsourcing company. All of this ensures error-free and secure billing operations for your practice. Outsourcing to Physicians Revenue Group, Inc. offers everything you need to streamline your workflow and grow your practice revenue. With our billing services, you can better allocate your financial and human resources, eventually improving your patient care services.

Frequently Asked Questions

Why is outsourcing medical billing operations important?

The benefits of outsourcing medical billing include a reduction in labor costs, in addition to billing errors. In-house billing entails costs of hiring, training, and onboarding of billing employees, in addition to their salaries and any additional benefits. Furthermore, this cost reoccurs whenever there is a turnover.

Does PRG manage provider revenue anywhere in the United States?

With technological advancements in the healthcare industry, Physicians Revenue Group, Inc. can handle multiple provider accounts across the USA. We can assist in running your operations whether your data is on secure servers or your existing systems. We work as if we were in your office, so your staff always have complete access to perform or outline daily functions.

Is Physicians Revenue Group, Inc. HIPAA compliant?

Physicians Revenue Group, Inc. upholds the top-most compliance standards with HIPAA security and privacy regulations.