There are many reasons healthcare practices might outsource their billing to a professional medical billing service; confusing insurance requirements, staffing problems and just keeping up with industry changes are a few examples.
In the end, though, the reasons most medical billing companies hear about come down to the two driving principles of any business – Time and Money.
Medical Billing Services Save Training and Research Time
– Some readers might take the short view and think medical billing companies just enter data into a computer and send it off to a clearinghouse.
In reality, medical billing services is a detailed process requiring specialized skills and in-depth knowledge of medical practice management, insurance industry practices, and the regulatory framework around state and federal laws.
Professional medical billing companies invest countless hours in training and research to keep abreast of current codes, submission requirements, industry trends and the needs of their clients.
Significant expenditures are also made to ensure medical billing companies are up to date on the latest software.
In a constantly changing industry, software vendors are always finding new and better ways of supporting practice needs.
It's not practical for small or medium-sized practices to dedicate the time necessary to stay on top of the latest innovations.
Medical Billing Services Save Operational Time
-Medical billing services are able to save operational time by leveraging the economy of scale and the efficiency of task specialization.
Professional medical billing companies, by their very nature, create an economy of scale in maintaining a team of medical billing professionals to provide services across several practices.
This structure creates a well-trained pool of resources to manage each practice's needs rather than just one individual overseeing all billing functions.
The team approach also removes interruptions to revenue flow that result from vacations, unexpected sick time and staff turnover.