The billing process can take up a lot of resources in your company. You will encounter issues with it at some point. To approach them, consider outsourcing your electronic billing service. When healthcare providers start to outsource their billing, they report receiving a number of universal benefits. Each company has its own priorities. However, most of them care about their revenue, speed in payment, and consistency. They also prioritize audits, analytics, and documentation.
Outsourcing Electronic Billing Service to Boost Revenue
Choosing to outsource your internal billing will somehow boost your collections and claims volume. This will result in better revenue. However, higher revenue isn’t always guaranteed. Most providers who prefer to outsource their billing department reported having an increase in their profit. Although outsourcing may cost money, it can still help you earn more. Why? One of the reasons is that you can get rid of your billing department. This will result in better savings. The collections may improve by up to 10%. But it’s still high enough because it means you get a significant rise in your collections. The increase can be thousands of dollars per year. Apart from boosting revenue, outsourcing your billing service can also lead to timely revenue. It means that you will get consistent funding. Providers that don’t outsource yet their billing service are facing serious issues when it comes to their revenue. They don’t get it on time. It could be that the claims have coding errors. Some payments are delayed for months. Others aren’t paid at all. Getting the revenue on time will ensure that you have proper funding to help you practice your profession. Furthermore, a delayed payment can result in further losses because you need to follow it up, which will also cost money. Most in-house teams will process accounts receivable in more than 21 days. However, Human Medical can process it in less than two weeks. It’s worth considering these factors because any delay can greatly affect your practice. Plus, delays can be quite expensive. But by outsourcing your billing service, this problem can be greatly reduced. Outsourcing will ensure that the billing doesn’t have any errors. Then, you are guaranteed a consistent follow-up of unpaid bills. Some in-house teams are not properly trained to code. Keep in mind that coding is a complex task and only those properly trained professionals can carry it out properly every time.
Issues with consistency are common among healthcare providers. You may receive revenue swiftly for a certain period. Then, suddenly, your billing is filled with coding errors. Making a follow up may help deal with rejections from one payer. You will get to face the same issue but with another payer. Most errors are committed by humans. By choosing to outsource, your practice will be more consistent in various ways. You don’t have to deal with revenue and coding problems anymore. Generally, it simplifies your business. Are you ready to outsource your electronic billing service? Call us today so we can explain our services to you further: (888) 675-6895.