While implementing an electronic health record (EHR) can dramatically streamline internal workflow. It also facilitates effective communication among physicians, patients, and medical billing practitioners. Innovative physician billing solutions would also lean your organization as much as possible. Healthcare in a digital environment is complex, especially with so many regulations that seem to constantly be rolling out another layer.
According to a recent study, it has been revealed that 91% of the physicians (that were polled out during survey) preferred the least expensive outsourcing physician billing option. However, moving towards outsourcing physician medical billing with that approach adds potential challenges to the existing physician revenue cycle management.
When a practice fails to adequately vet potential medical billing companies then you are the verge of trouble. Because some companies don’t have adequate security to protect your data in real-time. Another concern for independent providers and small clinics is the initial investment required if you decide to hire a medical billing company that has essential technology compatible with your current system.
While every business decision has both_ positive and negative aspects, outsourcing physician billing services is one option that can help you thriftily utilize human and financial resources. In this article, I have enlisted the top ways a physician billing solution would help you improve the patient experience even in the time of crisis of COVID-19.
REDUCE ADMINISTRATIVE RESPONSIBILITIES
By partnering with a trusted physician billing company, you’ll invest a few dollars and human resources to manage billing tasks and other administrative tasks like keeping your internal staff up-to-date on medical coding changes, modifiers, and sub-sets. Hence, you’ll have sufficient resources in place to provide quality patient care. It’ll in return leverage your customer-base and motivate you to invest more in uplifting patient experience.
Moreover, your staff will have to spend less time keying in information and preparing claims for submission. We all have heard a lot of horror stories about a physician’s staff being on the phones for two hours or more trying to get pre-authorization from the insurance carrier. While that is “wasted” time that could be spent on providing treatment and consultancy to patients about their corresponding conditions or responding to patient portal inquiries.
VERIFY PATIENT INSURANCE COVERAGE AUTOMATICALLY
If your practice currently has to hire temps or part-time personnel to stay abreast of the medical billing, coding, and revenue cycle trends then outsourcing is the best solution. Automating insurance verification reduces time spent on the phone checking coverage and you can also immediately access information about whether a patient has met their deductibles, maxed out the number of visits for a particular illness or injury, or become ineligible to a job change or other reasons.
Even if your practice isn’t trying to find places to cut down the operating costs to sustaining financial health of your business. You might be struggling to stay afloat of all the administrative challenges that may occur due to an expensive administrative budget and then should see no other choice. Some doctors spend more time than necessary to recruit and train new employees because they have high turnover rates caused due to the excessive burden of workload. It might not be easy to reduce payroll costs, therefore physicians should look for ways to automate and opt for workable physician billing solutions.
ENHANCE FINANCIAL HEALTH
When you partner with a physician revenue cycle management (RCM) company to handle your outsourced medical billing then you could boost revenue potential as much as 30%. In this way, you typically get paid faster with less effort from physician’s staff members and you don’t have to invest in on-going training.
A medical billing company has all of the state-of-art technology and trained staff to maximize coding for higher revenue capture. Consequently, more money in and less money out.
IMPROVE PATIENT SATISFACTION RATES
With less stress and more time to spend with patients, your staff and physicians can pay more attention to their patients. It would also satisfy your patients that they are not treated as entities that just come in and out of the physician’s office. It will let physicians build a profound relationship with their patients so that patients start to feel that nurses, lab technicians, and doctors are interested in their recovery.
OPTIMIZE CLAIM SUBMISSION PROCESS
Automating routine administrative tasks will enhance productivity and efficiency of your health business. Automating same-day claim submission will strengthen your cash flow. Typical paper-based claims may take as long as two months to move through all the channels prior to reimbursement collection. Expediting a clean claim, coded appropriately for maximum reimbursement, and backed with support in the EHR can result in full payment in at least 7 to 14 days.
REDUCE BILLING ERRORS
Outsourcing medical billing responsibilities saves your practice time and money that could be spent on patient care services. Outsourcing also speeds up the collection management process. Physician billing solutions ensure there are no medical coding errors, transposed numbers, or incorrect information in the claims before submitting to the insurance company. Hence, it results in fewer denials, few pended claims for additional information, and less work for your practice team.
Physician billing solutions also reduce errors with the help of hard data to drive your practice management decisions. A reputable medical billing company will provide you all the data you need to keep an eye on the financial aspects of your healthcare organizations. It will also help you easily analyze which insurance carrier pay faster than others. You can get an insight into which patient services are more likely to be challenged and whether or not your office is collecting self-pay and co-payments at the time of service.
Smart physician billing solutions enable healthcare businesses to manage big data. Practice managers can use that data to improve and optimize internal workflow and performance. Perhaps, the greatest benefit is the way this repetition cycle continues to provide more accurate and insightful information that allows practitioners and administrators to identify ways to make their organizations more productive, efficient, and less expensive to operate.
ENSURE DATA SECURITY
Physicians also get confused while outsourcing medical billing services due to the concern of data and internet security. Protecting patient and practice data is critical. We have all read about data breach stories that exposed private health information. This information is more vulnerable than any other type of black market data. Some experts depict that a personal medical file will bring 10 to 20 times more money than other types of digital data like a credit card number. It is actually expensive to maintain a rigorous IT system to guard valuable information.
If your practice assigns medical billing to a professional company then they have the responsibility to protect all patient information and safeguard your business values. They would invest money and not your practice to ensure all applicable security measures to protect patient data.