There probably isn’t an industry more highly regulated in the United States than healthcare, and with every good reason. Not only does the medical profession literally hold the lives of their patients in their hands but keeping costs under control is getting more and more difficult by the day. If you are looking at the possibility of outsourcing your Medical Billing and Coding, here is some food for thought.
Vetting the Companies You Are Considering
Before looking at just how much you can save by outsourcing this service, the one thing you do want to be aware of is that not all medical billers and coders have the same level of knowledge and experience. Make sure to properly vet any Medical Billing and Coding businesses before contracting them. Of vital importance is their training. If you are in the Northeast, you’d want to check out such things as Medical Billing and Coding Schools in Ct or NYC or on Long Island, for that matter.
Reduction in Overhead
Make sure the schools are accredited and that they provide the latest industry standards and regulations. When you’ve found a good match, you can realize a huge cut in overhead of which payroll is just the beginning. You will not need to purchase the software or subscribe to a Clearing House through which invoices would be submitted. From the energy an extra staff member would consume to payroll and technology costs, you’d be saving a huge amount of money when outsourcing.
Automatic Insurance Coverage Verification
If you are trying to keep payroll down, you may be working with a limited staff. Sometimes you bring in temps or part-time office staff, but can you rely on them to understand the insurance coverage verification process? Probably not! Also, the short staff you are working with will need to take time away from other duties to run coverage. This is valuable time lost in patient care and as a service of the Medical Billing and Coding company you are working with, you can save invaluable time and resources needed elsewhere in your busy practice.
Operating Costs and Enhanced Cash Flow
You will probably find that insurance companies tend to pay quicker because all those codes are often more accurate. Along with faster payments and a reduction in operating costs you should see an almost immediate rise in cash flow. This just stands to reason. Money is coming in quicker and you are spending less to get it done. No business can operate long with a negative cash flow and so outsourcing this process could very well raise your positive balance by as much as 30 percent.
There are many more reasons why doctors should consider outsourcing Medical Billing and Coding, but this is enough to help you make an important financial decision for your practice. By hiring experts in the field and reducing expenses, you might finally be operating at a profit. Take time to research which companies come highly recommended and watch how quickly you begin growing your bank roll. Could it be as simple as that? Yes, it really could be. See for yourself.