Hiring a team of experts to manage your medical billing could be the best decision you’ve made in a while.
There’s an old cliche that we’ve all probably heard: you have to spend money to make money. Nowhere is that more true than in the medical field, and especially in getting payment.
Outsourcing your billing has huge benefits, and very few downsides. Here are 4 reasons why a medical billing service can be the best option for you:
1. It gives you more time.
After a long day of seeing clients, there is nothing worse than sitting down and having to do your own billing. While necessary, it can be both demoralizing and confusing. To make things worse, you are losing money by not seeing clients in that time.
2. It’s Easier.
Hiring your own billing team is a great way to exhaust yourself. Just to start the hiring process, you have to figure out what you have to pay them, how many hours it will take, and you basically have to learn everything about billing yourself in order to make sure interviewees know what they are talking about.
When hiring a billing firm, you just need to check the reviews, get their credentials, and then get the payment sorted out.
3. It’s Cheaper.
If you are a small company (or even just a single individual), I can almost guarantee that you will spend less money outsourcing your billing than you would hiring your own billing team. Even most large groups or companies will save money.
The reason is that since a billing company works with a large number of providers, they can submit claims in larger batches. Additionally, they know all of the tricks to getting billing done quickly.
4. It’s Efficient.
High-quality billing firms charge a monthly minimum or a percentage of the claims paid (generally whichever is higher). This means they have a financial incentive to collect as much money as they can from the insurance companies.
Billing companies need to be highly efficient in order to make the most money possible. By following their suggestions and ideas, you can improve your system and ensure that you get paid as much and as quickly as possible. As long as you are willing to listen and change your methods, this will be a huge value add.
Doing your own billing probably seems easy when compared to the work you have to do with your clients, but it isn’t. It is a very different skill set from almost anything you have done as a provider. But there is no reason to subject yourself to the long nights and abbreviated weekends that doing your own billing will likely lead to.
UPDATE 09/2014: To focus on providing excellent medical billing to Thriveworks franchises, we are no longer providing billing services to non-Thriveworks practices.
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Great article. These reasons alone are more than enough to consider hiring a medical or dental billing company.
Many thanks for sharing the advantage of hire medical billing services. This article is very useful to the physicians or practice managers.