What You Need To Know About Outsourcing Medical Billing
Quality patient care is the highest priority of any healthcare organization, which includes a healthy revenue cycle that shows how well you serve patients and allows facility growth. By outsourcing medical billing, you empower your company’s financial performance.
Synapse Medical Billing understands that revenue cycle management can be a daunting process yet is an essential way to ensure financial health. However, it doesn’t have to be complicated and confusing since we provide the most accurate, transparent, and efficient billing processes. Below, we illustrate what makes outsourcing medical billing the right financial decision, and things to consider when choosing a medical billing company.
Benefits of Outsourcing Medical Billing
Many healthcare providers struggle with organizational issues and inaccurate coding and billing while wearing many hats. Hence, the quality of patient care can be negatively impacted. This could be solved by outsourcing professional medical billing providers, helping meet the financial objectives that are suited to their practices, and enjoying the following benefits.
- Save significant time and effort: Medical billing codes could take a long time to do and just when you think you’re good with your insurance payors, new policies are being introduced. A medical billing provider can take the heavy weight off your shoulders and efficiently handle a growing volume of claims. As a result, there is no time wasted on piles of paperwork and more time to spend on more relevant tasks.
- Increase net collections: Experience an immediate 5-50% profit boost with the best medical billing services. Remember, the increase depends on how many deficiencies are found within your existing revenue cycle. You don’t have to worry about covering the billing fees charged by the outsourced medical billing company because it ends up paying for itself.
- Better efficiency, reporting, and accountability: With an automated billing process, your entire revenue cycle performance may be viewed and reviewed with just a few clicks. This will allow your staff to focus on patient care and satisfaction. Financial reports are easily shared to show excellent returns on investment.
5 Things to Consider in a Medical Billing Company
When choosing a medical billing partner, it’s important to be wise and determine if they are the right fit for you. Remember, who you’ll choose has an essential role in the trajectory of your financial health and performance. Here are five things you should consider before outsourcing medical billing.
1. HIPPA compliant
Health Insurance Portability and Accountability Act (HIPAA) compliance is no longer an option, but your direct responsibility for upkeeping healthcare privacy and security. You would need an experienced company that adheres to the laws, medical regulations, and guidelines of HIPAA. This will give you peace of mind since your patient’s health information remains confidential as well as protected of their legal rights.
2. Reputable
Trust is the foundation of any business partnership. This is why running a complete and comprehensive background check of your chosen medical billing provider is vital. Begin the research and never disregard your trusted colleagues’ opinions and referrals. You may also ask medical professionals who have outsourced medical billing services.
3. Excellent Expertise
The accuracy of codes and billings depends on the level of expertise of billers. Those who are practicing privately with specializations or rural hospitals know that billing and coding can be unique to your facility and specialty. Inaccurate coding may lead to claim denials and low cash flow, which are challenges you won’t have to face when you outsource your medical billing.
4. Measurable Results
Maintaining control of your revenue cycle management could be an overwhelming task without up to date, efficient, and free-of-human-error medical billing process that you could get from outsourcing. By switching to outsourced medical billing, you can receive payments in a shorter amount of time and have a transparent comprehensive performance reports to support your wise financial decisions.
5. Transparent
With measurable results come the financial numbers that will give you the status of your claims. Working with an outsourcing billing company will help you have regular and transparent reports, where you could oversee the billing process and ensure efficiency on all ends of the line.
Why Synapse Medical Billing Is The Right Choice
Synapse specializes in delivering quality revenue cycle management solutions to multiple and solo-practice providers in the healthcare industry. We take care of all your practice management needs from A-Z by being transparent, honest, and accountable in our financial and medical billing services.
In addition, Synapse can help with web presence and web-based patient solutions. In today’s digital age, we know that having a new website is important in reaching new patients or launching a mobile app is supplemental for customer care. We go beyond the billing department which helps you restore your bottom line and be back on track with tailored-fit solutions.
You don’t have to waste a moment of your time updating medical coding rules and guidelines. Our highly competent and well-educated staff will do that for you. To learn more, contact Synapse Medical Billing at (844) 384 7532 and call us today!