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I'm very thankful for Portiva who I know is looking after my practice while I'm gone the virtual assistants can manage prescription refills, documents they can triage patients and just kind of answer administrative concerns and they can handle a lot on their own. But also, they're very good about contacting me if there's any emergency or anything I need to attend to. So I'm very thankful for Portiva they can help almost any provider almost anywhere and it really allows for some good work-life balance as I'm getting to experience right now at my family farm so I'm very thankful for Portiva and I'm very happy to use their services"
Portiva's Virtual Medical Assistant - I have all the assistance I need. There's somebody checking my email, any patient messages. Patients are still able to schedule and handle any scheduling issues and any kind of billing that needs to still go through. Portiva hands handles it all for me. I have support i have somebody that I can access 24/7 pretty much. It's all very seamless. If somebody has an emergency or needs a medication called in. I know that the va's at portiva will handle that for me.
Board Certified Family Medicine Physician
Maximize Profits and Efficiency with Outsourced Medical Billing
I wondered if you should create your billing department or hire expert medical billers. Before you make any decisions, read further to learn the benefits and drawbacks of in-house billing departments and medical billing companies.
Pros of In-House Medical Billing Company
No Proximity Issues
Your in-house billing department is present in your company, which has a huge benefit. If any problem arises, you only need a short office floor walk to witness the billing procedure and address any concerns.
Retaining Control
Doctors and administrators will have direct control over financial operations through in-house billing, and your own hired people will be doing coding and RCM tasks.
Flexibility
When you handle your billing, you can set all the rules. However, while dealing with a third party, you must execute a contract and abide by its terms. Modifying your billing system in the future will be significantly more difficult.
Return on Investment (ROI)
A practice loses a lot of time and money when it switches to an outsourced solution after investing in educating medical billers and obtaining billing management software. When a sound infrastructure is in place, improving current procedures to maximize ROI makes sense.
Utilize Your Resources
It’s not easy to launch your medical practice. Undoubtedly, it required substantial investment to get it started. You could be able to handle billing internally already, and you’d like to use your own money. For instance, switching might not be worthwhile if you’ve already invested much money, time, and effort in medical billing software and staff training.
Cons of In-House Medical Billing Companies
Higher Costs
It is widely acknowledged that the costs associated with paying billers’ wages, providing employee benefits, and investing in technological systems cost you more than choosing an outsourced medical billing company.
Liabilities
Suppose management doesn’t keep a strict check on billing operations. In that case, medical billing departments can suffer from theft and ordinary employee carelessness, leading to form errors, trashed super invoices, and unappealed claim denials.
Support Issues
If your billing department only has two or three employees, even one employee becoming sick, going on vacation, taking a leave of absence, or quitting entirely can cause significant delays in operations and cash flow.
Pros of Outsource Medical Billing Company
Cost Savings
It can be quite expensive for a hospital to hire and maintain an internal billing department with high levels of expertise that needs continuous updates. Infrastructure installation costs, onboarding costs, training costs, salaries, and benefits are some of the overhead expenditures that will be incurred. It makes sense to outsource this clerical task because many healthcare organizations can find it difficult to maintain the costs of running an internal billing department.
Additionally, third-party billing businesses profit from getting multiple clients. Their billing and coding activities are substantially less expensive than a healthcare provider’s. Since they are a specialized company serving several healthcare providers, they process many more billing claims for less money.
Reduces Errors
Medical billing and coding regulations change over time, and staying up-to-date with them can be exceedingly difficult. As a private practice, it is very difficult to keep track of billing and all the new rules and have enough staff to do that.
Billing mistakes are likely to need to be adjusted as soon as possible. These mistakes may cause payment delays, claim denials, or underpayments. Errors in billing can have pricey charges and penalties. Taking on this duty without knowing and understanding new rules and laws can lead to significant and unnecessary costs.
Billing firms track any new changes and optimize their procedures to maintain efficiency and reduce errors. Outsourcing medical coding relieves the burden of creating quality assurance systems to guarantee adherence to new laws and regulations. Additionally, medical billing businesses use top-notch infrastructure and software to preserve accuracy. They are less prone to make mistakes with medical billing as a result.
Increased Consistency
Outsourcing medical billing has the significant benefit of consistent staffing. Most of the in-house medical billing department has a small team and few experts in charge of all billing and coding duties. The few members in a team mean that when team members cannot work, billing operations will become susceptible to workflow disruptions. This can be fully avoided with the help of outside medical billing companies.
A fast billing process and on-time delivery are expected of third-party billing businesses. They also have backup procedures to complete tasks when some employees go on leave. Healthcare organizations guarantee that you will still get paid no matter their company’s situation.
Improvement in Revenue
A practice’s revenue may vary. However, outsourcing its medical billing can increase revenue and shorten the revenue cycle. Due to this revenue cycle management, medical billing businesses process claims more quickly and ensure insurance carriers approve their invoices. This means fewer denied claims, more income, and quicker payment collection for healthcare providers.
In conclusion, healthcare providers can benefit from higher revenue and quicker turnover by hiring the best outsourced billing services.
