Looking from the surface, depending on medical billing services may seem a luxury your practice cannot afford. However, most modern medical practices have come to understand the inevitable role medical billing services can play in easing their administration and driving more efficiency across their operations. Here are the ways in which RCM billing services can help your modern medical practice.
Transparency across the system
Any provider will agree that transparency across the revenue cycle management is of crucial importance. Medical billing services can share medical billing reports with you that will help you understand what is going on with your account level. Some of the crucial information you will get from medical billing reports include total number of claims submitted, percentage of clean claims, percentage of rejections and denials, payer and patient reimbursements, account receivables and others. Therefore, you will have a real time understanding of the financial health of your practice.
Drive efficiency across your practice
When you do not have to manage the burden of billing yourself, you can comfortably focus on other areas and your regular workflows. Commonwealth Fund reports say that per physician, more than 20 hours of nurses and medical assistants are wasted in administrative tasks connected to health plans. When you get proven support with billing, you and your staff will get more time to spend with patients and provide them quality care. Medical billing services can also guide you on ensuring accuracy across documentation, billing for different specialties, and the best coding practices. Therefore, you have a greater chance to stay accurate and benefit from optimized processes.
Reduce the overheads for your practice
Hiring and supporting medical billing staff in-house is no more a smart decision considering the costs of training, health benefits and payroll. The cost of regular support staff in medical practices is estimated to be around 37.16 percent of the total monthly cost. RCM billing services only charge a percentage of the insurance reimbursement collected and hence you will find your overheads come down drastically while you land chances to enhance the efficiency of your operations.
New practices will have to go through an elaborate credentialing and enrolment process when you have to add a physician to your existing practice. This can be time consuming and can lead to delays if not enrolled properly. Usually, medical billing services provide a suite of solutions to take care of processes like this. They know the best ways to do payer credentialing and how to negotiate with the contractors to land best rates. If your practice has to do all this, you may find them overwhelming. While medical billing company you hire does all thi9s for you, you can benefit from their skills and experience while peacefully focusing on your core deliverables.
Medical billing companies have a vast experience in billing that they have garnered over years and while working with a large number of modern practices. They can give you ways to make your practice efficient.