Outsource medical billing can be a difficult chore for practitioners and its complexities can be more hazardous in addition to a hectic schedule, outsourcing medical billing is a safer option for expanding the business.
Outsourcing saves time and money while also relieving the burden of having to focus on too many aspects of the medical office. It also leads to increased revenue. If you want to cut down on operational costs, outsource medical billing is the way to go.
For a successful revenue cycle, greater cash flow, and cost savings on fixed and variable expenses, small practices might consider outsourcing medical billing services. In general, medical billing companies have the resources to ensure correct billing, timely claim filing, and ongoing claim follow-up. Clearing claims and denial management are simple duties for efficient medical billers to complete in less time and at a lower cost.
Because we are a healthcare facility, all of our patients do not pay on time. Around 70% to 80% of individuals owing $500 in medical bills, according to estimates. The patients owe a total of $1000 to 45 percent of them. Some claims went ignored, and the resubmission procedure takes a long time or never begins. Due to late submissions and non-resubmissions, reimbursements from Medicaid or Medicare, as well as other insurance companies, might be sluggish. The in-house billing procedure is thought to account for 30% to 40% of total cash intake.
BellMedEx has been serving medical professionals as a medical billing company for over 6 years. We’ve had the privilege of supporting small businesses in improving their profitability. Solo and small practices are the backbone of any community. We offer professional medical billing services for both small and big practices, allowing doctors to focus on providing excellent patient care.
The following are some of the primary reasons why healthcare providers might consider outsourcing:
Enhanced Control:
Medical billing businesses have more control over billing and revenue collection operations. Billing businesses take on the job of completing the task as quickly as possible while maintaining predicted revenue earnings and payments. Outsourcing offers operational advantages such as better control, faster claim resubmission, and faster payment collection.
Medical Billing and Coding Experts:
Medical billing businesses offer experienced teams who know how to approach payers for full payment using their skills and understanding in the medical billing and coding area, reducing the risk of claim denials.
Eligibility for Patient Insurance:
Revenue cycle management firms work directly with insurance companies to verify patient insurance eligibility and gain a better understanding of their processes, resulting in speedier revenue recovery for their clients.
Maintain Consistent Compliance with Changing Regulations:
For any practice, staying current with changing rules may be time-consuming and stressful. Practicing physicians might avoid this headache by outsourcing their medical billing needs. BellMedex, a medical billing and coding company, oversees these services for healthcare providers and keeps up with changing requirements.
Allows You to Save Time:
As a doctor, you have plenty of time to focus on your patients. Doctors are well aware that their busy schedules do not allow them to devote adequate attention to medical billing. A medical billing company that you outsource frees up your time so you can focus on your patients.
Compliance Requirements:
HIPAA Compliance and all criteria for performing activities under the standards that prevent fraud and violence are completely understood by billing organizations
Billing Errors are no longer an issue:
Healthcare providers can’t afford to make mistakes when submitting claims because it might cost them a lot of money. The company gets control over reducing errors and minimizing denials by outsourcing best medical billing services. Denial management services provided by medical billing businesses include regular tracking of submitted claims as well as the option to make a post-payment without delay. Our skilled medical billers ensure that claims are presented accurately and on time, reducing the frequency of denials and rejections while increasing compensation.
Management of Accounts Receivable and Revenue Recovery:
By utilizing their AR recovery skills, outsourced medical billing boosts collections for healthcare practitioners. They follow up with insurance providers to ensure that the changed status is followed up on and that extra payments are received.
Patient Satisfaction is Improved:
By easing front-office burden, outsourcing can enhance productivity, performance, and staff morale. It also boosts patient happiness and efficiency.
Billing Compliance:
Insurance companies are partially to blame for the fast changing healthcare industry. Keeping up with changes in payer policy is one reason that makes medical billing challenging. Billing compliance is understood by outsourcing companies, and the total operation is streamlined.
Most doctors begin their careers in order to better assist their patients and strengthen their bonds. With the Affordable Care Act, ICD-10 changes, and other factors affecting medical billing compliance, it’s becoming increasingly difficult to stay afloat.
Some factors of your medical practice have a big financial impact on your profits. When you address these issues in a way that is consistent with sound business practice, you will surely improve your organization’s financial health while also freeing up more time to focus on what you started: patient care.
Saved Money:
Employing well-trained medical billing and coding employees can be costly for healthcare professionals who run a small business, and their company could face financial difficulties. An average practice spends roughly 30% of its collections on in-house medical billing operations, while outsourcing medical billing services costs a modest percentage of your income. As a result, outsourcing medical billing services can save healthcare providers a lot of money.
Enhances Cash Flow:
When you outsource medical billing, you can significantly increase your earnings. To keep the overall billing process seamless and optimize cash flow, a medical billing company employs skilled professionals to oversee billing, coding, claims filing, and rejections management.
Front Desk Staff:
Several medical offices, according to a review by a medical billing business, consistently undervalue the role of the front desk workers. In general, front office employees must be friendly and knowledgeable in order to maintain track of appointments, contact insurance companies, and route patients to the appropriate area. The front desk is the public face of your practice, and it must be a multi-tasking force. You want someone who makes a good first impression, is competent, and can answer questions from patients. The acts of your front desk staff can either keep a patient alive or cause them to never return. As a result, you’ll require the ideal front-desk staff.
BellMedEx is without a doubt the greatest option when it comes to medical billing. When compared to hiring in-house workers, engaging a medical billing company is the most cost-effective and efficient solution.
Medical billing firms have effective teams that process claims and handle denials. Different Software applications aided medical billing, they’re also used by medical billing organizations to make their jobs easier.
We guarantee that our systems are up to date in terms of practice management and medical billing.
Staffing Issue Resolved:
You won’t have to hire or maintain office workers. Setup, employment, employee perks, and remunerations are all continuous costs. Experienced employees are always hired at a high salary. Infrastructure costs are also kept under control. Regardless of the number of cleared bills, the remuneration of office workers stays constant. Your medical practice may have to close due to fewer medical bills that paid and made fixed salary payments. Costs and effort are also required for office employee training. As a result, staffing is a massive undertaking, and outsourcing provides a one-stop shop for all of these tasks.
Patients Help Desk:
Our team not only communicates with payers, but also with patients. We answer patients’ questions and keep them informed about their financial obligations, if any exist. As a result, our patients satisfied with our services as well. Our team always dedicated to aiding small practices in growing their profitability and moving up the ladder.
Clear communication with payers and patients is an important part of our medical billing services for small practices. We respond to patients’ questions and keep them up to date on any financial commitments they may have. As a consequence, our patients are happy with the services we provide.
Choose whether you wish to expand your services while also making a good profit.
Consistent Assistance:
Medical billing outsourcing services encompass all billing demands, denial management, and ageing recovery. They provide help to healthcare professionals for the duration of the contract, reducing their workload while raising their revenue.
We have processes in place at BellMedEx to submit clean claims over 98 percent of the time, ensuring timely filing of medical claims, daily follow-up on ageing A/R, and increase reimbursements.
Our billing, coding, and AR recovery teams are adept at accelerating collections and claim resubmissions. We have more control over the medical billing process and the associated revenue payments. We accept the duty of completing the assignment as quickly as possible while maintaining the promised revenue earnings and payments. HIPAA compliant and handle all aspects of medical billing to ensure prompt payment.
Revenue management and aged recovery are areas where our billing and coding teams excel. BellMedex can assist you with cost-effective outsourced medical billing services.
