Are you tired of managing medical billing in-house? Look no further!
Outsourcing your medical billing can save you time and money. Learn how now.
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Outsource Medical Billing Services
Do you run a medical practice? If you do, you may understand how difficult it is to run a medical practice alone. As the owner, you must wear several hats and care for different departments to ensure your medical practice runs smoothly. The owners must also take care of things they need to gain expertise. This includes medical billing. While providing medical assistance is in your skill set, medical billing may be different. Portiva can be the help you need!
Medical billing can be sensitive, and there is a lot of room for error. If you do not have the necessary expertise, you might end up making mistakes that can be easily avoided. In this case, you should delegate responsibilities, so only those experts in medical billing can take over and handle all the work smoothly.
Benefits Of Outsourcing Medical Billing
If you are still sitting on the fence about whether or not you should, then here are some benefits you may experience if you outsource medical billing:
1. Saving Money
Choose a medical billing outsourcing company if you are a small establishment and want to save money. When you hire such a company to outsource your medical billing, you don’t need to hire a full-time employee and invest in the billing software.
Medical billing outsourcing companies have the software already, and they can help you with the billing with the latest technology and trained experts, which eventually improves your practice’s financial health.
2. Error-Free Billing
As mentioned earlier, medical billing is no piece of cake. There are several things for you to care about, and if you make a mistake, the outcome can be worse. Mistakes in the medical billing process can result in denied claims, rejected claims, loss of revenue, and even putting your patient’s health at risk.
You need to ensure there are fewer medical billing errors, and the safest way to do that is to hire a medical billing service; they can do that for you. These companies hire medical professionals trained to offer billing services and are familiar with all the billing procedures.
3. Patient Satisfaction
Patients who come to your medical office expect you to provide quality healthcare and complete medical billing transparency. This transparency helps improve patient satisfaction. When the medical bills are clear, the patients can be clear about their bills, which can cause misunderstandings between them and the medical practices. This is why medical practitioners need to provide clear bills.
4. Quicker Payment Turnover
If you outsource medical billing to a reputable company, then you can get quicker payments as their process is streamlined. With a streamlined process, the bills are submitted faster, meaning the company can get their payments quicker. This improves cash flow significantly, and that helps you run the establishment better.
5. Compliance With Medical Billing Regulations
You must adhere to all the medical billing regulations when carrying out medical billing. As a medical practitioner, you may have a lot of things on your plate, and keeping up with regulation changes is low on your priority list.
You can outsource medical billing services to the right company to ensure you follow all medical billing regulations. It would be best if you didn’t have to deal with compliance issues and complete the billing process without hassle.
6. Improved Patient Care
It is very challenging to take care of everything on your own, and focusing on tasks such as medical billing can affect the quality of medical care you provide. Outsourcing medical billing ensures you have plenty of time and energy to focus on caring for your patients. This will help you improve patient care, boosting your practice’s reputation.
7. Better Technology
Medical billing companies have the best technology and software to complete medical billing. As a medical practice, you may need to stay up to date and have resources for medical billing to ensure accuracy and efficiency. Your in-house billing team may not have the required resources. Therefore, hiring a company for medical billing is the best way to prevent investing in the software and technology yourself.
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 questions 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"
Board Certified Family Medicine Physician
Portiva's Virtual Medical Assistant - I have all the support 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
Factors To Consider When Hiring Medical Billing Companies
Have you decided to hire a medical billing company? That’s great, but there are many factors you must consider before you make your decision. Here are some factors you can consider when looking for the best medical billing company.
1. Relevant Experience
You cannot hire amateurs for your medical billing; you need experts who have been practicing in the relevant field for a long time. Therefore, when you hire a medical billing service, you must connect with experts who have a track record of the services and have successfully helped practices with their billing.
To learn about the company’s experience and billing services, you can either ask them yourself or track their references to learn more about their services and whether they have relevant experience in the medical services you offer.
The right company will have the experience and knowledge to handle your practice’s needs. Make sure to ask the company lots of questions about their experience so you can make an informed decision.
2. Company Reputation
The reputation of the medical billing company is very important to consider, as you cannot risk hiring an inexperienced company. With a patient’s health at risk, it is important for you to only hire a medical billing company that has a good reputation.
Look for company reviews on its website and forums to get unbiased opinions. This will help you make a good decision, and you will be sure that your medical billing tasks are in good and capable hands.
