Greater insights and knowledge about successful business models can pay you the best interests. This is also true for medical practice. While setting up a clinical business, providers focus on patient care services and the core objectives of their business. Although, the survival of medical practice is not solely dependent upon the medical obligations of the healthcare industry.
Other aspects that are related to administrative responsibilities also impact the growth of a medical business. Especially when it comes to healthcare revenue cycle management, a professional medical billing company can lead you to the right way where you can explore the potentially profitable areas of your business. It would help you to unleash new levels of business profitability and maintain the financial stability of your medical business.
According to a recent industry survey, 90% of independent practitioners prefer to outsource medical billing services. Since it is the most feasible medical billing solution to keep up with the latest technology and stay informed with the intricacies of translating patient visits into accurate medical codes. Additionally, a medical billing company can help you in the following ways;
1. Comprehensive Medical Bills
A recent survey has revealed that 70% of patients are unable to understand their healthcare financial responsibilities through medical bills. The reason behind this factor is that medical billers do not have sufficient skills to prepare comprehensive patient bills. In that case, patients can’t discriminate between complicated coding jargon and their co-payments. As a result, they are unable to pay their dues without the right consultation and they have to ask their physicians and doctors about it.
It makes physicians stay always engaged in phone calls and emails. It also slows down its business operations and negatively impacts revenue cycle management negatively. Hence, it is essential to prepare well-designed statements that remove the guesswork.
Professional medical billing companies have the state of the art technology and cutting edge solutions to create easy to read patient-friendly statements. Patients who understand their payment responsibilities are more likely to pay their dues on time as well. It improves the payment schedule of a healthcare practice. Once, the patients become better able to pay their dues easily, consequently, it also improves the patient-provider relationship.
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2. Manage Multiple Payment Options
Today, providing multiple payment options is the new trend of the industry. Patients also feel comfortable when they are facilitated by a multitude of payment options. From point of service, over the phone and online payment options can help patients to pay their charges anytime easily.
Although a diverse range of payment options will add to the responsibilities of the revenue cycle management team. Thus, when you hire a medical billing company then you can easily incorporate a third-party to handle those payments. It will help increase revenue streams through a strategic approach.
It will result in more happy patients and less burden for healthcare practitioners so they can find more time to deliver quality patient care services. It will allow you to create a positive word of mouth and enhance the reputation of your medical business.
3. Reduce Administrative Costs
Most frequently, it is observed that healthcare practitioners consider outsourcing medical billing services more expensive than in-house. Certainly, the reality is a bit contrary. When you compare the salaries, annual bonuses and paid leaves of in-house billing staff with a fixed percentage of outsourcing billing services then you will find the actual difference.
A medical billing agency only charges a fixed percentage from the revenue they collect on your behalf. The percentage also depends upon the size of your business. So you don’t have to worry about exclusive charges while outsourcing medical billing services.
Also, if a billing collection agency files a maximum number of claims in the given timeline of insurance payers accurately. Then they can generate more revenue from reimbursements. As a result, you can get optimal reimbursements while a third-party would have also earned a fraction from your increased revenue. In this way, you can leap the success of your business in less time than ever.
In addition to this, managing an in-house billing department is a time-intensive job that requires your medical staff to spend an immense amount of time working on medical billing services.
4. Maximum Patient Satisfaction
Do you know? 60% of customers would consider switching their doctors if they would not get satisfied with the payment experience of their existing doctor. Obviously, you don’t want to lose your potential due to complicated revenue cycle management.
An advanced medical billing company always offers an interactive patient communication portal so they can access their electronic medical records. Being able to see and analyze their detailed invoice just with a few clicks, facilitate patients to stay connected to their healthcare mentors. Hence, it improves the patient-physician relationship and provides you a loyal customer base.
Moreover, even physicians would not need to worry about future queries and questions of the patients. As the whole procedure will become completely transparent. Patients and physicians can likely access patient data including; patient information, payments and services provided by the physician. It would also reduce the chance of fraudulent and abusive billing practices.
5. Reduce Workload
Do you lag behind your revenue goals even with the increasing number of patients? If yes, then you should pay attention to your administrative workflow. When medical staff starts to get involved in these responsibilities then they can get indulged in excessive responsibilities. A billing agency can help you stay focused on your core capabilities while they deal with your backend and administration-related front end responsibilities.
In that case, physicians would have more time to deal with patients and deliver quality care services. With increased patient flow, physicians would have more opportunities to generate revenue. Therefore, medical practitioners can succeed to streamline revenue collection with smart solutions like outsourcing medical billing services.
Medcare MSO is the most reliable medical billing company in the United States. We help healthcare providers to excel in their revenue growth with robust financial and administrative support.