5 Benefits Of Hiring A Medical Billing Company For Your Healthcare Facility

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5 Benefits Of Hiring A Medical Billing Company For Your Healthcare Facility

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 BillingIf 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:

Here are eight benefits of hiring a medical billing company:

  1. Eliminates all the pain points associated with medical billing.
    There are thousands of medical billing codes, along with ever-changing policies and procedures driven by insurance payers. Working with a medical billing services partner will save your facility a significant amount of time and effort. Passing these responsibilities to dedicated medical billing and coding experts makes sense, as they will be fully responsible for getting the job done every day.
  2. Significantly increase your net collections
    The best medical billing services should always be able to increase net collections for their client. These increases typically range from 5-50%, depending on how many deficiencies are within your existing revenue cycle. These increases in net collections are an immediate boost in profits that will more than cover the billing fees charged by the outsourced medical billing company.

Most clients have extra profits that go toward growing their practice or increasing staff bonuses.

  1. Enables predictable cash flows and accelerates collections.
    What happens when you have a complete approach to medical billing? Good medical billing services use certified professional coders who review claims before sending them to payers. This leads to faster claims processing, fewer rejections and, consequently, a reduction in days receivable outstanding.

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.

  1. No excuses, a single point of contact who accepts 100% responsibility.
    Most practices are forgiving of medical billing shortcomings because they understand that their billing team is pulled in many directions, mostly related to patient care, leading stakeholders to accept excuses and tolerate mediocre billing results. With an experienced medical billing company there are no interruptions and therefore no excuses, as the only goal is to collect as much as possible in as little time as possible.

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.

  1. Reduces overhead costs

    Partnering with a proven medical billing company reduces overhead, as your cost structure shifts from a fixed departmental expense to a variable cost directly tied to net revenue collected.

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.

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