Whether your medical practice is a large or small one, you can benefit from outsourcing your billing to a dedicated billing company. There are often high numbers of patients visiting a single doctor at any given time, and with high claim rejection rates and time-consuming collections processes, it is often all but impossible for a practice to do its billing on its own. Still not sure? Here are a few reasons why outsourcing your billing might be right for you.
You’re busy enough with your own job– and unless you somehow have time to be up-to-date on all of the current billing regulations, it’s likely that you’ll miss something. Billing employees do this kind of thing for a living, and it’s literally their job to know all the latest information. Most are professionally certified, taking part in training seminars on a regular basis. You’ll save yourself a lot of headache in the long run by giving them the job from the very beginning.
If a client isn’t paying off their bill, it can be a serious hassle to chase them down and contact them until you get your money. And not following up with a client is even worse– you could lose money! With everything else you have going on, it would be easy to let a case slip through the cracks; prevent this altogether by letting a billing company handle it for you. Following up with clients won’t distract them from doing other parts of their job because it is their job.
It may seem like paying a third party to do your billing for you is more expensive than doing it yourself, but consider this: if you are responsible for your own, you will have to invest in all the necessary equipment and probably hire additional workers as well. All of these costs can add up quickly, and it’s likely that it would be more effective to just contract the work out. Keep in mind as well that, if you are not actually a billing company, it may be difficult for you to find and hire competent workers. All the best billing professionals will be working for billing companies! It will almost certainly work out better to hire the pros instead of hiring and training your own personnel. Any additional money you have to spend will be a worthwhile investment because it will give you the peace of mind that your billing is being done right.