3 Benefits of Outsourcing Medical Billing
Medical billing is like a business within a business. Your patients need caring for; your employees are there to take care of them. On the other hand, to stay open and help more people, you must bill your patients correctly and promptly.
Billing is harder to keep track of if your invoices get made in-house, which is why most medical firms are moving their billing into getting outsourced. Sure, you free up office space, and you cut down on how many employees you need- but there are three main reasons to make the switch.
Cut Down Administrative Duties and Costs
This benefit is the most obvious for outsourcing your medical billing. When billing in-house, most firms have to have office space for those employees. This office space could be put to better use as more room for the waiting room, or extra exam rooms so that patients can get moved through quicker. With the price of real estate these days, it's good to save money where you can.
The average cost of an employee who works in coding is at least fifty-thousand dollars in salary alone. That’s not including benefits. You can save that money, and the office space, by outsourcing to a company you trust.
Process Faster and More Often
By outsourcing, you can be sure to go with pros who handle multiple accounts and know what they're doing. These businesses can process payments faster, making sure to get in touch with the patient without time for the patient to forget what they owe. If you're finding your customers are slow at paying, you can discover oncology billing services that will guarantee to keep them up to date.
A lot of patients are extremely late on paying- or seem like they might never pay at all. An expert who knows what they're doing will ensure that your customers get contacted, politely, until they pay. After all, if your patients aren't paying their bills- how are you going to keep your medical firm open?
We like to think the best of our employees, but mistakes are seemingly unavoidable. Unfortunately, when it comes to medical billing, mistakes can lead to expensive lawsuits that could leave your business liable. Suits are incredibly costly, and just one can be enough to drag a company under for good.
Most medical billing outsourcing companies have extensive training in HIPAA and other agencies and laws that could leave you vulnerable. Make sure to check credentials and knowledge when shopping around for one.
It's evident that nobody wants to have to fire an employee or get rid of a section of their business, but you have to keep an eye on your bottom line. Outsourcing medical billing saves you money, makes sure your patients pay their bills on time, and gets rid of errors that could set you up for failure. If your employees aren't offering all of that, it's time to cut them loose and move your medical firm into the new age.