Whether onshore, offshore, or nearshore, outsourcing your medical billing needs could be the best thing you ever do for your practice. Outsourcing once got a bad rap, but now that is more fully understood, businesses are more apt to use it as a business solution. Doing so has made possible many benefits for the companies of today to do business, and medical billing companies are no exception. In fact, many are taking the lead as a way to increase their revenue and shorten their clients’ billing cycles.
Just like any business, medical billing has its own special language and processes. However, if medical billing is not the core business you are in, and let’s face it, it isn’t, maybe you shouldn’t be doing it. In fact, if you do your medical billing in house, you may be hurting the business side of your practice without even realizing it. It takes time away from your core business, which is seeing and treating patients.
This is the primary reason it would be a smart decision to send your medical billing to an outside company. It is a process that could easily be done by those who are trained to do it, do it faster, and do it better than your office staff. And, it won’t cost you any more in time or money. It may even cost you less.
The adoption of the new ICD-10 codes at the end of 2015 has increased the need for newly-trained medical billers. This is, of course, the core function of a medical billing company, and you may find that they get better and faster results than your in house staff does. What is more, demand for this occupation is only expected to increase, due to new CPT codes that will take effect in 2016.
You will find that outsourcing this process will speed up your office’s workflow, and will probably speed up your payments as well, which will mean more money coming in faster to your practice. This happens precisely because medical billing is their core business, not seeing patients.
Where you decide to outsource will also be an important decision. Offshore outsourcing facilities need to be vetted to determine if their technology and employees can handle your workload, since they will face the same amount of work wherever you decide the work will be done.
Medical billing and coding is a business process just like any other. But when a business process is not the core function of your company, to perform it in house could actually be hurting your company because it diverts your attention, time and resources. While necessary, medical billing and coding is not the core function of a medical office. It is, simply, a business process that requires time, employees and resources. In a doctor’s practice, your principal responsibility is to see and treat patients. It makes business sense therefore to outsource your medical billing and coding.
The recent move to ICD-10 has increased demand for trained medical billers and coders because this is the core function of their business, and quite frankly, they understand it better than an in-house billing staff often can. This demand will only increase with the introduction of new CPT codes in January 2016.
Outsourcing the medical billing and coding process will greatly speed up the workflow of your practice and will invariably result in bringing in more revenue you are owed faster than could be done by your in-house staff. After all, it is their core function. What better time than a new year to outsource your medical billing?