Five reasons providers should outsource medical billing from an essential silent partner for independent physician groups: the ebix team of expert medical billing service professionals helps keep your medical practice autonomous and realize up to 10% more revenue by focusing our efforts on coding expertise, denials minimization, and data analytics & reporting.
Now is no time to say “no” to creative ideas such as outsourcing medical coding and billing.
For providers and billing staff, ever-changing payor rules and mandates, specialty coding, and billing requirements can be tough to navigate. Many times, billers depend on providers to share appropriate CPT and ICD codes. Only providers may not be up to date on the latest coding guidelines. Therefore, this lack of knowledge and coding experience can place a handicap on your receivables. ebix, Inc. understands that each specialty brings its own set of challenges. Accordingly, we work to develop custom workflows and a unique set of coding rules based on services provided by your healthcare organization.
Teaching administrative workers in your medical practice to handle the billing sounds like a great idea, but it causes additional work for them. Hiring an outside consultant who handles only the billing lightens their workload, helping them to avoid problems such as these:
Because a medical billing partner works with insurance companies regularly, they know what the companies are looking for. Some companies want items billed or listed in a certain way.
The consultant knows how to appeal to each company since they work with them regularly. This implies that your employees do not need to submit their work again..
Getting behind on payments is something no practice desires. Therefore, an experienced medical billing consultant understands the significant amount and knows the best ways to submit claims to the insurance company.
This keeps errors to a minimum.
Many companies fret over outsourcing work, thinking it costs them more money to operate this way. Choosing an outside partner to handle the result is the most efficient way of distributing the workload.
A medical billing partner is in-tune with what each specific insurance company requires. Overall, there is less stress. Administrative workers aren’t rushing to complete this additional task. This means mistakes are less frequent.
The abilities and time of your office staff depend primarily on their education, experience, and how big your practice is. When your team is overwhelmed, it’s wise to reduce their workload.
If your practice handles several doctors, the day quickly becomes busy for your staff. When you don’t have a dedicated staff member to handle billing, they go back and forth throughout their day.
In turn, this means increasing the likelihood of errors and other problems. Every business and medical practice aims to prevent quality staff from becoming overwhelmed and leaving.
You’ll have clear duties outlined by outsourcing to a medical billing partner. There is no added pressure.
Although problems occur in any position, medical offices are subjected to additional rules and regulations. Medical records and billing have requirements for privacy and safety reasons.
The Office of the Inspector General can audit or review billing claims and records. If your practice processes this in-house, that responsibility falls on your shoulders.
This means higher insurance costs, additional audits, and regulations that become part of your work schedule. Avoid the problems associated with these procedures by giving the work to someone else.
Outsource the work to a medical billing partner and never face liability again.
When new staff members do not have experience in medical billing, they need training and practical work before they can feel confident in their abilities. Choosing someone with experience in billing and the software that handles it is instrumental in the success of your practice.
Individuals learning to bill in software for the first time are liable to make mistakes. Going back and forth between the billing program and other practical applications increases the risk of errors.
An outsourced medical billing partner with experience with medical billing software knows how to bill, so there is less chance of denial. This ensures your practice gets paid quickly, without the headache of repeating the entire process.
