8 Reasons why you should outsource your medical billing

"Medical Billing" 

It's a phrase that inspires a shudder for practitioners and patients alike.

It's no secret that dealing with insurance, filing claims and handling medical payments is a headache for everyone, no matter what side of the front desk you’re on. And it doesn’t take much for medical billing to spiral into an uncontrollable horror story!

So, how do you manage the billing process?

One way is to hire your own staff, train them, pay for their certifications, provide their equipment and keep them happy to eliminate turnover.

If, after that sentence, your head is spinning when thinking about the cost of accomplishing all that, you’re not alone. Many healthcare practices, whether large or small, struggle to keep medical billing staff up to date with their training and changes within the industry as well as shell out hard-earned profit on expensive technology and equipment to keep up with best practices.

The other option: Outsourced Revenue Cycle Management (RCM)

Just like you prescribe your patients medicines and treatments for their ailments, RCM providers are the prescription needed to relieve your medical billing stress! By handling the entire process for you, an outsourced RCM partner can boost your profits, reduce rework and free up time for you to focus on what matters most—your patients.

Not convinced you need an RCM partner yet?

Here are 8 reasons why you should outsource your medical billing:

1. Improve your cash flow

Whether you have a large practice with a bigger billing department or are a smaller practice with only one or a few dedicated RCM staff, the best way to get cash fast is by submitting quick and clean claims. Partners who provide RCM services know all the ins-and-outs of medical billing and have the bandwidth to give your claims submissions the time and care they deserve, which results in quicker processing, fewer errors, shorter collection times and more wholistic service charges. You can’t argue with results—and that’s exactly what RCM partners deliver to you in the form of increased profits!

2. No more missed deadlines

When was the last time you did less than your best work? Maybe it was in school, when you submitted a paper without proofreading because you just didn’t have time before you had to turn it in. Maybe it was more recently, when you made a claims submission with errors, just to get it in before time was up.

Either way, it’s no secret that looming deadlines are a major cause of stress, especially when missing payor timelines means that you miss out on profit. A good RCM partner keeps the claims process running smoothly, on time and within deadlines so you don’t miss out on your hard-earned revenue. 

3. Reduced claims denials and rejections

Speaking of deadlines, your staff may be missing them because denied claims take too long to fix and resubmit before time’s up. This is the reason that millions of dollars are never collected.

If issues with changing or expired insurance, duplicate submissions, past-due claims, errors, incorrect billing codes and missing authorization sound familiar, it’s time to think about outsourcing your RCM. Having an outside partner means that their time is entirely dedicated to your revenue and is not interrupted by everyday administrative or operational tasks. And fewer distractions mean cleaner claims and less rework! 

4. Endless billing expertise, from start to finish

Small staff—especially practices with only one team member dedicated to medical billing—are limited by personal experience. With the proper training and equipment, you can bill with in-house staff, but they may be stumped by unique situations or commit errors under certain conditions that are beyond their expertise. A knowledgeable, full-staff RCM partner provides layers of experience for every step of the billing process. So, no matter what the situation, they’ll have someone with the prior experience and expertise to get the most from your billing. 

5. Eliminate turnover and training

How much time and money does it take to train your staff and keep their licensing up to date? And how much does it cost if you lose them and have to start all over again with the hiring process?

Coders are required to continue their education with specific units (CEUs) which can cost your practice a pretty penny. Not only that, but you’ll lose their expertise while they’re in training! While accreditation hours can vary, on average it can take 40 hours. With an outsourced partner, the cost of training isn’t on your practice and you can trust that you’ll always have a highly trained staff of medical coders available to you. 

6. More time to focus on your patients

Effectively running a medical practice takes a tremendous amount of effort and excellent time management. Billing is something you have to get right in order to get paid—so if you don’t have the staff or time to focus on it, then you need to outsource to someone who does. And, as an added benefit, while your RCM partner takes care of your medical billing, you have more time to focus on what matters—your patients!

7. More transparency

No, we’re not kidding.

Outsourcing your RCM really can give you more financial transparency than you would have if you did it in house. That’s because, like everything else about the process, it takes great time and effort to successfully review reports, analyze results and implement improvements. With an outside partner, this whole process is handled for you with the added benefit of easily understandable reporting and valuable benchmarking that lets you know how you compare to similar practices. You can expect transparency into per-patient revenue, first-pass resolution rate, days in A/R, net collections ratio and more!

8. Lower operational costs

Training costs and impact to your billing timelines can be steep. But it’s more than just training and investment in your staff—what about the space they take up and the equipment they need? Whether it’s buying new technology or finding a larger building to house your practice, everything costs money. With an outsourced partner, you benefit from a large workforce and the best in medical billing technology with none of the associated overhead costs. 

About GBS RevCycle

It's your revenue. KEEP IT.

GBS RevCycle helps your practice keep the revenue you’ve earned. More than a billing service, GBS RevCycle is a comprehensive Revenue Cycle Management solution that manages the entire revenue process. Maximize your collections, with more efficient cash management, higher earnings, maximum business valuation and quality time with patients.