Most medical practitioners, whether they practice as doctors, physical therapists, or other specializations, go into the field because they’re passionate about helping patients. Of course, another objective is to make a living, but initially it’s to live out a dream of making other’s lives better. Unfortunately, caring for others and getting compensated for it means getting involved with billing, which is a highly developed skill that most practitioners don’t have time to learn. Therefore, outsourcing is an excellent solution. Efficient billing equals timely payment, which means practitioners can continue doing what they love, caring for patients. Here are a few things to consider when thinking about outsourcing medical billing and coding.
Highly Skilled Staff
Many medical offices have an in-house billing and coding team. For smaller offices that may mean 1-2 staff members. While those staff members may be certified, they may not have the same access to continued support and training that those from a larger agency may have. Third party companies are dedicated to billing and coding tasks. It’s always possible for a smaller medical practice to have coding staff that also takes care of other things, such as answering the phone. It’s better to have a team that only performs the specialized tasks that are part of the billing process. If you experience the stress of taking care of your own claims, it’s time to investigate hiring someone to take care of your medical coding and billing. Why not take a simple step to make life easier?
Reduction in Errors
Suppose you have a new practice and cannot yet afford a large staff. Maybe you or a partner are responsible for submitting insurance claims. Since coding is not your forte the chance of making errors is high. Even a small error in coding can result in a long and drawn out process to correct the error and get a clean claim submitted. Errors mean more time passes before you are paid. If you decide on medical coding outsourcing from the start, you have a better chance of the side of your practice running smoothly.
If you look at annual salaries and benefits for medical coding and billing staff, you may be surprised at the expense medical offices incur to have on-site employees. It’s not just the salary packages either. When a medical practice uses in-house staff, they not only pay salaries, they also pay for office space, supplies, computer equipment, and billing and coding software. Along with software comes regular upgrades and maintenance. Things add up quickly and for a small practice that can be a major stress on the budget.
When the owners of a medical practice decide to outsource medical coding and billing, they are rewarded with highly skilled people who take care of their work from start to finish. They have less chance for errors on submitted claims and experience a significant cost savings. These are all wins for any medical practice.