As the owner or manager of your medical practice, you are used to being in charge. Everyday you make decisions that impact the future of your practice. It’s a heavy burden, but one that you welcome.
Part of being in charge is being in control of the various aspects of your practice. As your practice has grown, you have most likely learned how to delegate certain responsibilities, even if it’s tough because you feel like you’re losing a little bit of that control.
For the same reason, outsourcing a vital task like your medical coding and billing may seem scary. However, outsourcing this vital task is not as scary as you think.
In fact, outsourcing your billing may help generate more revenue and growth for your practice.
Let’s examine why you should consider outsourcing your medical coding and billing:
- You Have Fewer Errors – As important as medical billing and coding is, there are other areas of your practice that need attention. This can lead to errors because whoever has the job in-house likely has other responsibilities or isn’t explicitly trained in coding and billing.When you outsource your coding and billing, the sole focus of the company you hire is making sure that you get paid the money you are owed and that you get paid on time.
- You Remain on Top of Industry Trends/Compliance – Part of ensuring that you have minimal errors is making sure that you stay current with industry trends and remain compliant with evolving regulations. Doing so can be difficult and time-consuming for your in-house staffOn the other hand, staying on top of industry trends and remaining compliant should be a top priority for any company to which you outsource your medical coding and billing.
- You Have Better Cash Flow – Coding and billing errors or compliance issues often result in delayed payments, which causes a disruption in your cash flow. Any disruption to your cash flow will negatively impact your practice.By outsourcing, you can trust the cash flow you see on a monthly and quarterly basis, allowing you to focus on the present and also plan for the future.
- You Have Improved Patient Satisfaction – Very few things anger customers/patients more than an unexpected bill, especially if that is a medical bill. Outsourcing your medical billing and coding means there are fewer errors, so your patients can trust the billing they receive.This trust results in happier patients who will not only return, but will recommend your practice to their friends and family.
- You Can Focus on Your Practice – If you are currently doing your coding and billing in-house, take a moment to think about all the work that entails; the hours that you or your staff have to put into, or the time and effort it takes to correct errors and ensure that you stay current on compliance.Now, imagine that someone else is taking care of your coding and billing. Imagine the time and effort you can put into other areas of your practice. Outsourcing opens that opportunity cost and allows you to focus on your practice and what you need to do to see it grow and thrive.
- You Can Save Money – It is easy to think of outsourcing as just an expense. However, take a moment to consider the following:
- Errors require work to be done two, maybe three times. This is an opportunity cost for whoever has to correct the original coding and billing error.
- Failure to stay compliant may result in a fine.
- Coding and billing errors may cost you patients, which can lead to negative word-of-mouth.
These examples are all real consequences of incorrect coding and billing. When you weigh these costly consequences against the cost of outsourcing, it is easy to see how you end up saving money in the long-term.
The thought of losing control of any aspect of your practice can be intimidating. However, outsourcing your billing and coding to a trusted organization (like Mednet) allows you to focus on your revenue cycle, patient satisfaction, and other areas vital to growing your practice.
If you would like to speak to Mednet about how outsourcing your medical billing and coding can help you grow your business, please contact us today!