Providing care is your number one priority. But you also need to get paid for your services, and chasing after payments is something physicians dread.
Fortunately, you can take the burden off of your shoulders—either implement a billing system or hire a professional to manage your finances. Both are effective solutions, but your best choice is the one that fits your practice based on its size, specialty, and resources. Here are five ways you’ll benefit from using either a proven software solution or partnering with a billing expert:
1. Improved cash flow
Medical billing professionals are experts in processing claims accurately and quickly, minimizing rejections and denials. Similarly, the right software package will guide you to the best ICD-10 codes for faster payment, alert you to errors for greater accuracy, and submit superbills to insurance companies for improved efficiency. When claims are processed and paid efficiently, your overall cash flow improves.
2. More accurate claims
Ideally, you want a billing software system with automated claims accuracy checks that prevent problems before you submit a claim. The same goes for a medical billing company. Both options will help you avoid denied or rejected claims, coordinate with insurance company payers, and of course, bill patients.
3. Compliance with regulations
Staying on top of new state and federal healthcare regulations can feel overwhelming, especially when it’s not your primary focus.
Billing technology systems typically include regular updates for recent legislation. Medical billing companies also make it their business to stay on top of billing regulations.
4. Increase staff efficiency
Your staff won’t be spending time keeping track of insurance deductible statuses, patient payments, or benefit limits. Instead, you can rely on your billing software or billing partner to help you manage patient insurance coverage and how claims are paid.
5. Comprehensive reports
Reports help you evaluate your profitability and get an accurate picture of your cash flow and income streams. An important consideration is how easy it is for you to access customized reports that show payment patterns and accounts receivable. Some, but not all, software programs and professional billing companies are capable of generating these reports.
It comes down to cost versus control
Your practice is providing care, but it’s a business too. Reducing your administrative burden by using either a billing tool or partner can be a smart decision. The question is: which option is best for you?
Start by assessing the price of your preferred billing software versus what you’ll pay a billing company. Consider upfront costs, as well as ongoing fees to have a true understanding of your total expenses.
Do you want the ability to keep a close eye on your finances and cash flow? You can get these answers immediately from your in-house technology solution. Or, are you comfortable with outsourcing your billing and receiving periodic updates on where you stand?
Your choice depends on your comfort level with technology, how involved you want to be, the skills of your internal resources, and the cost-benefit to your practice. But for most physicians, the best decision is the one that helps you run your practice the way you want.