Tips To Fight the Financial Crisis For Your Clinic

Deciding whether or not to handle your administrative procedures is the right thing to do for your practice can be a really daunting decision. Many doctors are well-known with the fact that it requires a specific skill set to perform these services. During the National Health Public Emergency, it has become really difficult for healthcare practitioners to manage patients and administrative tasks. Every doctor is observing a steep increase in complexity and red tape. Whether you are a new practice startup, experienced veteran, or you are thinking of upgrading to a new system, then referring to a medical billing specialist makes a lot of sense. 

A local medical billing company will provide remote back-end support that will help you to stay compliant with the ongoing policy changes. Obviously, profit margins are shrinking in the private sector due to reduced carrier allowances, changed regulations and carrier red tape. Therefore, doctors should opt for operating efficiently for the survival of their medical business in these critical times. 

1. ECONOMIES OF SCALE:

A billing service disturbs its expenditures across the entire client base and leverages the economy of scale for your business. They can operate at a lower cost than a single practice and those savings are passed on to you. A billing service is also equipped with essential software solutions (EHR and EMR) and required hardware equipment to provide the best results possible. 

In addition to this, the plus point is that they have their own billing staff so you don’t need to worry about gathering capital investment to hire in-house staff and concern about employee turnovers. So even if you have to pay the medical billing services then you pay less for the same and often higher collection percentages. Despite the financial benefits of higher returns and lower costs (overhead, staff, insurance, hardware, etc), you can save in more difficult times. 

2. EXPERT ASSISTANCE OF HIGHLY TRAINED SPECIALISTS

The team only has one core purpose_ to enhance business proficiency for your clinic. They committedly review and post all payments ensuring that the carriers are paying the correct amount and practising every preventive measure to avoid errors. Most importantly, they can recover every dollar of your collection by tracking every claim until it is fully processed and paid to its fullest. 

Outsource medical billing services should not be considered as a separate team for your clinic. They integrate with your existing staff and help you achieve your financial goals. If the practice doesn’t make money, the billing service doesn’t make money. They work closely with your clinical staff to ensure an efficient overall workflow and provide training when needed. Doctors can also gain access to a large combined knowledge base of medical billing experts to aid in navigating the ever-evolving industry changes. 

3. GAIN COMPLETE CONTROL

Many people think that outsourcing medical billings services mean that you give  your complete control in someone else’s hands. However, the opposite is true for this situation. For most practices, they feel more control over their revenue cycle than ever. If someone else is managing your time-consuming work and dealing with the headaches, so the doctors can find the breathing room to review their monthly and annual comparisons. 

Hence, they can quickly address all the business queries by account managers in detail. They can control things like charge entry errors or payer reimbursement issues before they can spiral out of control. With the complete transparency and the ability to run and report 24 hours, a day gives a sense of more control that they never had before. Therefore, adding an expert medical billing team to the mix will provide you with greater results by using a team approach and ensure progress towards mutual goals. 

4. COMPLIANCE WITH THE CHANGING POLICIES

The healthcare landscape is changing at an unprecedented rate and Medical Billing is not spared from the upheaval of a revolution. It is essential to keep up with the ever-changing rules and requirements that are difficult under the best of circumstances. As it requires constant education and vigilance about the ongoing changes including; new and deleted CPT codes, fees change, and carrier rules to vary daily. Most people just don’t have the time required to dedicate to this task. 

5. CONSISTENCY

You need to consider that billing in-house puts your practice at greater risks of revenue loss due to unplanned employee leaves or turnovers. An outsourced medical billing service means that you have a whole team of people making sure that your claim gets processed quickly and accurately. It leaves your practice less vulnerable to disruptions in cash-flow. As many medical billing companies ensure that they are fully equipped with EHR/Practice Management software, therefore, you would not have to learn a new system and train your billing staff about how to use it. 

A medical billing service can improve operational capabilities for your clinical business with their vast knowledge of medical coding regulations.  They are privy to aggregated trends from a network of other subject-matter experts. This inside information keeps them on cutting-edge and shared knowledge is transferred to the practice in real-time. If you are not complying with the fast-paced and unprecedented changes in the healthcare landscape then the real-time information would be invaluable for your services. 

6. SPEED UP YOUR COLLECTIONS

Always keep in mind that cash flow is key! Your days in AR or the revenue cycle time has a significant impact on your bottom line. Outsourcing medical billing services can process your claims faster and with fewer errors. So you can receive payment from payers in the shortest amount of time possible. 

When medical billing professionals post your payments then they will make sure to mitigate the occurrence of errors. So as soon as the accurate claim is submitted to payers they can quickly reimburse you back. So it would lead you to file medical claims in a shorter time and provide you with positive results than your currently existing system. 

7. FOCUS ON QUALITY CARE SERVICES

It’s obvious that you have spent all those years in school to become a doctor so that you could enjoy a long career providing care services to people. Little of that time was spent learning the basics of medical billing services. Doing your in-house billing services requires lots of time and effort. Even if you are not directly contacting the payers to collect payments, you will still need to deal with the high-level management and all of the headaches that come with it. 

It is an ideal way to outsource medical billing services to free up your valuable time while maintaining the same patient volume and potentially increasing your revenue at the same time. 

8. REDUCE STRESS, INCREASE CASH

A reliable medical billing company would only charge a percentage of the money that they collect. The less money that is adjusted off is certainly better than the fewer claims getting reimbursed. A good billing service will conduct a fee schedule analysis to ensure that you are getting paid properly at the highest possible rate for your carriers. They will also use efficient policies and procedures to reduce your cycle time. Their experienced staff will review denials for accuracy in order to reduce errors at its minimum level. 

They will audit each EOB statement for correct payment and take rapid actions to ensure that you receive accurate reimbursement for your services. A good medical billing company works hard to improve your collection rate because if you will drive more revenue then it will also profit them well. Most practices that hire a billing service see an increase in revenue and a decrease in cost that far outweighs the billing service fee. 

CONCLUSION

These are the few reasons that’ll give you an idea of how outsourcing medical billing service would benefit your practice. If you decide to go this route, make sure you carve out to reach a reliable medical billing company, who can save your time by rigorously following-up on claims and complying with the up-to-date carrier rules and regulations. 

Medcare MSO is one of the most reliable medical billing companies in the United States. We provide custom-built innovative billing services that are completely transparent and fit completely to your needs. Contact Us! To ensure your claims are taken care of correctly and on time.