The Convenient Function and Practical Value of Third-Party Medical Billing

No matter the size or scope of your medical facility, providing optimal care to your patients ought to be at the forefront of your agenda. While this is beneficial to your patients and your business in the short-term, such a narrow focus can lead to long-term frustration for you and your clients alike. Medical concerns can already be exasperating to patients and their families, so the added hassle of incorrect, delayed, or complicated billing procedures can only add to that emotional and mental burden. Additionally, correcting billing mistakes requires time and other resources from your facility and staff, which time and resources could be better spent on providing quality  medical care. As a business owner, think about how you hire your staff. You want a qualified surgeon holding the scalpels, while trained nurses assist patients, so why would you not hire the services of experienced third-party medical billing professionals to handle your billing and claims needs? Outsourcing your billing to medical and health insurance advocates can ease the strain of managing complex claims paperwork in-house.

What is Third-Party Medical Billing?

While the name alone provides some clarity as to what third-party medical billing is, it can be a little more complicated than it sounds. Essentially, third-party medical billing is provided by an outside company that is contracted to manage payments and claims for a medical facility. These companies may focus on one or several types of medical claims, which gives their staff special expertise in handling the minutiae of certain cases. With billing codes and regulations changing frequently, it can be valuable to put your trust in the hands of qualified billing professionals who stay on top of the current complexities surrounding medical billing.

Appreciating the Assistance of Third-Party Medical Billing Companies

While it may feel strange to trust important patient information with a third party, it is becoming increasingly common for medical facilities to use the services of third-party medical billing companies. When hiring an outside source, look for a business with a record of HIPAA compliance, strong security records of data management, and OIG Compliance. Modern technology has made patient data easy to transfer and protect, so a reputable third-party billing company should recognize the advantage in providing safe data handling for clients like you. It is also important to clarify what services you can expect from the company you are entrusting with your patients. Some third party billing companies, like Denials Management, Inc, offer end to end claims resolution procedures, including appealing denied claims.

Recognizing the Value of Outsourcing

In order to be a successful medical or mental health provider today, you need to ensure that you are spending your healthcare dollars where they are most beneficial.  While some may think that the use of third parties to assist with billing is a negative way to cut corners, it can actually be a financially sensible move. You can save money and redirect your own resources more efficiently by contracting with a third-party medical billing company. Overall, you could pay less in employee wages and company overhead by outsourcing billing work, as well as receive higher rates of successful collection when you use an outside company for your medical billing. In addition, there are many other benefits of involving an outside resource.

Streamline the Billing Process

It is natural that employees can quit at any time, but this can be devastating if your billing department is already small or understaffed. If your in-house billing process is stalled for even one day, sorting through the backed-up billing files can swiftly become a headache. Additionally, training new staff in the intricacies of coding and medical billing can be frustrating and expensive. If your medical facility develops a reputation for poor billing practices, you could lose patients and clients. By working with third-party medical billing companies, you can avoid the problem of inconsistent billing altogether. The billing company provides an uninterrupted flow of professional billing services, so you can continue to focus on providing patient care.

Free Up Your Existing Resources

Depending on the size and routine of your in-house billing department, you could face some employees who push back against the decision to use a third-party medical billing company. It can be hard for some people to give up control of some areas of work, but if you keep your staff apprised of the positive parts of the change, then you can underscore the benefits of the decision. Without having to waste time chasing claims from delinquent accounts, receiving training on complex new coding requirements or managing a virtual storage system of patient billing data, your staff can focus on other areas related to improving patient care.

Improve the Efficiency of Collections

At the heart of it, contracting your medical billing work to a third party can help increase profitability and morale in your medical facility while improving the quality of your billing work. A third-party company is better able to  focus on making sure claims are resolved with minimal hassle, as they have no other job duties splitting attention away from the job of claims processing. In cases of denied claims by insurance companies, patients can be referred to consultants at the third-party medical billing company for skilled assistance with their individual situations. This can save your in-house team valuable time, money and resources. Often, third-party companies are able to collect more money than in-house billing teams, so overall you could build your medical facility more successfully.

Get Back to What Matters With Third-Party Medical Billing

As the owner or manager of a medical facility, making the choice to work with third-party medical billing companies, such as Denials Management, Inc., can help you get back to what is important: taking care of the patients in your community. The business side of a company will always be important, but smart businesspeople can recognize the value of playing to your strengths. By outsourcing a complicated but vital part of your business to experienced professionals like Denials Management, Inc, you and your medical facility can benefit in the long run. Learn more about our services and contact our billing experts today!