3. Technology
When hiring expert medical billers, you must hire one with all the necessary resources to perform medical billing. These resources include software and other tools that can help with medical billing.
The company needs a medical billing system that complies with the regulations and can simplify the billing and coding for faster turnover. Moreover, the system should be compatible with the software system you use so it is easier for you to exchange information. This way, you won’t have to spend money getting a new software system.
4. Pricing
Pricing is vital when considering who you should hire for medical billing processes. Different billing companies have different pricing protocols; you need to choose the company whose pricing strategies align with yours.
For instance, some companies charge according to a predefined percentage of the medical establishment’s total earnings. Or they can charge a monthly fee. It is better to have all the clarity you need before deciding. Ask the company about their pricing plans and if they have any other additional charges. You must know of all the additional charges before you confirm your decision.
5. Communication
Communication is integral to your relationship with the company offering medical billing outsourcing services. Both of you should be able to communicate regularly and exchange reports on different medical claims. You may have many questions from the patients, and the medical billers should entertain these questions so there is complete transparency.
Ask the company about their communication policy and how often you can reach out to them. Create a schedule that both of you can follow easily and avoid any miscommunication or hold-up in the billing procedure.
Moreover, you should also ask the company about the procedure they offer when claiming disputes and other billing errors. This will help you decide whether the company is the right decision for you or not.
6. Medical Billing Code and Compliance
There are lots of regulations healthcare practitioners need to follow when it comes to medical billing. These regulations change frequently, and the medical biller must be on top of these changes. The regulations can include HIPAA, HITECH, and the Affordable Care Act.
You must choose a good medical billing company that is well acquainted with these regulations and can follow them properly. You need to confirm whether the company complies with them before outsourcing your billing operations. Ask the establishment about their compliance procedures and if they have any accreditations to prove their compliance.
These factors will help you make the right decision when outsourcing medical billing services.
General Questions For You
Frequently Asked Questions
What benefits can medical billing outsourcing provide to medical doctors in terms of efficiency and accuracy?
Medical billing outsourcing provides several benefits to medical doctors regarding efficiency and accuracy. Outsourcing medical billing to qualified providers allows doctors to focus on patient care rather than managing a billing department. Additionally, outsourcing billing means giving up control of your practice to a billing provider, which will assist you in preparing and distributing error-free claims and coding. This increases revenue for their clients and eliminates the need for hiring medical billing staff in-house. Doctors can focus on growing their healthcare business by outsourcing billing while an outsourcing company oversees the billing department.
How can medical billing company improve revenue cycle management for medical practices?
One of the most effective ways medical practices can improve revenue cycle management is by outsourcing their billing department to a medical billing company. Outsourcing medical billing to a trusted billing provider will assist you in preparing and distributing error-free billing statements promptly, allowing providers to focus on delivering quality healthcare services. This means giving up control of your practice’s coding and billing operations, but outsourcing billing ultimately increases revenue for their clients by streamlining the coding and payment process. By hiring medical billing experts, your business can rest assured that your billing processes are in the hands of professionals who read based on the latest trends in healthcare billing, leading to higher accuracy and better results.
What are the potential cost savings associated with outsource medical billing?
Outsourcing medical billing can result in potential cost savings for healthcare providers. By outsourcing billing to a specialized third-party company, providers can save money on hiring and training a medical billing department in-house. Additionally, outsourcing billing means giving up control of your practice’s billing procedures to an outsourced billing provider, which will assist you in preparing and distributing error-free billing and collections. This increases revenue for their clients and improves overall practice management.
How can outsourcing medical billing and coding services help medical doctors stay up-to-date with changing regulations and compliance requirements?
Outsourcing medical billing and coding services can help medical doctors stay up-to-date with changing regulations and compliance requirements by providing error-free billing and coding services that keep up with the latest industry standards. Outsourcing billing means giving up control of your practice’s billing department, but it also means hiring medical billing providers who specialize in health care billing and coding. This increases revenue for their clients and allows medical providers to focus on patient care rather than collecting and managing paperwork in-house. If you’re looking to outsource your billing services, finding a reputable company you can trust to assist you in preparing and distributing error-free billing statements is critical to the success of your business.
Get the Best Medical Billing Services from the Philippines
If you are looking for an outsourced medical billing company that does it all, then Portiva is your best choice! We hire the best medical billing experts to take over your billing procedures. We have several years of experience and can provide medical billing services according to your needs. Our expert billing services can take the load off your shoulders. Get in touch with our professionals and get the best help possible.