Expert’s Guide : When To Outsource Medical Billing?
Outsourcing medical billing is one of the important difficult decisions for physicians today. For successful practice growth, healthcare providers need to focus more on their patients and treatment plans rather than managing their medical billing process.
While some physicians stand with the decision that outsourcing is the best option, others wish to maintain control over their billing collections through house medical billing. So which is the right time to outsource medical billing and how it can be done right? Here are the 5 signs that show your practice needs to outsource medical billing.
5 Signs You Practice Need To Outsource Medical Billing
1. When You Have A high staff turnover:
This is one of the common problems every healthcare industry faces. Staff turnaround is often high for a medical billing department and the training staff can lead to the loss of many resources at your practice.
So if you have experienced staff turnover in your medical billing department, then it’s the right time to look at a medical billing service rather than training new employees. Because, the hiring process will be more expensive - to hire, train, and retain qualified and experienced billing professionals for your practice.
2. When You Face Patient Payment Problems
Accurate patient payments at the time of care offer various benefits like reducing back-end collection costs and medical billing cost, increasing cash flow, decreasing the administrative burdens of tracking and writing off bad patient debt, and managing the practice revenue growth from patient payments.
Patient payments are increasingly important to a practice whose patients are signing up for high deductible coverage. So if your practice is struggling to receive payments from their patients, definitely you need to outsource medical billing to some of the expert medical billing service providers.
3. A lack of advanced technology Usage
If you prefer to go with in house billing team, they will be already experienced and trained with the available billing software and the billing process, but they don’t have any experience or knowledge on advanced medical billing and practice management software. Apart from buying and regularly updating the software, you also have to provide the necessary training to your billing staff.
So if you don’t want your practice and administrative staff to waste time with the software upgrades and technical issues, then think about outsourcing the medical billing process.
4. When You Are Not Prepared For ICD-10.
When implementing the phases of ICD-10, you’ll need proper training and changes to your processes to ensure you meet regulations.
The cost of training your available staff or hiring billing experts with advanced knowledge in the ICD 10 coding system may be time-consuming and burdensome than you expect. By outsourcing your medical billing, they will handle everything with ICD 10 implementation and save you the work and expense.
5. If You Are New To The Healthcare Field
Healthcare is one of the fastest-growing industries and if you are new to this field, there are plenty of things to learn to stand apart from the competition. As people are started looking for value-based care instead of the service fee, your first preference should be your patients apart from the practice management. So outsourcing your entire medical billing process will reduce your administrative burden, billing errors, denial rates, and help you to concentrate on other important processes for a smooth run of your new medical practice.
Benefits of Outsourcing Medical Billing Service
Outsourcing medical billing helps your practice to gain positive results and offers the following benefits:
- Outsourcing accelerates cash flow
- Reduces medical billing errors
- Improves patient satisfaction
- Helps to stay current with the industry standards
- Improves clean claims
- Reduces training cost
- Increases practice revenue
- Ensure compliance
Vozo – The Right Place To Get Started
Vozo medical billing software helps you to boost your collections by leveraging best practices. With perfect claims submission and management, auto-eligibility checks, and integrated clearinghouse VOZO billing software enables you to get paid quickly and accurately. It also offers HIPAA-compliant systems, patient invoicing and billing, real-time analytics, and more advanced billing features.
Advanced Features Of Vozo Medical Billing Solutions
- Accurate claim submission
- Secure patient payment processing
- Real-time performance reporting
- Automated medical scheduling
- Automatic payment posting
- Insurance eligibility check
- Online check-in
- Denial management
So what would your practice prefer to do? Outsource medical billing or in-house billing? Vozo provides you and your staff with a great opportunity on delivering quality healthcare with the help of the best medical billing software.