Determining Factors For Outsourcing
Determining factors for outsourcing will tell you whether you should outsource your billing or not. Read on to find out what three factors can help you decide whether or not to outsource your medical billing.
Keeping your medical billing in-house can open you to a lot of expenses that can endanger your practice’s finances. There are obvious costs for doing your own billing such as employee salary, taxes, space, hardware, software, and benefits. You are also subjected to non-obvious costs, such as training and infrastructure maintenance.
Getting everything your billers need is a significant investment in itself. You also need to train them to navigate the system and practice proper billing practices. This process may take months and becomes a significant drain on your practice before it even opens. Indeed, keeping your billers in-house poses a significant risk. Sadly, their mistakes can cost you revenue when they start. These factors can endanger your practice.
Hiring an established and reputable medical billing firm can help optimize your costs. These firms have well-trained staff and proper infrastructure to ensure a smooth process. Don’t be ashamed to ask for help when something does not fall into your expertise.
You should focus on treating your patients as a medical practitioner. Keeping your billing in-house can cause you a lot of stress and take you away from your patients. Medical billing is a complex process that requires training and the right infrastructure. You may end up spreading yourself too thin if you have too many tasks when handling your practice.
A reputable medical billing firm will handle the entirety of your billing process to ensure you always get paid. They can even process your old claims and convert those into cash. They will give you the freedom to better care for your patients. You’ll have time to study new treatment techniques and go to medical conferences to learn how to better treat your patients. Please note: that you must hire an established and reputable medical billing firm to reap these benefits.
Medical billing adheres to very strict deadlines that you must follow to get your reimbursements. Medical billing has what they call a timely filing limit, which is the timeframe where your claim must be submitted to the payer. You need to meet this deadline, or you get nothing for your work. Different payers have different timely filing limits; some payers will only give you 90 days, others give you an entire year.
Hiring a reputable medical billing firm will make this a non-issue for your practice because they know all the tricks of the trade. These firms know all of the timely filing limits to prevent any of your revenue from slipping through cracks.
Before doing anything, you need to do an inventory of your practice’s needs to find out what areas you need help with. Your needs will determine what parts of your practice you need to outsource. Finance ranks high in that hierarchy of needs, and Synapse Medical Billing is here to help. Synapse is a medical billing firm with over 20 years of excellent service for medical billing.
In conclusion, cost expenditure, focus, and meeting deadlines may require you to outsource billing. Synapse medical billing stands ready to handle your entire billing process. The firm will ensure you get paid so you can focus on providing the best care for your patients.