{"id":7154,"date":"2013-05-27T22:24:31","date_gmt":"2013-05-28T02:24:31","guid":{"rendered":"http:\/\/www.poweryourpractice.com\/?p=7154"},"modified":"2013-05-27T22:24:31","modified_gmt":"2013-05-28T02:24:31","slug":"outsourcing-your-medical-billing-reason","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/outsourcing-your-medical-billing-reason\/","title":{"rendered":"Outsourced Medical Billing: Why It’s the Logical Choice"},"content":{"rendered":"

Parents sending a child off to college for the first time deal with a mixed set of emotions. Worries about sending their child away without supervision arise, but they also realize the potential benefits a college education provides. Deciding whether to keep your billing in-house or have it outsourced is a similar ordeal.<\/p>\n

The worry comes from losing direct oversight of your billing. It\u2019s a natural reaction considering that effective billing is the foundation of your revenue stream<\/strong>. But outsourced billing provides numerous benefits that simply can\u2019t be realized by keeping it in-house.<\/p>\n

Reduced Paperwork<\/strong>
\nA QuantiaMD and CareCloud study of over 5,000 physicians called the Practice Profitability Index (PPI) revealed that 60% of physicians spend more than one day a week on administrative-type tasks such as billing.<\/strong> By outsourcing billing, all of your billing related administrative tasks go out the window.<\/p>\n

This is time that can be utilized for more important and profitable endeavors, namely spending more time treating patients. The upcoming influx of patients<\/a> due to the Affordable Care Act makes freeing up time to treat patients more important than ever.<\/p>\n

The PPI reveals that 48% of physicians aren\u2019t equipped to handle this increase in patients, but by getting you back to patient treatment, outsourcing will leave you better equipped than they are.<\/p>\n

Increased Simplicity<\/strong>
\nThe study also showed that 50% of practices are looking to streamline their billing processes. Well, there\u2019s no better way to streamline your billing than outsourcing.<\/p>\n

When you outsource billing there\u2019s no need to maintain a billing staff and deal with all the complexities that come with it. This includes determining salaries, bonuses, and benefits. Billing companies typically ask for a percentage of your collections, which is the only sort of payment you\u2019ll have to worry about.<\/strong><\/p>\n

Also, with in-house billing, you must continuously provide staff training on the ever-changing billing rules and procedures. And more training than ever will soon be needed with the upcoming ICD-10 implementation<\/a>.<\/p>\n

Minimized Error<\/strong>
\nWhen you outsource billing, you enter into a contractual agreement with a billing company, and they are expected to achieve a certain level of performance. This means they want to perform their best so that you remain a customer. By doing your research and finding the right billing company, your errors will decrease.<\/p>\n

And even if the company does commit an error it won\u2019t cost your practice anything extra. The average claim denial costs practices $25 to $30 each, even if a resubmittal is approved. But when outsourcing, you don\u2019t incur the costs of finding the error and resubmitting.<\/strong> The billing company has to deal with these added expenses itself.<\/p>\n

Just make sure to request performance reports so you can ensure no errors are being made without resubmittal since that would decrease your returns.<\/p>\n

Outsourcing your billing is a beneficial trade off. Yes, you lose some control, but you stand to gain more in return. If you\u2019re looking for a relatively quick and easy way to improve your practice, outsourcing is worth a look.<\/p>\n","protected":false},"excerpt":{"rendered":"

Parents sending a child off to college for the first time deal with a mixed set of emotions. Worries about sending their child away without supervision arise, but they also realize the potential benefits a college education provides. Deciding whether to keep your billing in-house or have it outsourced is a similar ordeal. The worry […]<\/p>\n","protected":false},"author":1,"featured_media":32788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[38,39],"class_list":["post-7154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-medical-billing","tag-icd-10","tag-revenue"],"yoast_head":"\nMedical Billing: 3 Reasons to Outsource - Continuum<\/title>\n<meta name=\"description\" content=\"Effective medical billing is the base of revenue stream but outsourced billing provides several benefits that simply can\u2019t be realized by keeping it in-house.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carecloud.com\/continuum\/outsourcing-your-medical-billing-reason\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Medical Billing: 3 Reasons to Outsource - 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