In today’s fast-paced healthcare industry, it’s more important than ever to have accurate and timely billing processes in place to ensure your medical business or practice’s financial success.
Yet it’s not always financially feasible for you to hire an in-house team to handle these important tasks. Running a business or practice is expensive, with costs that can quickly add up. Let’s face it, while your main priority is your business service or patient care, you also must ensure that your business is financially stable.
On the other hand, your business may be thriving. Everything may be going according to plan … Your business or practice is rapidly growing, and you’re quickly becoming the go-to destination for quality healthcare in your community. Yet all of this hard work could come to a grinding halt if your internal billing and coding team cannot keep up with the increased workload, resulting in delayed payments and an increase in denied claims.
In either case, outsourcing to a U.S.-based medical billing and coding service can be the solution you need to help your practice stay on top of the billing and collections process, reduce administrative costs, and ensure timely and accurate claims submission.
If you’re still not sure whether partnering with an experienced U.S. medical billing and coding service can benefit your business, here are 6 reasons why it may be just the solution you need to streamline this part of your medical business:
- Increased revenue
- Cost savings
- Improved focus on patient care
- Reduced administrative burden
- Access to expertise and tools
- Compliance with regulations
Outsourcing medical billing and coding services to U.S. experts can help you increase your revenue by reducing errors and rejections, improving the accuracy of claims and accelerating payment processes. It’s the trifecta needed for healthy revenue, but how can medical billing and coding services based in the United States help you achieve this?
However, it can be difficult for medical billing and coding companies based outside the United States to ensure accuracy since the U.S. billing and coding practices differ from those found in other countries. In fact, billing and coding practices can vary significantly between countries due to differences in healthcare systems, coding systems, reimbursement rates, legal and regulatory frameworks and cultural factors.
For example, the United States has a complex healthcare system that is largely driven by private insurance, whereas many other countries have government-funded healthcare systems. This means that medical billing and coding in the United States involves dealing with multiple insurance companies, each with its own billing and coding requirements.
Reimbursement rates for medical services can vary greatly between countries as well. In the United States, reimbursement rates are negotiated between insurance companies and healthcare providers. In other countries, the government often sets reimbursement rates.
Why does location matter when it comes to revenue for your medical business? When claims are rejected or denied due to mistakes or misunderstandings, it can lead to delays in payment, which can cause cash flow issues.
If increased revenue is a goal of your medical business, it’s important to choose a medical billing and coding company that is based in the United States and does not outsource any of its services to foreign workers for the above reasons as well. By outsourcing medical billing and coding services to U.S. experts, you can ensure that your claims are accurate and complete, which can help to accelerate payment processes and improve cash flow.
Hiring and training in-house billing and coding staff can be incredibly expensive. The average base salary of a billing and coding professional is around $67,000, not including associated payroll costs like health insurance, paid time off and more.
You’ll also need expensive software and maintain a technology infrastructure that can handle your billing and coding. Software alone can cost hundreds to thousands of dollars per month depending on your facility’s needs and size.
On the other hand, outsourcing medical billing and coding services can help your business save money. Rather than hire your own internal staff and pay for the technology infrastructure you would need to support your billing and coding department, you would instead pay a monthly agreed-upon fee for services rendered by a billing and coding company. That fee is often significantly less than what you may face in payroll costs.
Professional medical billing and coding companies also typically invest in the latest technology and software to ensure that they are able to manage the billing process effectively and efficiently. This can provide healthcare providers with access to advanced technology and software without the need to invest in these resources themselves.
Improved Focus On Patient Care
Whether your medical business is a physician’s office, medical diagnostic laboratory or urgent care facility, patient care is the root of your business. All other aspects of running a medical business, including billing and coding, exist to support the primary goal of patient care.
By partnering with a professional medical billing and coding company, you can delegate time-consuming administrative tasks to these experts, freeing up your time and your staff’s time to focus on providing quality patient care.
Choosing a U.S.-based medical billing and coding service can also save you costly time spent resolving mistakes with coding services located overseas. Language barriers and differences in coding systems can lead to misunderstandings that can make it difficult not only to identify, but rectify in a timely manner.
By working with a U.S.-based partner, you can gain time to connect with your patients and build relationships that will enhance the personalized care you provide in your office.
Reduced Administrative Burden
Managing a busy medical business or practice involves a lot of moving parts. From patient appointment scheduling to records management, regulatory compliance, staff management, inventory management and financial management, these are just a few of the administrative areas that are essential to running an efficient business.
The administrative burden on healthcare providers can be significant, with these tasks often consuming a significant amount of time and resources.
By outsourcing your medical billing and coding services, you can take one layer away from this multi-layered administrative operation. Each of these layers are important in their own way, and ensuring staff members can focus on executing them accurately and efficiently can only help a bustling office.
Access To Expertise And Tools
Professional medical billing and coding companies invest in the latest technology and tools to help their clients manage the billing process efficiently and accurately. By partnering with these companies, you can benefit from the latest technology without having to invest in it yourself.
Some of these tools include:
- Electronic Health Record systems, which allow providers to capture and manage patient information electronically
- Practice Management software, which helps providers manage patient appointments, track patient visits and procedures, and generate invoices and claims
- Revenue Cycle Management software, which tracks revenue cycles from start to finish
- Automated Claims Processing, which quickly and accurately submits insurance claims on behalf of clients
- Compliance Monitoring tools, which help providers stay up-to-date with the latest regulatory requirements and guidelines
U.S.-based medical billing and coding companies employ experienced and skilled professionals who are dedicated to managing the billing process efficiently and accurately. These experts have a deep understanding of the complex billing and coding regulations and requirements in the United States, as well as the latest trends and best practices in the industry.
Following these latest industry guidelines, yourself can be challenging. Whether you’re a physician, administrator or lab manager, you have your hands full. Research shows the strain on the U.S. healthcare system is only getting worse, as the aging population grows and incidences of chronic conditions are rising.
By partnering with experts in the field of medical billing and coding, you can benefit from their industry knowledge, improving the accuracy of your billing and coding processes and reducing the risk of errors and rejections.
Compliance With Regulations
One of the primary advantages of using a U.S-based billing and coding service is that the company will be familiar with the unique requirements and regulations that govern healthcare billing in the United States. These regulations are complex and subject to frequent changes, so having a team that is knowledgeable and up-to-date on the latest rules can ensure that your practice remains compliant.
Healthcare regulations are subject to frequent changes and can be driven by various factors, including new legislation, advances in medical technology and evolving best practices. For example, the Centers for Medicare and Medicaid Services (CMS) updates its billing and coding regulations on an annual basis, which can affect the way healthcare providers submit claims and receive payments.
Given the frequency of regulatory changes in the healthcare industry, it is essential for you to work with a U.S.-based medical billing and coding service that has access to the latest information and expertise in billing and coding and can train their domestic staff quickly.
Professional medical billing and coding companies have dedicated teams of U.S. experts who stay up to date with regulatory changes and ensure that your practice is in compliance with the latest requirements. By working with these trusted partners, you can reduce the risk of errors and penalties and focus on your No. 1 priority … your patients.