A streamlined revenue cycle management ensures better patient management, financial stability and growth of your practice. When it comes to medical billing there are many common misunderstandings.
- In fact here are a few of them, starting from HME medical billing is an easy process – many healthcare practices handle their billing process on their own. With lesser claims to manage a single person does the whole billing and coding.
However, it is not true. For a seamless billing operation, a person needs to regularly update them when it comes to billing regulations and industry mandates. It is not only challenging but difficult while managing patient care and other administrative affairs at the same time.
In fact, maintaining a seamless billing process by timely claims submission, denial management & resolution, and accounts receivable management requires expertise knowledge and experience to ensure no cash is left on the table.
Moreover, for proper coding you further need to translate a diagnosis or procedure into a code for the appropriate billing. This requires a strong understanding of codes and the human body. In fact, you further have to take care of insurance policies, HIPAA regulations and much more.
- In-house billers have better control – it is not always true. Though many healthcare practices believe that in-house billers can improve the revenue generation and ensures a faster reimbursement rate. It is often seen that due to the high pressure and juggling in between works in-house billers and coders time and again miss out on claims, delaying the whole process and resulting in rejection and denial. Furthermore, as the HME billing requires complete knowledge of the advanced technology, in depth understanding of payer policies and guidelines, healthcare practices end up wasting resources and time on training them.
- Outsourcing is an expensive affair – You might be spending thousands of dollars every month on your in-house billers and coder’s training fee, employee turnover, software, infrastructure etc which end up being more costly for practitioners and less effective in boosting revenues. Whereas hiring an outsourcing operational extension might end up not even with half of the price that you end up wasting in for in-house billing operation. Providing you with easy customized reports and helping you see the big financial picture in detail, an operational extension reduces your operational cost and improves collections rate at a cost effective rate.
In fact, mitigating all the expenses like salaries, office expenses, training, software installation etc, and outsourcing helps physicians with appropriate solutions.
Dipak Nandi, M.D, recipient of several entrepreneurial awards and a proud member of the prestigious AIIMS alumni and a board certified psychiatrist, who is also a pioneer in the field of healthcare outsourcing and telehealth solutions also stated, outsourcing today is one of the cost effective and customized solution helping you with better billing management.