If you have been considering outsourcing medical billing, you are not alone. Thousands of medical practices nationwide outsource their billing efforts, freeing up their time to focus on providing high-quality care. There can be many challenges to medical billing that result in claim denial and/or late payment, and as much as you would like to focus on building strong relationships with your patients, your practice cannot run without any revenue coming in. In this article, we share with you some great reasons to outsource medical billing.
Expertise in Billing and Coding Practices
There’s no denying that the medical billing and coding process can get complicated. When you outsource, you can be sure that the team working with you has the relevant expertise in coding practices as well as the local and national regulations you need to abide by. In addition, they will be familiar with the norms insurance companies in your area tend to follow. Inhouse staff may be preoccupied providing the best level of service to patients, and therefore may not have the time to keep abreast with the latest updates in the industry.
Reduce and Completely Eliminate Errors in Claim Submission
It’s not uncommon to make errors when it comes to submitting claims. Something as simple as entering the wrong code can result in a claim denial, and while you may be able to receive reimbursement after making an appeal, this will take some time.
In order to receive timely reimbursement that will ensure your practice has enough cash flow at any one point, outsourcing medical billing is a wise choice. These experts are able to carry out claim scrubbing to eliminate any errors or inconsistencies before submission as well as derive insights from any denied claims to prevent repeating the same mistakes in the future.
Save on Overhead Costs and Maximize Revenue
Attending to medical billing in-house can get expensive. In fact, it’s estimated that a total of 30 to 40% of revenue is spent on medical billing processes. With an in-house team, you will need to dedicate money and resources to ongoing training, as practices and regulations are constantly changing. When you outsource your medical billing, all you have to pay is one monthly fee and everything will be taken care of for you, from staff training to an efficient collections system.
Engage KR Billing Solutions to Take Care of Your Medical Billing Needs
At KR Billing Solutions, we understand that medical billing can be a constant source of consternation for medical practices of any specialization. We aim to lift the load off your shoulders by taking care of the entire process from start to finish, ensuring that you get the timely reimbursements you need to maximize revenue and keep your practice afloat. Instead of automating as many processes as possible, we strive to provide a personal touch on everything we do as we want to help your practice run as smoothly as possible. You can be assured that we will customize the best approach for your business needs after a thorough initial consultation.