Top 5 Benefits of Outsourcing Hospital Billing Services
Making the decision to turn to an outside billing company for hospital billing services understandably requires a lot of research and it is a big change—but one that is well worth whatever effort it takes to make it happen. The logistics are not as daunting as one might expect because Medcare MSO has a proven procedure in place for making a smooth and quick transition.
Old accounts receivable (AR) can easily be handed off to us and, in fact, getting old claims paid is one of the areas in which we provide tremendous benefit to our clients.
We know how to do the turnover, and here are five of the best reasons for you to make the decision to move forward with outsourcing your hospital billing services:
- Fast Claim Filing: Medcare MSO’s streamlined billing process incorporates our system software with your existing software so that we get the information as soon as services are entered. Our billers complete, scrub and submit claims within 24-48 hours of the service being delivered.
- Efficient Claims Management: Our careful approach combined with the skill level of our large staff of experienced billers results in far fewer claim denials and rejections, but when they do occur, we get to work on getting a resolution right away. Every claim is tracked until it is paid, so no revenue is lost due to claim periods expiring or simply being abandoned.
- Improved AR Collections: The longer a claim stays in AR, the less likely it is to ever be paid in most organizations, but not with Medcare MSO. We review all unresolved claims, determine the next step and get the process moving for each one. Many billers don’t bother with claims for smaller amounts or give up easily on patient balances, but our billers work every claim and, if you want us to, we will send statements to patients and answer their questions so they understand just what they are being billed for, which greatly increases payments.
- Lower and More Predictable Costs for the Billing Department: Contracting out hospital billing services sounds expensive but it really isn’t—and actually results in reduced costs and increased revenue for our clients. For a hospital to do billing in-house, you have to pay for a large billing staff, offices where they can work, supervisory staff and HR personnel to support the additional employees.
When you outsource hospital billing services, you pay a small percentage of payments collected, so you will never have to worry about having too many or not enough billing staff or any other expense-related factors.
- More Focus on Patients, and Reduced Stress for Medical Personnel: Our billing staff enjoy filing claims and digging into rejections to determine what went wrong, but most medical staff don’t. The increased administrative responsibilities associated with medical billing have even sent physicians into early retirement.
When the tasks of managing the details of medical billing, and especially dealing with insurance companies, are given to outside billers, medical staff are free to focus on patient care, and as a result they enjoy their jobs more and experience less stress.
Look for Well-established Hospital Billing Services
Becoming expert at medical coding and billing takes time. Medical billers receive training, but experience is the only way to get familiar with the less-common codes and more complex billing situations. By partnering with a large professional company like Medcare MSO, that has been in business for nearly a decade, you will have access to billers who are familiar with the many different fields of medicine for which a hospital needs to submit claims.
Another benefit of working with an established billing company is that you can rest assured your patient data is secure and our procedures are fully compliant with HIPAA guidelines. Give us a call today at 800-640-6409 or email email@example.com and get started on a much simpler way of dealing with your hospital billing.
Coach Martyn is a world record holding extreme expedition leader, and the first person to lead expeditions to Everest and the North and South Poles. As an entrepreneur, Martyn started the first airline in Antarctica, and also created several adventure travel and health food companies. In 2000 he created a 35,000km, human powered, 9-month journey from the North Magnetic Pole to the South Pole with young people from around the world. Martyn then went on to teach enlightenment to monks in India for 7 years. He loves exploring how to discover our ultimate human potential.