Why is it a good idea to outsource your medical billing?

Medical billing is an extremely intricate process that requires an in-depth understanding of the healthcare system,  insurance policies, government & healthcare programs, regular updates in protocols etc. Each step of  this process directly impacts the Revenue Cycle. Therefore, managing medical billing requires undivided attention  and a high level of accuracy. 

Medical professionals’ major priority is providing eminent service to the patients. However, they have to take care  of multiple other tasks such as clinic & staff management, equipment survey & management, etc. Along with all  these tasks, handling the medical billing process can become quite burdensome. Additionally, each of these tasks  holds a great deal of importance in the effective running of the workplace, which, if not managed suitably, can degrade the productivity of the clinic. For instance, the lack of one supporting document in an insurance claim can  lead to claim denial and stem revenue flow. 

Considering all these points, hundreds of medical professionals are turning towards outsourcing medical billing  services. Outsourcing medical billing services not only reduces the work burden from medical service providers but  also offers multiple benefits. In this article, we have compiled some of the benefits that will bolster your decision  to outsource medical billing services. 

1. Medical Credentialing:
Hospitals, as well as Insurance companies, require Medical Credentialing of doctors in order to work with them. Insurance claims and reimbursements can be affected adversely if the medical professional does not have their medical credentials verified. Reliable and established medical  billing companies like Capline Services are the one-stop solution for not only medical credentialing but other medical billing services as well. 

2. Patients’ Insurance Verification:
Medical professionals deal with numerous patients, each of them  having a different policy. Ensuring each patient’s insurance eligibility is of utmost importance in  order to avoid claim denials can sometimes become an overwhelming task. Patients’ insurance verification comprises various steps (patient  scheduling/registration, patient enrolment/patient’s record, eligibility and verification, authorization, contacting patient/updating patient, updating medical billing system, claims  transmission) and requires a profound knowledge of each insurance policy and its protocols. However, it is almost impossible for medical professionals to be well-versed with all the policies  and protocols while handling other professional tasks and catering to patients. This is where  medical billing service companies come into play. Companies like Capline Services take care of  each step of Patient Insurance Verification with utmost sincerity and prevents the occurrence of  any fraudulent practices. 

3. Manual Errors:
Each step of medical billing requires a high level of accuracy and precision. However,  medical professionals, when handling multiple tasks at once, can make errors and faults. It could be  medical coding error, lack of proper documentation during claim submission, etc. Errors in the case of claim submission result in claim denials, stemming the revenue flow for months. Claim submission is the most  crucial step of medical billing, and therefore, relying on medical billing service companies like Capline  Services helps streamline the process. Such companies have a team of experts for each  step, which eradicates the scope of errors and faults, thus reducing the number of claim denials  by a considerate number. 

4. Privacy Protection:
Privacy protection is one of the most talked-about topics of the year 2021. According to HIPAA Compliance, medical professionals ought to protect the privacy of their patients, which if not followed, can lead to legal ramifications. Opting for medical service companies who are HIPPA compliant  makes privacy protection much easier to achieve & handle.

5. Productivity & Patients’ Satisfaction:
Many surveys have proven that medical professionals and service providers who outsource their medical billing services have proven to be much more productive. Patients of these medical professionals are also much satisfied with the received services and care. As medical  billing is an integral part of the healthcare system it can take up a lot of time. This is why when it is taken care of by experts, it reduces a great  deal of burden for medical professionals, providing them more time to focus on providing better  service to the patients. 

6. Denial Management:
Claim denials can be reduced but is still an inevitable part of medical billing. In such scenarios, denial management comes into play. With consistent follow-ups and following suitable steps,  denied claims can be converted into clean claim submissions. However, such situations are better handled  by a team of experts such as medical billing service providers. Such companies are well-versed with these  situations and have a better idea of what steps should be taken.  

7. Healthcare Updates & Changes:
The government, as well as private healthcare programs, policies, and protocols keep on updating and changing. For instance, In the year 2021, 490 codes were added, 47 codes were revised, and 58 codes were eradicated from ICD-10 CM.It can be a strenuous task for medical  professionals to keep up with these changes. However, eminent medical billing services companies like  Capline Services keep themselves updated with such changes and provide state-of-the-art services. 

8. Cost Saving:
Opting for medical billing service providers is much cost-effective than hiring a whole team to handle complete RCM. Managing medical billing is not a one person’s job and would require a team of experts, which can be very costly if hired explicitly. Medical billing service providers are a cost-effective  and reliable source if chosen mindfully.