There is never a dull moment inside most healthcare facilities. Everyone is always busy, most employees wear multiple hats, and all hands are on deck to get essential tasks completed.
Aside from dealing with patients, the staff is dealing with patients’ families, verifying insurance eligibility/deductibles, and reviewing and/or documenting medical records. Healthcare facility staffs are also responsible for performing medical billing, handling audits, reviewing fee schedules, and providing oversight for coding and charge reviews to ensure the financial health of their practice.
To be done the right way, medical billing requires complete focus and expertise, which is why countless healthcare leaders are choosing to outsource their revenue cycle to specialists at a medical billing company such as CPa Medical Billing. If your practice has trouble finding, retaining, and training medical billers and certified coders, then you’re not alone.
Below are many factors you should consider when it comes to outsourcing medical billing services for your facility.
Here are eight benefits of hiring a medical billing company:
Most clients have extra profits that go toward growing their practice or increasing staff bonuses.
The goal should be to have your days outstanding in AR less than 30 days. Reducing days receivable outstanding will always provide a more reliable and predictable cash flow.
An account manager is your single point of contact and accepts 100% responsibility for achieving optimal results, and these responsibilities translate into an excellent return on investment.
Having medical billing department expenses directly tied to net collections is simply a good idea because billing fees decrease or increase in conjunction with how well the practice does in terms of patient visit volume and net revenue collections. When patient visits and reimbursements decrease, so do medical billing fees, and when patient visits and reimbursements increase, higher fees are justified for higher volume.
This relationship works especially well in times of uncertain patient volume, which is what most practices are experiencing today.