02 Jun Why Should You Outsource Medical Billing Services in 2022?
Medical billing is a tedious and strenuous task that requires its own specific set of skills and training. Running an efficient in-house billing department is a job in itself and due to its monotonous nature, medical billing can burden the already drained resources of many healthcare providers and medical facilities. Without access to the required skill set and manpower, healthcare providers are often unable to perform medical billing properly, which results in lost revenue and poor patient experience.
However, since medical billing is a clerical task, it can be done independently of the actual administration of health services. For this very reason, more and more healthcare providers and facilities are now outsourcing end-to-end medical billing to third-party service providers.
Below we will be discussing how outsourcing your medical billing services in 2022 can optimize your practice on both logistical and financial fronts:
Compliance & Guideline Adherence
End-to-end medical billing in the USA is composed of complex coding rules, insurer guidelines, and billing regulations. Moreover, due to the evolving landscape of the healthcare industry, the rules and regulations are constantly changing. Healthcare providers/medical facilities can face severe consequences if they do not comply or keep up with current regulations and requirements.
Your in-house team might be tech-savvy, but it will not be easy for them to stay on top of healthcare industry practices. Training your team to keep them updated with all the changes can be quite expensive and time-consuming.
Outsourcing your medical billing services to a third-party provider ensures your company stays abreast of industry changes. Every renowned medical billing company has the time and resources to monitor the ever-evolving industry changes and stays on top of regulations and compliance issues. They have trained, certified coders who keep an eye on every detail and ensure all coding rules like ICD 10 and other HIPAA regulations are followed thoroughly.
Your outsourcing partner will notify you of any changes in the rules and regulations in advance, so you don’t have to research those changes on your own – freeing up time to focus on patient care and other operational areas.
Eliminate Overhead Expenditures
For in-house medical billing, the healthcare provider/medical facility has to hire a separate billing team and bear onboarding and training expenditures, as well as pay for their salaries and benefits. In-house medical billing also brings along several other unnecessary expenses, such as insurance and software and payroll installation charges. Almost every medical facility spends about 30%-40% of its revenue collections on medical billing processes.
Outsourcing medical billing services can eliminate the need for creating and managing an entire billing team, saving the cost of training employees and keeping them up-to-date with the latest regulations. Every outsourcing company has its own highly-trained staff and latest technological stack, so you will no longer have to buy any billing software or equipment or pay for costly upgrades.
By eliminating training costs, employee compensation packages, and software installation/upgrade costs, outsourcing helps you cut down up to half of your billing expenditure. The money saved from overhead expenditures can be utilized for higher priority items which can revolutionize the working of your medical facility. Thus, outsourcing your billing services not only allows your practice to save more money but also shifts you to a more sustainable approach to revenue cycle management.
Increased Data Security
Another added benefit of outsourcing medical billing services is the security it provides. Due to the rampant identity theft these days, the healthcare industry loses around $5.6 billion every year. Statistics reveal that in 2021 alone, 40 million people in the U.S were affected by healthcare data breaches. Due to the sensitive information present in medical records, such as credit card information and social security number, data breaches can have serious implications for the affected patient. For this reason, you need to ensure your patients’ data is well-protected.
Well-established outsourcing companies are HIPPA compliant with the necessary cybersecurity infrastructure in place to provide a safe haven for medical billing operations. They employ unpenetrable firewalls and the most up-to-date measures to maintain and protect patient privacy against hacking attempts while exchanging information between providers and payers.
When hiring a medical billing outsourcing company, investigate their past security record first to make sure they are trustworthy. Any good medical billing company puts cybersecurity front and center to maintain and protect patient privacy at all times.
Prevent Billing Errors
To err is human. However, the cost of even a single error in medical billing is huge: it can delay the payment of your medical practice by days, if not weeks, and lead to additional expenses. Improper filing or simple mistakes, such as adding incorrect patient details or double billing, can affect your reimbursements and result in denied claims. With more medical facilities switching to paperless billings, the chances of such errors are increasing – every 8 out of 10 patients find errors in their billings.
Outsourcing end-to-end medical billing to another company gives you access to experienced personnel who ensure timely and accurate submission of your medical claims. Outsourcing providers are knowledgeable about billing codes and remain up-to-date with the ever-changing billing rules and regulations, making your revenue cycle management smoother and faster without the scope of errors. They employ a variety of checks and balances to ensure each claim is accurate and error-free.
By eliminating medical billing errors, outsourcing companies not only prevent unnecessary expenditure arising from rework but also boost the processing of reimbursements and payments. A seamless processing system streamlines workflow and adds to revenue generation – medical facilities that employ the services of Sypore experience improved collections by up to 15%. Outsourcing medical billing companies also reduce the time taken for collecting payments by issuing in-time reminders – Sypore has reported a 20% reduction in time for collection of A/R through top-notch services.
Get an Edge Over Your Competitors
Providing uncompromised quality of care to patients is the top priority of every healthcare provider. However, achieving this goal can become difficult when the provider’s attention is juggling between the many complex processes of end-to-end medical billing. At Sypore, we understand how precious time is for healthcare providers, so we take the burden of medical billing off their shoulders to help them focus on patient care.
Sypore is a credited outsourcing company that provides a helping hand to healthcare providers covering the RCM in all its entirety, from pre-authorization to accounts receivable recovery. Our trained and experienced team employs industry-leading practices and technology to meet the specific needs of every one of our valued clients.
As our billing team handles all the billing processes, from keeping all the medical codes up to date to ensuring timely and accurate submission of claims, healthcare providers are saved from countless hours of an administrative stress. Backed by our exemplary services, we can help you reach greater heights of optimization as well! Ready to streamline collections and maximize profits? It is the perfect time to reach out to an experienced medical billing company and get the top-notch services your practice needs to excel.