Outsource Medical Billing
The foremost thought on many independent physicians’ minds is whether or not to integrate their practice with a specific hospital system or to buy into a larger physician practice. In a survey conducted by CareCloud and QuantiaMD, 60% of physicians want to remain independent and do not want to sell or integrate their practice to or with a hospital system or large physician group. To achieve this, independent physicians need to maximize their revenue to be able to sustain their independence and not be forced into selling or incorporating their practice to or with a hospital system or large physician group. The most significant way a physician can maximize their revenue and reduce overhead is in the area of medical billing.
Outsourcing medical billing can provide the independent medical practitioner with an invaluable tool to remain autonomous. There are several reasons outsourcing medical billing can benefit independent physicians. These factors are; reduction of billing and claim errors, cost efficiency due to increased cash flow and reduction of overhead, ensures billing compliance, complete transparency of entire revenue cycle and increased patient satisfaction. This page is dedicated to addressing each of these areas that enhances the revenue cycle and medical billing for independent physicians.
Reduction of billing and claim errors
When a physician’s medical billing is performed by a professional medical billing company there is a reduction in billing errors and first pass claim rejections. The reduction is due to the highly trained medical billing staff, that revenue cycle management companies employ and attention to detail.
Increase cash flow
Another advantage of outsourcing medical billing is increased cash flow and reduction of overhead. With a dedicated outsource medical billing service there are no interruptions in claim processing and billing due to internal staff being on vacation or out sick. Your revenue cycle will always be up to date.
Independent physicians, who outsource their medical billing, experience a higher level of billing compliance and a reduced risk of non-compliant billing practices. Medicare, Medicaid and insurance carriers constantly change billing regulations. It would require one full-time employee to keep up with the changing regulations set forth by CMS. An outsource medical billing company stays on top of all changing CMS regulations.
Outsource medical billing companies can provide independent physicians with complete transparency of every aspect of their revenue cycle; Allowing physicians to have a detailed yet succinct view of their cash flow and provide insight on areas where cash flow can be improved. This gives the physician complete control over their revenue cycle while remaining independent.
Increased patient satisfaction
Due to the reduction in billing errors and increased compliance by utilizing the services of an outsource medical billing company, patients will receive accurate and timely monthly statements. Which in turn will increase patient responsibility payments and satisfaction.
If you are one of the 60% of independent physicians who want to remain independent, considering the use of an outsource medical billing company can play a significant role in remaining an independent physician.