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11 Solid Reasons Why You Need to Outsource Your Medical Bills
1. Claims are not filed on time
Professional billing experts understand the system and have the skill set to submit claims accurately and as quickly as possible. This ensures that you will receive your payments on schedule and not have to wait months to receive what is yours.
2. Coding problems cause rejections
Coding problems are one of the main causes of claim rejections and consequently, loss of claims. Outsource medical billing services have first-hand knowledge of codes and filing procedures to ensure that all medical claims are not only filed on time, but filed correctly.
3. Outsourcing helps overcome common hurdles associated with claims
Many challenges often arise when considering medical billing and advertising. Common problems that can cause claims to go unpaid or lost include:
4. Patient information inaccurate or not updated.
5. Claims are filed and processed to the wrong place.
6. Patients either cannot pay or will not pay, thus leaving the business to inherit its obligations.
7. Patients may have to pay for services covered by their insurance. This leaves you, the doctor, to handle many of the financial logistics, issuing invoices and following up.
8. Collection agencies can give your business a bad image and PR
While some organizations and medical establishments may choose to use collection agencies to recover their money from patients, it is important to note that these agencies can be bad for patient relations, corporate image and can cost up to 50 percent more than the money collected. Medical billing and claims outsourcing can help manage such cases effectively and ensure that your business is not at a loss.
9. Limit unnecessary financial implications on the part of your business
According to collected resources, properly prepared claims can take between 30 and 120 days to receive attention from insurance companies, Medicare or Medicaid. Sometimes, doctors are left with no choice but to borrow money to cover the immediate expenses of the business while they wait for payments that may arrive in weeks, months or even never return.
10. Slump rejection of claims
As mentioned above, the rejected ad rate stands at 30 percent. Outsourced medical services have shown tremendous turnaround with claims and have demonstrated the ability to reduce denied claims to an enviable 2 percent.
11. Reduce financial losses
With professionally handled medical bills, claims and payments, your business can ensure that it receives patient’s monthly payments as and when due for their outstanding balances and liabilities owed to your business when the services were provided.
You can also cash in on old accounts receivable rather than total seizure without incurring legal fees or using a collection agency.
If you’ve practiced and billed a third party for patient visits, consultations, treatments, and any other medical services or products, chances are you’re already familiar with these obstacles. Sometimes, doctors don’t recognize the huge cash crunch that the cost of medical billing, write-offs and denied claims accumulate on their business. Outsourcing on the other hand provides physicians with a way to utilize professional billing services and medical claims for their business to counter discrepancies that may delay, reduce or prevent payments altogether.
As of today, rejections are capped at about 30 percent in the industry. Due to the volume of claims filed and processed, even the smallest errors can trigger rejections, and as such, it is imperative to use outsourced services to ensure perfection in the handling of medical billing and claims. According to Keith Borglum, owner of Management and Marketing, Santa Rosa, CA, a single medical practice recorded an error rate of 71 percent in a year that saw the business rack up $185k in losses.
Outsourcing presents a multitude of opportunities to handle leaks in your practice stemming from both medical claims, filing errors, avoidant patients or those who simply do not have clear means of paying you money to ensure you stay afloat in your medical practice and eliminate unnecessary costs , which can leave you running at a loss.
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