Medical billing is a tedious and time-consuming task that can be an added stress to physicians and their staff. Integrating a medical billing service to help relieve medical practices from the complexities inherent in the billing process can be a valuable solution. Here are five benefits to consider when thinking of outsourcing:

1.     Increased Revenue

Billing and insurance-related (BIR) costs are a substantial percentage of the high administrative price tag taking a toll on US health care. According to a recent JAMA report, it is estimated that BIR activity ranges from $20 for a primary care visit up to $215 for an inpatient surgical procedure. Having a team of medical billing specialists focused on pre-authorizations, claims submissions, payments, and denials can maximize revenue. It reduces overhead costs and increases cash flow by having consistency in the billing process.

2.     Highly Trained and Dedicated Staff

Navigating the myriad of changes in medical insurance policies and regulations can become extremely overwhelming. An analysis of 1300 procedure-specific authorization policies among 23 major health plans showed only an 8% commonality in those policies. Integrating a team of highly trained insurance specialists with your existing staff ensures overall workflow and provides increased knowledge in the ever-changing insurance field.  This team of specialists stay up to date on healthcare regulations and devote their time to providing quality services in an efficient and timely manner.

3.     Process Claims Faster

With a team of insurance specialists devoted to an organization’s medical billing needs, claims will be submitted faster with fewer mistakes. Timely submission means money is received quickly and less mistakes lead to fewer denials, all with less effort from existing staff.

4.     Proper Follow-Up

Forty percent of rejected claims are never resubmitted, often due to the complexity of the appeals process. It is crucial to follow up in a timely manner to avoid having them swept under the rug. A medical billing service will remain vigilant and take the necessary steps to complete the appeals process to obtain the money that physicians deserve.

5.     More Time for Patients

A medical practice cannot be efficient at high-quality care if they are weighed down by the burdens of the financial aspect of running a business. Having a team of insurance specialists focused on the billing process will reduce stress and free up staff to be able to focus on and build relationships with patients.

Incorporating a medical billing service to support existing in-house billing operations can be a great option in order to streamline the Revenue Cycle Management process. It can save medical organizations time and money, giving the staff the ability to focus on primary tasks.

Reliance Medical Billing Solutions partners with medical professionals, and their in-house billing teams, to provide needed specialized support services to relieve them of the headaches associated with benefit verifications, prior authorizations, claims monitoring and tracking, and claim denials & appeals, balance aging, patient A/R, and claim resubmissions.