You want your practice to be as lucrative as possible. Without having dependable medical billing procedures you stand to lose tens of thousands of dollars due to under billing, missed payments and poor collection practices. As well, a less savvy biller may miss out on legitimate billing just because they are not as well-versed in the coding system. Hiring medical billing companies can ensure you are up on your accounts receivable, paid on time and billing the maximum amount allowed.
Control Still Maintained
Many practices worry that by going to a third party billing company they will lose control over their billing. However in order to use medical billing companies successfully your Office Administrator can work directly with them to maintain control of how things are being handled. Lost revenues at medical practices are often due to employees who are lax in collections, not using due diligence in billing and coding and sadly also due to embezzlement. Working with a trusted third party billing service will lessen the chances of embezzlement while increasing revenues due to more pro active collection and coding practices.
Consistency and Dependability
When you are paying staff to manage your billing you can be open to many issues including poor turnover with constant need to invest time and money in training. Vacation requests also force you to get behind in billing. Inconsistencies amongst workers due to bad habits or a lesser understanding of the process can also affect your revenues. Medical billing companies will always be consistent and dependable so that your billing will never fall behind and will contain fewer errors due to professionally trained experts managing your billing. You can maintain a trusted manager to oversee the third party billing company without them having to worry about managing and training billing and coding staff.
Cost and Reporting
Professional medical billing companies will prove to be far more cost effective for a number of reasons. First and foremost they will be able to bill the maximum amount as they know how to bill properly and will manage collections to ensure you are always paid for your services. They also are moe affordable than coding or billing staff which lowers your overhead. They also place less demands on your practice than staff who may pose HR issues. All in all hiring a third party billing company will benefit your practice.