By: Jamee C.
It has become a growing concern that instead of taking care of and ensuring the wellness of their patients, some doctors spend more time filling out forms and processing transactions for their bills. This is the issue that medical billing companies address; they give room to their clients, who are doctors and medical institutions, to focus more on their core businesses. But this is not the only benefit that billing companies pitch to those belonging in the medical field. In fact, it can be said that there is a lot more to medical billing than this.
It is imperative for medical billing companies to have a streamlined process that will allow them to support their clients. Having a large volume of transactions coming their way as more doctors and medical institutions realize the benefits of delegating their billing work to a medical billing company, medical billing companies now to turn to a third-party solutions provider to assist them in establishing a process that will further enhance their service. Aside from payment postings, there are other tasks that are incorporated with the medical billing process and these tasks are completed with a range of benefits attached to them.
Time: Primary Concern of Physicians
With a solutions provider, a biller can attend to an average of 5 clients per day. A quick turn-around time is one of the key benefits of outsourcing your medical billing transactions to a solutions provider but with a 5:1 ratio of clients to billers, one might think that it is impossible to hit a fast turn-around time. As a matter of fact, it is not since it has become a trend for most outsourcing companies to surpass the turn-around time suggested by billing companies with that kind of ratio mentioned.
Aside from having the assistance of technology, such as medical software and claims systems, outsourcing companies also implement efficiency methods to hasten transaction processing. Upon the development of a streamlined process and efficiency methods, solutions providers are now able to meet the metrics set by their clients.
Cost: Where Less Can Bring More
One of the concerns of companies who outsource is to be able to lessen their costs but still maintain, if not improve, the quality of service that they are currently delivering. In-house medical billing is gaining its popularity today since it has its fair share of benefits with regards to medical billing companies having the opportunity to check on their employees and assess their performance. However, there are cases where in-house medical billing companies, on average, have a higher number of billers attending to a single client, which results to higher costs for the company, while a solutions provider can provide a 5:1 ratio of clients to billers. This comparison reflects a remarkable difference in a company’s budget between hosting in-house medical billing and turning to a third-party solutions provider.
Data: Accuracy Rates That Exceed Expectations
According to a survey conducted by the Medical Association of Billers, there is only a minimal percentage of their biller respondents who review and verify each of the explanation of benefits (EOBs). With this minimal rate, it helps if a solutions provider is able to produce accuracy rates that exceed the expectations of their clients.
Solutions providers can help a billing company deliver hundred percent accuracy rates in the entire process of medical billing, especially if they are able to design a process that can ensure the quality of service rendered. According to an article we have previously published, 8 out of 10 bills contain errors, but there are a number of measures a company can take to reduce errors, or better yet, to provide a 100% error-free transaction. Processes to ensure quality may include the implementation of meticulous data reviews and weekly call reviews.
The key benefits of seeking the assistance of a third-party solutions provider may be the same for all industries falling under the outsourcing bracket, but what separates medical billing outsourcing is that it can directly and instantly improve a company’s revenue cycle.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.