If you run a small medical practice, chances are good that you have a lot on your plate already. But, even in that case, does it make sense to outsource your medical billing capabilities? Keep reading to discover why the answer is a resounding “Yes.”
What Is Medical Billing?
Medical billing is the process through which healthcare claims are generated and submitted to insurance companies in order to obtain payment for medical services rendered by provider organizations.
Although the definition is relatively straightforward, medical billing can be a complex process. In this post, we take a closer look at some of those pitfalls and explain why it makes sense for small practices to outsource their medical billing tasks.
Medical Billing for Small Practices: 5 Reasons Why It Makes Sense
From taking patient satisfaction to the next level to reducing employee turnover, outsourcing your medical billing comes with several benefits for practices of all sizes, but especially for those that can be considered small.
1. Save Time
Delegating medical billing to an experienced third-party company frees up resources and enables your team to spend more time focused on your patients’ needs rather than bogged down in complex paperwork paperwork. This improves patient satisfaction with additional benefits, like reducing the burden on your staff, which in turn helps bring down employee turnover rates.
2. Stay Compliant
If you have dealt with medical billing, even only occasionally, you know that legislation can change seemingly at the drop of a hat. By taking advantage of professional outsourced medical billing companies, healthcare providers can breathe easy knowing that their services will be accurately billed in accordance with all relevant regulations.
3. Accelerate Your Revenue Cycle and Strengthen Your Cash Flow
Thanks to their in-depth familiarity with the process, medical billing companies reduce billing errors dramatically, eliminating administrative bottlenecks, minimizing rejection rates, and ensuring that you receive reimbursement payments as soon as possible. This is important because, from a financial standpoint, a medical practice is just like any other company, and a strong cash flow is essential to business viability, especially when it comes to small practices.
4. Increase Patient Satisfaction
Medical billing is both time-intensive and resource-intensive. And while large healthcare providers may be able to dedicate a substantial amount of resources to both patient care and administrative tasks, small practices must use every resource at their disposal.By freeing your team of the administrative burdens of medical billing, you empower your organization to focus all their attention on patient care. In turn, this translates into increased patient loyalty, higher retention rates, and lower risk of malpractice suits.
5. Expand Practice Space
Small medical practices need to allocate their resources in the most efficient way possible, and space is no exception. Managing medical billing in-house will inevitably end up taking up a portion of space within your practice. When you outsource your medical billing capabilities, you are not only freeing up time and staff, but also physical space you can devote to offering a more satisfactory patient experience.
To learn more about medical billing, check out our previous posts, “California Medical Billing: What Is an IBR Determination?” and “California Medical Billing: What Is an EOR?”
Practice IQ: Medical Billing Services You Can Trust
At Practice IQ, we have made it our mission to take care of the administrative side of medical-legal reports and billing so you can focus on what you do best.
We are located in Pomona, California, and serve clients all over the Golden State. Contact us today by telephone (424-433-5704) or email (piqusinfo@practiceiqusa.com), or fill out the contact form to learn more about our services.
