It’s no secret that technology has revolutionized the way the healthcare industry operates. This is true whether it’s patient care that is being discussed or how a practice is managed. Either way, technology has made medicine much different than it was even a few years ago.
As much as technology has revolutionized healthcare, it still needs work to make it leaner than it already is. That’s where firms such as Coronis Health come in.
Medical Billing: Making Business Leaner
Medical billing firms are the answer in many complex medical practice environments. This is true not only because there is a higher level of efficiency involved, but security and other factors also come into play. These are only two factors among several.
Lessened Administrative Responsibilities
If you have people in your practice that handle billing, the chances are good that there have been times when you wished they were doing something else. A reputable medical billing company can maximize your entire staff’s productivity by eliminating medical billing tasks.
Verify Insurance Coverage
Regardless of the size of your practice, there are always places to cut the budget. Suppose there’s a full-time medical billing person or department. In that case, you could probably save money by replacing it with an outsourced medical billing service that can, among other things, verify insurance coverage.
Reduce Operating Costs and Increase Cash Flow
Several studies have shown that having an outsourced medical billing firm can often increase the revenue of a practice by as much as 30 percent. This is because not only does outsourcing save money, but the increased efficiency will improve cash flow as well.
Improve Patient Relations and Satisfaction
Few things can ruin a relationship with a patient faster than a billing problem. Making an outside billing firm responsible for maintaining your accounts allows a physician and other workers the ability to work closely with patients to develop better long-term relationships.
Faster Processing of Claims
When administrative tasks such as medical billing is outsourced, your practice becomes more productive and efficient. Further, same-day claims submission increases your cash flow. Studies have shown that typical paper-based claims methods take an average of two months for reimbursement, while outsourced services account for full reimbursement in from seven to 14 days.
Reduce or Eliminate Billing and Coding Errors
Outsourcing medical billing can reduce errors and speed up reimbursement. Specialized tools used by medical billing firms eliminate mistakes that can cost a practice time and money in lost or delayed reimbursements.
Patient Data Security
If there’s one thing that many practice managers have concerns over when it comes to outsourcing patient data, its security. After all, everyone has heard the news about breaches that allowed access to patient data. Some experts say that patient data is worth 10 to 20 times more than other types of digital data. By outsourcing patient data, the service provider has the responsibility of maintaining security and the cost, not the practice.
In these difficult and challenging times, practice managers must find ways to save time and money while also improving efficiency. Finding ways to reduce operating costs is a primary method of doing this. This is especially important in the ever-changing world of healthcare. It would be easy to say that in outsourcing medical billing, a practice will save money. However, the proof is in the record the medical billing has in saving money and providing a time-saving resource to their clients.