“If you want something done right, you’ve got to do it yourself.” This may be a popular saying, but that doesn’t make it true in every case. Especially when it comes to whether you should outsource medical billing.
In fact, the decision to outsource your medical billing could be one of the best ones you ever make.
The benefits of outsourcing your medical billing are numerous. Not only can it reduce your administrative workload and streamline your office operations in one fell swoop, but it can also help you stay compliant with the latest regulations, all without increased efforts on your part.
Over the last few years, industries have progressively shifted more of their work offsite. Outsourced medical billing falls into that trend, but with an added incentive. Increased regulations within the medical billing industry, including those related to technology, data privacy, and coding, call for more and more specialized work.
It’s no wonder that the U.S. medical billing outsourcing industry is not only accelerating but is also projected to keep growing.
The U.S. medical billing outsourcing market size was valued at USD 4.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.34% from 2022 to 2030. (Grand View Research Report)
Outsourced medical billing helps healthcare practices keep compliant without constant training and retraining. With dedicated professionals taking care of the billing offsite, this frees your in-house staff to focus on what really matters: directly assisting patients.
Outsourcing your medical billing can lead to:
Reduced medical coding and billing errors. Higher accuracy leads to greater customer satisfaction—and more consistent revenue for you.
More quick and efficient billing. Your staff no longer needs to juggle billing with all their other daily tasks. No matter what emergencies crop up, your billing still gets done.
Greater business growth. With billing taken care of and your cash flow steady, everyone in your practice is freed to concentrate more fully on their own tasks and grow at a more rapid pace.
Increased compliance. When you outsource your medical billing, you’ll work with individuals who keep current on all the latest regulations—so you don’t have to.
Outsourced Medical Billing: Service Options
These are some tasks an outsourced billing service can accomplish for your medical practice.
An offsite medical billing team can check eligibility, co-pays, and any pre-authorization requirements for each medical claim quickly and efficiently, affording you easy access to the information you need to best serve your patients.
Coding and Billing
Outsourcing your medical billing means working with individuals who dedicate their time to coding and billing. Because they’re extremely familiar with medical codes, they can accomplish these tasks with high levels of proficiency.
Full-Service Revenue Cycle Management (RCM)
An outsourced medical billing service can help you track care in a streamlined system, from first patient interaction to final billing.
Pros of Outsourcing Medical Billing
Reduced Coding and Billing Errors
A medical billing company ensures that all its employees keep up-to-date with the latest processes and hold a certain level of expertise. You can rest assured that your billing is in good hands and governed by preset quality control policies.
Strengthened Cash Flow
The faster your claims are processed, the stronger your cash flow. And with dedicated medical billing specialists taking care of the business side of things, keeping billing current, and even following up on past-due claims, those working in the office have the bandwidth to give their patients their full attention.
This leads to:
Reduced salary expenses, since you will not need as many full-time staff members in the office
Billing that never slows, even amid vacations, PTO, sick time, and other disruptions
Greater patient care with even less overhead
Increased Customer Service and In-House Productivity
With the medical billing process running smoothly offsite, you and your staff are freed from the time-consuming and tedious tasks of inputting patients, coding, billing, and follow-up on past-due payments.
Instead, you can assist with other tasks and give your patients the care and attention they deserve.
If you’re worried about finding room in the budget to outsource medical billing services during the lean months, the good news is that most medical billing companies do not charge fixed rates. Instead, they charge a percentage of billing, which means you won’t pay as much during times when business is slow.
Cons of Outsourcing Medical Billing
If you’re the hands-on type of healthcare provider who likes to be involved in each step of the patient journey, the decision to outsource medical billing might be difficult, even if you don’t really enjoy that work yourself or your staff is struggling under the workload.
While variable costs can sometimes work as a benefit, there are definitely times when they can also work against you.
During busy months, variable costs will naturally increase, and it may be harder to establish a budget for outsourcing medical billing when there are no fixed rates.
Is Outsourcing Medical Billing Right for Your Practice?
Given all you have learned—particularly about the pros and cons—you may be wondering if outsourcing medical billing is right for your medical practice.
While we can’t answer that question definitively, we can help you think through the ins and outs.
A few questions that will help guide your decision-making:
Are you experiencing staffing issues? The decision to outsource medical billing could help solve them.
What are your goals for your practice? Outsourcing medical billing could help you focus on meeting them.
How will this decision affect patients? Since patients are your number one priority, anything that allows you to serve them better must be soberly considered.
What services could most benefit you right now? If a medical billing company offers them, this will bring you one step closer to a decision.
What tasks do you prefer to keep in-house? Certain aspects of your work absolutely cannot be outsourced; therefore, it might make sense to outsource medical billing, one of the aspects that can.
How much support do you need? If that support will help you improve the patient experience, the choice is clear.
The decision to outsource medical billing could decrease the strain of staffing issues, allow you to focus more specifically on your goals for your practice, and offer your patients a more satisfying experience.
At My Mountain Mover our Virtual Medical Assistants receive more training and support than other virtual assistants. They keep up-to-date on coding and compliance and have what it takes to come alongside your practice and give you the space you need to thrive.
To learn more about My Mountain Mover Virtual Medical Billers and hire quality offsite billing support, contact us today!