Cons of Outsource Medical Billing Company
Control of the Billing Process
You will have less control over management and, occasionally, less understanding of how insurance claims are handled when choosing to outsource medical billing services. For instance, you must schedule a phone call rather than stroll down the hall if you have a question about bills.
Communication with Patients
Depending on the outsourcing medical billing service you choose, you might not have immediate access to patient billing records. You may not have an answer if one of your patients asks about billing or insurance. Establishing a communication protocol with your service provider to prevent customer annoyance would be best. This way, you will deal with the situation when your patient gets impatient to get their answers.
Hidden Fees
Healthcare providers should be aware that outsourcingng medical billing services could have additional coste not disclosed upfront. Also, switching to a billing structure of another company might have a major financial impact. And the infrastructure upgrades, startup charges, membership charges, legal fees, etc., can lead to additional costs. This may be much more difficult for independent clinics, remote outpatient facilities, small medical facilities, and private practitioners.
Which Type of Medical Billing Services to Choose?
Which is the most suitable option for your medical practice depends on several factors. If you are willing to spend endless money and ready to take all the burden on your shoulders, you can opt for in-house medical billing. However, if you want support and guidance from one of the best billing teams, you must outsource medical billing.
We understand that you might worry about the additional costs and have less control over the billing process. Still, a credible billing team like Portiva will give you access to the billing information. This way, you can check the financial condition of your business whenever you want. Also, a reliable medical billing team will not cause extra costs for medical billing operations. Portiva will ensure that you get your services within your budget.
General QueriesFor You
Frequently Asked Questions
What are the benefits of outsourced medical billing for medical providers?
Outsourcing medical billing is bright for healthcare providers looking to boost revenue and improve their practice. By outsourcing billing, practices can benefit from claims management, appointment reminders, patient portal support, and analytics reporting. Billing companies provide billing expertise, including credentialing and billing office management, freeing up clinical staff to focus on patient care. Industry specialists in outsource billing can show results based on cloud-based software solutions that drive revenue cycle management. In addition to improving billing, outsourcing medical billing can lead to better patient satisfaction with scheduling alerts and a higher level of business support. So partnering with an outsource medical billing company can be a game-changer for medical practices.
How can outsourced billing services improve claims management for medical practices?
Outsourcing medical billing can drastically improve billing management for medical practices. Billing companies specialising in outsourcing billing provide support and expertise in the field, helping to ensure that all claims are submitted accurately, on time, and with the appropriate documentation. This frees up medical practices to focus on patient care while the billing provider manages the revenue cycle.
Outsourced billing services offer software solutions and analytics data analysis that can help identify inefficiency in the billing process, leading to quicker reimbursements and increased revenue. These billing companies can also handle patient questions and concerns related to billing, freeing up clerical staff to take care of other patient needs.
In addition, outsourcing medical billing provides access to billing specialists with knowledge and experience in various specialities and billing for all procedures. By partnering with an outsource medical billing firm, medical practices can streamline their business operations, reduce errors, and improve revenue cycle management, resulting in a more successful and profitable practice.
What role does outsourcing billing play in reducing patient billing errors?
Outsourcing medical billing plays a significant role in reducing patient billing errors. Billing companies specialising in outsourcing billing have the expertise and software solutions to ensure accurate claims management, from coding and billing to follow-up and reconciliation. They can also support healthcare practices with patient billing services, including customer service and payment plans.
Billing companies use electronic health records (EHR) and practice management software solutions to streamline the billing process, resulting in fewer errors and reduced processing time. By partnering with an outsourcing medical billing company, healthcare practices can reduce the administrative burden of billing and focus on delivering quality care to their patients.
In addition to reducing errors, outsourcing billing can also improve patient satisfaction by providing precise and accurate billing statements, timely follow-up, and dedicated customer service. Outsourced billing services can also offer insights into industry best practices and regulatory compliance, ensuring that healthcare practices remain up-to-date and competitive. These benefits improve billing accuracy and ultimately reduce patient billing errors.
How has medical billing outsourcing revolutionized the healthcare industry?
Medical billing outsourcing has revolutionized the healthcare industry in many ways. By outsourcing billing, healthcare practices can benefit from expert billing services and software solutions that streamline the revenue cycle management process. This, in turn, helps to reduce administrative overhead, improve billing accuracy, and ultimately increase revenue.
Outsourcing billing also provides access to specialists with experience in a variety of specialties, ensuring accurate coding and billing for all medical procedures. Additionally, outsourcing billing companies can provide insights into industry best practices and regulatory compliance, ensuring that healthcare practices remain up-to-date and competitive.
Outsourcing billing services have also improved patient satisfaction by providing clear and accurate billing statements, timely follow-up, and dedicated customer service. Billing companies can also manage patient payment plans, freeing up an administrative burden for healthcare practices.
Overall, outsourcing medical billing has transformed the way healthcare practices operate, allowing them to focus on delivering quality care to their patients while expert billing providers handle the business side of things with accuracy, efficiency, and expertise.
Bottom Line
In a nutshell, outsourced medical billing services are a perfect option for any business in the healthcare industry. If you worry about billing errors, hidden expenses, or any issues, contact Portiva. We provide every type of support to medical practice and can resolve all your concerns. Top-rated outsource medical billing company – Portiva!