Is Outsourcing Medical Billing and RCM for Your Pediatric Practice a good option?Med Miles LLC
Medical billing and Revenue Cycle Management (RCM) is a huge process that is crucial for both clinics and independent medical service providers.
To assist with this task many Medical Billing firms have come into existence that allow healthcare professionals to outsource their task of RCM.
Some may argue that outsourcing medical billing might be a risk, however, people also suggest that outsourcing the RCM process allows clinics and pediatricians to give more time to their patients and improve the quality of their service.
Let’s look at whether or not outsourcing RCM is a good decision!
Why you should outsource Medical Billing and RCM?
Medical billing in-house comes with its costs. The set-up costs of buying desktops or laptops and also installing the desired software for RCM cannot be ignored if you want to introduce in-house billing.
Then comes the salaries of the people who will be responsible for the medical billing and their training costs. All these costs will not be incurred if you choose to outsource your RCM to a trusted and experienced company.
Medical Billing companies earn by cutting a certain percentage off the bill the company receives which is quite low looking at the costs of in-house billing.
Less Pressure on employees
With in-house billing employees always stay curious about the accuracy of their billing. Employees as a result end up giving more time in the billing process rather than what their main job is.
Outsourcing RCM relieves employees of the stress and allows them to focus on the job they were hired for.
In-house billing gives better results if done by a small group of people. However, what if one of the employees gets sick or goes on his/her annual holidays.
This won’t be an issue with outsourcing medical bills as they will consistently process your bills ignoring what goes on in your firm regarding your employees, all they are concerned with are the bills of your customers.
Respond better to changes in Medical trends
Medical Billing companies have more knowledge of the requirements of the bills and the upcoming changes that will take place.
Outsource companies respond better to the changes than in-house billing because it is what they do 24/7.
Responding to changes for in-house billing companies will be slower and more complicated as they will need to retrain their employees and might have to update software.
Errors are reduced
Employees in medical firms have a lot of things in their mind while they are on duty regarding the patient which makes them prone to mistakes while billing the patients.
They might enter the wrong name or enter the wrong code which affects the cash flows of the practice.
Employees in the medical billing companies are very well trained and their job is to bill the customers and have no other tasks on their mind which reduce errors.
Signs that you need to outsource your Medical Billing
Using in-house billing for years helps companies to develop a certain flow of how they bill their customers and how they use their software.
However, there are certain signs that your practice is not doing the right job in billing your customers and it’s better you opt for outsourcing the medical bills.
When your employees start ignoring steps like completing the authorization of customers and following up on claims it breaks the flow of the bills. As a result, there are missed entries in the company’s accounts which causes complications.
Price transparency not provided
A company’s customer always needs to know about the information costs they are incurring. If an employee fails to do so it means he/she doesn’t have enough knowledge about the billing system. This is a major sign that you should pass on the work to professionals.
Non-electronic methods of billing used
Keeping all the files of non-electric bills safe in a locker can be a confusing task. If your firm is not eligible enough to use electronic devices for your billing systems then it’s better you outsource the firm’s RCM.
Coding errors are seen on a consistent basis
Group of employees that have been over-worked for years tend to make small errors like entering the wrong code, especially as codes change frequently. However, these small errors have a huge impact on the billing system of the company.
Outsourcing a firm’s RCM is a great way to make your work more productive and consistent. It allows your employees to completely focus on the customers which gains their trust for the future.
However, what you need to take care of is choosing an authorized outsourcing firm and you can do just that by contacting Med-Miles by email (firstname.lastname@example.org) or by calling us at +1888-598-9181 for your medical billing solutions.