Healthcare billing involves interaction with patients, insurance companies, clearing house and other organizations making it a complicated process. It is also a time consuming process that includes insurance eligibility verification, patient demographics, medical coding, charge entry, claim submission, payment posting, denial management and accounts receivables management. Apart from this, medical billing also requires potential human resource, proper communication and regular follow-ups.
As a physician you will not be able to work on medical billing when patient care demands most of your time. You may encounter several problems while billing. Whether it is a medical billing company or a physician’s office, managing heavy work load can be difficult. To handle these processes effectively and for smooth work flow, there is a need to outsource medical billing.
Group1:
When you are a physician, it is difficult to work on medical billing since it is not your job. Outsourcing these administrative jobs to a medical billing company will help you in effectively treating your patients.
Group2:
When you belong to the category medical billing company – you still need to outsource when you have a huge list of clients to concentrate. You need an expert’s support to handle the business challenges. If you don’t have expertise on a specialty, you can outsource that to another billing company that works on it and still reap the benefits. In the mean while, you can concentrate in your core business activities and build your business database.
Whether you belong to group1 or 2, it is true that you need outsourcing and in turn you save time and money.
How do you save money?
- You need not invest on operational and administrative costs for the incoming projects, which your outsourcing partner can do
- You can save the money that you spend in hiring and training the employees
- When you offshore to developing countries, you save huge money due to affordable labor cost.
- Your work load is shared and there is no additional investment required.
How do you save time?
- You can work on more projects at the same time and with the same efforts & workforce by outsourcing to others companies.
- If you offshore to Medical Billing Companies like India that has a 12-hr time difference, it is equivalent to working 24*7 since you work in the morning and the service provider work at night. There are companies that work 24*7 which can be highly profitable to you.
Main issues that you face if you don’t outsource:
- Need to invest huge money on hiring people to work on your new projects and retaining them.
- Need to buy software and arrange for the latest technological office equipments to support the business.
The service provider makes it possible for you and helps you to get rid of work pressure by allotting additional workforce. Thus, you save time, more money than expected and simultaneously get rid of the work pressure when you outsource medical billing.