Medical billing costs a chunk of money no matter how you look at it. It is a very challenging task with time restraints and enormous pressure. Any practice, small or large, knows just how intense it can get.
Because the level of difficulty can sometimes be too much, many practices have turned to outsource medical billing. To their surprise, time freed up, stress levels went down, and money became easier to manage. This is because, in a lot of ways, outsourcing medical billing saves money. Let’s take a deeper look at many ways outsourcing can help your practice’s finances.
(Also check out Revenue Cycle Management: 5 Things To Monitor.)
A company outsourcing their medical billing does not need an in-house medical billing staff. That means fewer people on staff need to be paid a salary. With a medical billing company, you get the same services an in-house medical billing team provides, but at a fraction of the cost.
Just like payroll, each employee on your staff receives health insurance. Cut the number of people by hiring a medical billing company, and cut the health insurance expenses.
Medical billing and coding are always changing. Just like doctors, medical coders and billers have to receive continued education from time to time. Who pays for that? Generally, the practice a medical biller works for will take on that expense. Outsourcing medical coding eliminates the need to pay for continued education because a medical billing company provides that for its own staff.
Postage and Electronic Claims Submission Expense
In-house medical billing means in-house payments on postage and electronic claims submission expenses. Medical billing companies take care of these expenses on their own.
The software for medical billing and coding is very expensive, and it isn’t just a one-time cost, either. When purchasing this type of software you will always want to purchase support. If something goes wrong with the software, you will need help fixing it. Additionally, medically billing and coding software need frequent upgrades. Upgrades cost money. Outsourcing medical billing will save you these costs.
While any amount of money saved is valuable, time is without a doubt the most valuable. When you choose to outsource your medical coding, your office frees up an enormous amount of paperwork and stress. This allows you and your team to focus on what really matters: the patient. With more time for your patients, they will have a better experience. This means they will continue to come back, and maybe even recommend you to a friend. That is why time is the most valuable of all.
Outsourcing Medical Billing
The 6 cost reductions above are only a few of the ways outsourcing medical billing can save your practice money. Are you interested in learning more? Give MEREM Healthcare Solutions a call today!