More and more healthcare professionals, practices and institutions have moved from the traditional in-house billing facilities and slowly reaped the benefits of outsourced billing services. This tactical approach in the healthcare industry resulted in more streamline medical operations particularly in the efficient and professional management of medical billing. Physicians, surgeons, and healthcare organizations have benefited much in terms of time and cost savings, thereby allowing these professionals to render their time in more value-added patient care.
To gain much from the benefits of outsourced medical billing services, healthcare professionals and organizations should clearly understand all the features that are inclusive in service packages to guide them in the decision process. This is very significant particularly if the practice or institution is still in the selection stage for an outsourced billing service. The following describes some of the more notable features and related benefits that clients can derive from an outsourced medical billing service.
Features and Benefits of Outsourced Billing Services
There can be a considerable listing of all the benefits of outsourced billing that medical practitioners and institutions can gain from, some of which can be realized immediately upon implementation of the service. Most important among these benefits include those that affect the bottom line, particularly in terms of cost savings as well as higher revenues in a shorter span of time. Aside from that, here are the additional features that one should look for in outsourced medical billing services.
- Billing and coding staff will be totally under the responsibility of the service provider, so that the healthcare professional or institution would not have to worry about manpower related issues like salaries, sick leaves or vacation leaves. Also, there will be no related state and federal tax requirements, as well as unemployment claims, which is important considering the current economic situation in the country.
- Software upgrades are handled by the service provider and would ensure that they use the most updated software available. In relation to that, changes in the coding or billing requirements from insurance companies are assessed and assimilated by the service providers themselves.
- Reimbursement of claims should be processed within 2 weeks, instead of the usual 90 days maximum processing time that traditional in-house billing facilities experience. This is one of the most notable benefits of outsourced billing that professional and healthcare institutions can enjoy. This is due to the more focused responsibility of billing service providers, as well as their existing special relationships with insurance companies.
- The following are some of the basic key areas that are inclusive in the medical billing service packages offered by most service providers:
- Handling of patient inquiries related to billing
- Handling and processing of claims within 48 hours of receipt
- Submission and monitoring of insurance claims
- Follow-up of delinquent claims within 45 days after submission
- Handles physician billing and coding
- Insurance verification and reconciliation of accounts
- Accountsand activity updates including delinquency and status reports
- Outsourced medical billing service providers use customized software that can extract, chart and analyze all medical and billing data in a more comprehensive way, thus allowing performance indicators to be monitored in real time so that critical business decisions can be made systematically and accurately.
These and other features of outsourced billing services can help medical professionals and practices deliver their best focus and services related to patient care. This in turn will benefit not only the patients who receive better quality healthcare, but it can also impact the bottom line, resulting to a more profitable profession of healthcare business.