In todays’ complex and patient-centric healthcare system, outsourcing billing service is the trump card for physicians to ensure maximum reimbursement of their services.
Being an individual practitioner, it is an uphill task for physicians to keep up with medical code specificities and dynamic healthcare regulations while ensuring quality care.
Physicians may end up incurring huge operational overheads by maintaining in-house staff to take care of billing tasks. This is why they must outsource physician services billing to focus on their core duty.
In this article, we will highlight 4 key reasons of outsourcing physician billing services.
Minimal to No Coding Errors
Outsourcing vendors ensure code specificity and accuracy since medical billing is their core function. They have experienced medical billers who know the complexities associated with claims submission for physician services.
They undergo regular and rigorous process training that keep them updated on new codebooks and dynamic regulations. Such an updated knowledge reduces the chances of entering dated codes or incorrect codes.
Even if a coding mistake is committed, billing specialists are in the right position to identify it, flag it, and take prompt corrective measures.
Physicians end up incurring huge monthly operational overheads while trying to maintain an in-house medical billing staff. Such overhead expense includes hiring, training staffs, and monthly compensation.
An in-house teams will also require a specific IT infrastructure and office set-up to function. This entails more cost and management complexities. This will only add to the headache of an individual practitioner instead of taking care of medical billing tasks.
Third-party vendors have their team of experts who do not need an initiation into medical billing and coding. They have their own infrastructure that allows coders and billers work remotely. This helps physicians to save on hiring, infrastructure, and real estate costs.
Patient Data Security
Third-party physician services billing companies consider patient data safety as one of their top priorities. They go to all possible lengths to ensure it since it reflects their brand image.
A well-established outsourcing vendor is HIPAA compliant. They use end-to-end encrypted servers for data transaction and cloud networks protected by firewalls. They monitor the systems of their resources who handle patient data. This ensures a robust patient data security.
Better Regulatory Compliance
As mentioned earlier, healthcare is characterized with frequent regulatory changes. Such changes bring complexities and confusions in the medical billing process. For an individual practitioner, it is next to impossible to keep a continuous watch on such regulatory changes, implement the same in billing while attending to patients.
Physician billing service providers stay up to date with any changes in Medicaid, Medicare, and other third-party payers’ guidelines. This helps them to predict the impact of such changes. It prompts them to tweak their billing process accordingly so that it can withstand the impact of regulatory changes. In the process they can adhere to clean claim filing in keeping with regulations.
There is no doubting the fact that benefits of outsourcing physician medical billing are plenty. But physicians must choose their partners wisely. They must consider factors such as time taken to process a claim, the range of medical billing services, staff training, provision of monthly financial report, among others. This will ensure a fruitful partnership with third-party physical medical billing service providers.