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It would not be difficult for healthcare professionals and other members of the health IT industry to conform to the idea that, with time, the trend of outsourced medical billing service is taking over the banal practice of having an in-house medical billing department. Once considered to be an arduous task by physicians, these outsourced billing companies have simplified and streamlined the process of medical billing for healthcare professionals. Adversaries might claim that outsourcing medical billing operations is perhaps not as prolific an option as it sounds. Today, however, majority physicians believe it to be the most cost effective and efficient manner to mitigate the burden of claim denials and impeded cash inflow. “All you need to pay is a minimal percentage as fee, and the results are increased claim submissions and timely influx of payments. I believe, outsourcing medical billing to a third party alleviates the pressure and helps you focus more on your core responsibilities”, says a North Dakota based physician. Physicians understand that being ingenuous in matters related to billing would cost exasperation along with reduce profitability for the practice; hence outsourcing medical billing to a specialized unit is a reasonably good decision. And since medical billing companies are aware of the fact that in order to capture the market share and keep the clientele loyal, not only do they need to employ trained professionals for billing purposes but they also need to ensure compliance with the dynamics of billing code changing in the industry – thereby eliminating any possibilities of committing errors. The opponents claim that improvements in revenue collection and billing procedures could also be achieved through operating an in-house department. However, they fail to realize that employing an in-house department requires additional cost of hiring the resources and, in case if they are not trained, incurring more expenses related to training them on medical billing. Moreover, they also fail to comprehend that this phase entire phased of “hiring and training” would not only result in wastage of time but also cause delays in reimbursement schedules. Imagine the convenience that physicians would experience by outsourcing medical billing to a third party, all the need to do is provide the diagnosis related information to the medical billing company and the rest is done by the company itself. From ensuring the insurance eligibility of the individual to maintaining follow-ups with co-pays to claim submission and confirmation, these medical billing companies go through all the stages on their own. The end result is, of course, improved revenue cycle management. Over the past twenty years, Frank Quinn has contributed significantly on standardizing, interconnecting and institutionalizing care delivery through health IT, helping eliminate barriers to accessibility, quality and adoption. EMR, practice management, eRx, patient portal, medical billing, compliance, privacy and security are his areas of expertise. For more information, please contact Frank at frank.quinn@curemd.com
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Medical Billing, Medical Billing Service, Outsource Medical Billing,
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