Reasons Physicians Should Outsource Medical Billing and Coding

Outsourcing medical billing and coding can bring your healthcare facility several benefits. You will spend less money and generate more accurate claims. Check out this article to find out more.  

Deciding whether or not to outsource your medical billing and coding operations is not simple.  An outside company might create cleaner, faster claims. Yet, you will also lose full control of the process and have to rely solely on another party. If you find a reliable and trustworthy company, outsourcing will ensure efficiency in the billing and coding process.

There are several advantages to outsourcing medical billing and coding processes. We’ve gathered a few, below.

Less expensive

If you pick an affordable company, outsourcing medical coding and billing can be less expensive than having these services in-house. You can save thousands of dollars in annual salaries and benefits. You won’t spend money on office supplies and furniture anymore. You won’t need computer equipment and specialized software which requires regular updates.

Some companies charge a fixed fee per claim; others charge a percentage of the reimbursement on each claim.  Be careful, though: if you don’t do your research, you could end up paying more for outsourcing than running the processes in-house.

Less stressful

There are always changes in regulations and technology in the field. By outsourcing, you won’t have to deal with them anymore. You will be able to focus solely on patient care and, thus, increase patient satisfaction.

More accurate claims

A reliable outside company will hire trained staff and will use current software. Consequently, your claims will be accurately submitted, in a timely manner. You could reduce the number of denied and rejected claims due to billing errors. No to mention that an outside company is flexible enough to meet the requirements of clients " you don’t have to worry about overworking your coding and billing staff when the number of patients increases.

No more billing interruptions

You won’t have to worry about your medical biller or coder going on vacation and leaving you with claims that have to wait until they come back to be submitted. Billing interruptions affect the timeliness of reimbursements and your cash flow. By outsourcing your medical billing and coding, you will constantly have a steady flow of claims going out and cash coming in.

Despite the advantages, outsourcing medical billing and coding could be problematic when it comes to compliance on Health Insurance Portability and Accountability Act (HIPAA) policies. After all, the more people that have access to confidential patient information, the greater the risk for a breach. That’s why you must make sure the company you choose is HIPAA compliant.