If you type ‘medical billing near me’, you’re likely to find a lot of results for this service. In case you haven’t warmed up to the idea yet, you must know that there are plenty of businesses that specialize in the service of medical billing and are likely to leave you to focus on the other critical aspects of your business.
Smaller companies and overworked staff
Arguably, medical billing can classify as an important part of your operations. But several organizations tend to ignore it and don’t expend too much energy on getting it right. This is more so in the case of smaller-sized and mid-sized organizations. In such companies, the staff is usually overworked because, in addition to their main area of work, they are forced to take up a lot of other activities. Smaller companies tend to cut costs following this practice and tend not to hire a specialist for everything.
The errors of doing medical billing in-house
However, if you are a small organization that is getting too used to this, you might be in for a surprise. This practice can backfire especially when your staff isn’t too updated on the latest in the world of medical billing or if you don’t prioritize it. You might be setting yourself up for a massive expense, make unforeseen errors that can expose your business to an audit, a penalty, or a fine.
The myths that small companies have about medical billing outsourcing
Even if you are a small business, you may benefit by hiring a specialist to do your medical billing. There are many well-established medical billing consultants in Arizona who can guide you and work with you.
However, several myths are doing the rounds about medical billing and companies usually overwork the amount of work and expertise that goes into it. Let’s take a look at a few.
Myth 1: If I outsource my medical billing, I’m not going to save any time
If anything, the opposite is true. Medical billing and coding experts work with an undivided focus on submitting your claims and following up with denied/rejected claims. Imagine if your staff had to do it after finishing their day’s work. It’s not only going to overload them but make your entire process slower. Submitting your claims within the stipulated time is essential so you don’t miss out on any deadlines for appeals. If you submit on time, your claim is likely to be approved sooner, and you can get paid and close the bill. So, the medical billing consultants can do their work while your staff can do theirs.
Myth 2: I’m going to burn a hole in my pocket by outsourcing
Think of outsourcing more as an investment and less as an expense. For instance, a good medical billing agency in Arizona that hires highly experienced and knowledgeable staff will be able to finish all your medical billing tasks quickly and efficiently. That way you can earn more revenue against your billed charges. On the other hand, if you are to hand this responsibility to someone in your team, you may have to pay them overtime, maybe train them and pay for errors if any.
Myth 3: I can train my staff instead of outsourcing
While it’s true that anyone can do anything if they put their minds to it, the reality is that people don’t have the time to excel in everything. If you train your staff to handle medical billing, they might do it but it might not be the most sustainable practice. In the process, you might end up overworking your employees and end up losing a couple of good ones too. Medical billing isn’t as simple as many presume it to be.
Myth 4: But, medical billing is just data entry
A complex system is what medical billing is. Someone doing it, like a medical coder, needs to be able to read notes, identify errors, and other nuances in medical records. They also need to know how to justify billing and confirm whether there is relevant information in the patient’s record to support it. They should be familiar with the availability and validity of codes so that overbilling and underbilling can be eliminated. These practices are unlawful and ignorance of medical billing rules cannot be used as a valid defence.
Myth 5: Outsourcing will leave me with no control over my finances
With outsourcing, you’re going to leave the billing and revenue reporting to someone who knows what they are doing. A good medical billing consultant will always involve you and keep you posted on your billing and revenue cycle.
Myth 6: My clinic is too small to outsource medical billing
While it’s true that bigger clients draw the best medical billing agencies, smaller clinics also form a large chunk of their clientele. Many good medical billing consultants work with small clinics and handle their revenue cycle management.
Myth 7: I have other payers apart from patients.
This is far from the truth. Patients are the third-largest group of payers. This percentage is rising because patients must account for their healthcare costs which are also increasing. So, if you run a healthcare practice, you must pay utmost attention to presenting the right patient estimations and collecting fees upfront before you offer care.
The time for change is here
The world is changing and we must participate. Sticking to old practices is only going to cost you more in the long run. Medical billing consultants use the latest cloud-based technology for revenue cycle management that eliminates errors and reduces your clinic’s claim rejection rate. They also offer multiple payment options, send reminders and e-statements. All these features help you in getting reimbursed faster, strengthen your cash flow, and let you stay on the right side of the law. Not just that, it can help you maintain a strong relationship with your employees who can focus on what matters to them.