Outsourcing your medical billing will earn you more with less effort. Learn how!
Looking for a medical billing service? When it comes to thriving practices and hospitals, next to excellent patient care, good financial health is often the top contributor to their success. Therefore, it stands to reason that to ensure continued growth and stability, strong billing systems and processes must be in place. By outsourcing your medical billing to industry experts, your facility will have the most effective, accurate billing processes possible.
What is outsourced medical billing?
Most practices have their billing carried out by in-house staff; something that is becoming increasingly less popular. With in-house billing, staff are responsible for the billing process, following up with Medicare, DVA, the Health Funds, and other insurers to deal with rejections, chase payments, and reconcile payments. They can spend 30 minutes or sometimes more on hold to discuss a single claim or rejection. Meanwhile, they still have to attend to incoming patients and carry out other core duties.
Whereas, when you outsource your billing to a medical billing service provider, you offload laborious and tedious billing to a third-party that specialises in these tasks. Their expertise will ensure you claim the maximum amount for your services, invoices are sent promptly, and diligently followed up with all the way to payment. They will send you weekly reports showcasing what was paid, what is still outstanding and why. This means you are in control and informed of your organisation’s financial performance, all while not even overseeing any billing personnel.
Why outsource your medical billing? The benefits
Common reasons for delayed payments are invoices not being sent out in a timely manner and/ or billing errors as a result of not keeping up to date with the ever-changing tides of the medical billing landscape. A reputable medical billing service provider will not only send your invoices within 48 hours, but as experts in the field, they will also minimise billing errors. Additionally, the cash flow and financial standing of the organisation is not jeopardised when staff are on leave or leave the organisation. This in turn results in much faster and predictable payments.
One full time admin personnel can cost $60,000 to $70,000. Add to that other hidden costs like superannuation, leave entitlements, the cost of hardware and dedicated billing software and it quickly adds up. Crucially, you can also avoid training and retraining staff on the intricacies of medical billing, avoiding common pitfalls that can arise as a result of not keeping up to date with the ever-changing tides of the medical billing landscape.
Furthermore, staffing is a fixed cost. This means they must be paid whether or not business is booming. This is a financial risk that can be entirely avoided by turning this fixed cost into a variable one with outsourced medical billing. This is because they charge a small percentage of paid claims. So they only get paid when you do.
When the costs of an in-house biller are considered, it quickly becomes apparent that outsourcing this function of the business is the much more sustainable and cost-effective approach.
Alleviate time constraints
Getting claims out of the door accurately and promptly and staying on top of outstanding transactions is a full time job. So, whether you are looking to free up hours per week for staff to redirect their efforts to better patient care, or looking to get on top of a backlog that is costing you money, outsourced medical billing can help.
The world of medical billing is an intricate one, with many pitfalls for the uninitiated. So it’s not uncommon for well-meaning staff to make billing errors and not disclose those errors out of shame or fear. Furthermore, unless you have your ear to the floor when it comes to the billing team, you may be unsure of the transactions sent, rejections, collection rates, and so on.
In comparison, when you partner with a medical billing service provider, you are continuously kept in the loop with weekly reporting indicating what claims were paid, what is outstanding and why.
Reduce your audit risk
As previously mentioned, the world of medical billing is ever-changing and it can be difficult to keep up with. Even if you are subscribed to the Medicare and Health Fund newsletters, when changes are inevitably introduced, it can be daunting to sift through the information and jargon to even determine whether or not the changes apply to your discipline. Not staying up to date with the latest billing rules and regulations can result in billing errors, which can result in delayed payments and an audit.
Reputable medical billing specialists monitor for changes regularly and ensure your claims are sent accurately. This keeps you compliant and reduces your audit risk.
Let MYNT Medical Billing take care of your billing!
The MYNT team has over 40 years of combined experience in medical and hospital billing, claiming and health fund agreement understanding, along with the right health fund contacts to ensure your claims will be accurate with a fast turnaround. You could save hours per week.
MYNT Medical Billing Services is backed by award winning company Altura Health, the medical billing experts and company behind FYDO – Australia’s preferred Patient Administration System for Private Day Hospitals. To learn more about MYNT, click here to visit our website. Or click here to sign up.
Our Australian based support team is ready to assist you with onboarding and answering any questions you may have. Contact us today!