Top Signs That You Should Outsource Your Physician Billing
Even the most experienced healthcare professional may find Physician billing and coding difficult. With thousands of ever-changing medical codes and regulations to navigate, finding the time to properly file all claims can seem impossible. Your team may be weighing the options and determining the best course of action to maximize revenue. Your practice can grow and your team can provide the best patient care if you have a healthy revenue cycle. In-house management can be expensive, inefficient, and exhausting. The following are the top signs that it is time to outsource Physician billing services at your practice.
- Management Strain
Physician billing in-house is frequently time-consuming and stressful for your administrative staff. It not only necessitates ongoing training to keep up with changes in regulations and codes. But it also consumes valuable time away from other administrative responsibilities. You might even start distributing billing duties among other staff members, including clinical staff, just to get the job done. You could even start scheduling administrators to work on weekends. Overstretching your staff can quickly result in dangerously low morale, as well as billing and coding mistakes. Many practices still avoid outsourcing their Physician billing and coding because they are concerned about the cost. The reality is that outsourcing Physician billing services can save you a lot of money in the long run because it increases efficiencies, regardless of the size of your practice.
- Staff Turnover Is Extremely High
A high staff turnover rate is another common result of an administrative stress. When someone leaves your practice, you are forced to either distribute the workload among already overburdened team members, many of whom have little to no knowledge of physician billing and coding practices or require considerable training someone new who may leave before their training is completed. All of this can result in lower revenues, increased billing and coding errors, and lower quality of care. Outsourcing your physician billing allows you to concentrate on the patients.
- Delayed Payments Are On The Rise
Physician billing and coding errors also result in additional work and delayed payments. It can be extremely disheartening to discover that your practice is going to receive a massive amount of denied claims and thus losing valuable revenue. Claims are frequently rejected due to clerical errors such as:
- Missing information
- Duplicate claims
- Billing for items that are not covered by insurance
- Missing file dates
- Incomplete codes
With some medical practices experiencing a 30% rejection rate, outsourcing your Physician billing can help you achieve a clean claim rate of up to 99%. As a result, your practice will be paid what it is owed faster than ever before increasing in overall revenue.
- A Reduction In Patient Care Quality
When your staff is more concerned with Physician billing and coding than with patients, the quality of care can quickly deteriorate. As they're focused on filing a claim, your receptionists may fail to acknowledge patients as they walk into your practice although these details may appear minor, they can have a significant effect on the overall experience of your patients
- Workflow Efficiency Has Dropped
If your organization's workflow productivity is declining, it might be time to outsource Physician billing. This frees up your staff to focus on patient-critical tasks while an expert billing team monitors and reviews claims to ensure smooth billing. Hence to conclude, if your practice is experiencing one or more of these Physician billing issues, it's time to rethink how you handle your revenue cycle. When you work with some of the high-rated outsourcing healthcare sectors, you can expect individualized attention, timely reports, and the peace of mind that comes with knowing you're working with certified professionals who know what they're doing.