A lesson learned during the pandemic that carried over into the ever-changing healthcare industry is that every process does not need to be handled in-house, and outsourcing may be their much-needed saving grace.

Take billing processes, for example. The staff dedicated to those processes are always up to their neck with tracking payments, keeping up with current healthcare guidelines, and every technological update in between – it’s taxing. 

Perhaps your patients don’t pay on time – billing errors can drag reimbursements for months. It makes sense to have someone else handle your medical billing so that you can focus on doing what you do best: providing high-quality healthcare.

If you’re still struggling with outsourcing your medical billing, here are a few reasons why it just makes sense. 

Why Outsourcing Medical Billing Makes Sense

It may be scary to outsource medical billing services at first as you think about its sensitivity. You may even rightly dread outsourcing to an ‘expert’ who doesn’t understand medical coding. However, there are a few reasons why outsourcing medical billing makes sense for privately-owned healthcare practices, including:

• You Increase Control of The Process

It’s common to think that you’ll be giving up control of your operations by outsourcing. It’s the opposite –you’ll sleep better at night knowing that your billing is in the hands of expert billing companies who keep up with technological updates and trends faster and better than you ever could.

• Reduce the Risk of Errors

Errors in coding and billing result in massive losses–inaccurate patient info, approval errors, redundant data, etc. A billing company makes accuracy their priority, and it’s a proven fact that they are much less likely to make errors than an in-house staff member trying to juggle too many things at once.

• Save Money on Operating Costs

Having an entire billing unit, or even just a specialist, on your payroll instead of outsourcing their services is more expensive –consider training employees every time there’s a new technology or equipment upgrade, insurance, paid leaves, etc. Outsourcing this service saves you the money you can use on equipment and building upgrades.

• Save Time and Energy

Keeping up with the ever-changing trends in the medical world and medical insurance requires round-the-clock attention. You could save your practice lots of time and energy by outsourcing.  Plus, you guarantee that they’ll always be up-to-date, and therefore, you don’t need to worry about new regulations you may have missed.

Staying updated ensures that they religiously submit accurate claims and that the practices with which they collaborate are compliant.

• Improve Your Practice’s Cash-Flow

Billing companies track medical insurance payouts, premiums, and claims better than most in-house specialists. With improved billing accuracy, you can receive reimbursement sooner than later. Plus, you get to enjoy simplified workflows, additional revenue, and more significant revenue potential for your practice—clearing the way for payments to be handled much faster and more efficiently.

• Data Security & Compliance

There are a lot of benefits when you hire a billing firm dedicated to your billing – including data security and compliance. The pandemic also hauled in more problems as more processes moved online. Data theft or manipulation has cost healthcare companies in Toronto reputations and money in lawsuits. A billing company is more secure and likely to ensure its work is not prone to cyber-attacks.

• Improved Patient Satisfaction

After poor patient care, the next source of patient dissatisfaction with healthcare services is how their billing is handled. When you take your time to choose the best billing company, you’ll also be taking care of your patients’ billing pain points. They’ll be careful in handling the process transparently, too–increasing feelings of trust in your patients.

• Full Transparency

Besides making the billing process more seamless, reputable and responsible billing companies will give you detailed reports on your billing processes. You’ll also be kept in the loop when delays happen and will be advised on the best course of action.

Final Thoughts

Outsourcing your medical billing helps you to manage your practice better. You can certainly do more when your focus is not split between caring for your patients and worrying about sustaining your practice. If you need more incentives, contact MyeMed to learn more about outsourcing medical billing.