Sometimes even the seasoned healthcare worker may struggle with physician billing and coding. With thousands of ever-changing medical codes and rules to navigate, it may appear hard to find the time to properly file all claims.
Your team may be weighing options and determining the best course of action to enhance profits. Your practice can thrive and your team can provide the best patient care if you have a strong revenue cycle.
The following are the top indicators that it is time to outsource your practice’s physician billing services.
In-house physician billing is sometimes time-consuming and frustrating for your administrative team. It requires continual training to stay updated with changes in regulations and codes. However, it takes important time away from other administrative obligations. To get the task done, you might even start sharing billing chores among other staff members, including clinical professionals. You could even begin scheduling administrators for weekend work. Which in-turn will only add to the stress levels of your employees.
Another common outcome of administrative stress is a high personnel turnover rate. When someone leaves your practice, you are forced to either disperse the responsibility among your already overworked team members or hire a new official.
Several of them have next to no knowledge of physician billing and coding systems, and they don’t want to teach someone new who might leave before their training is finished. All of this can lead to lower revenues, increased billing and coding errors, and poorer care quality. By outsourcing your physician billing, you can harness the productivity of your employees towards patient care.
Errors in physician billing and coding result in more effort and delayed payments. It’s disheartening to find that your firm receives a large number of denied claims, resulting in a significant loss of revenue.
Claims are frequently denied as a result of clerical errors such as:
- Incomplete information
- Claims that are duplicates
- Billing for items not covered by insurance
- Incomplete file dates
- Codes that are incomplete
With some medical practices having a 30% rejection rate, outsourcing your physician billing can assist you in achieving a clean claim rate of up to 99%. As a result, your practice will be reimbursed as soon as possible.
Patient care quality
When your team is preoccupied with physician billing and coding rather than patients, the quality of service can quickly decline. Your receptionists may fail to recognize patients, as they enter into your business, since they are focused on filing a claim. Although these elements may look little, they can have a major impact on your patients’ overall experience.
If your organization’s process is becoming less productive, it may be time to outsource physician billing. This allows your employees to concentrate on attending patients and providing appropriate care to them. This enhances the patient experience as the the designated professionals have desired time for performing their alotted duties.
Hence to conclude if your practice is facing one or more of these Physician billing concerns, it’s time to reconsider your revenue cycle management strategy. When you deal with some of the top-rated outsourcing healthcare sectors, you can anticipate personalized attention, timely reporting, and the peace of mind that comes from knowing you’re working with trained professionals that know what they’re doing.