Billing services simply mean to provide a design and solution for billing customers. Usually such services are required in bulk by the healthcare industry – medical and mental health organizations. With proper billing services there are lot of advantages above and beyond what it might cost to gain such a service. Revenue cycle management is exceedingly important and hospitals primarily rely on the effectiveness of the very billing system to stay efficient and profitable.
At the same time, billing process is extremely complicated. When it comes to healthcare industry it is also legally required to prepare and submit bills in a particular format and order. Any error in calculations or numbering can lead to catastrophic consequences, including law suits and legal penalties. With insurance companies in particular proper calculations also work towards the customers end because numerical errors might lead to unpaid claims or patients being denied treatment altogether.
In-House Vs Outsourced Billing
Keeping billing in-house might give you complete control over your numbers and revenues, but unless you are intentionally aiming for tax evasion there is no super benefit to be gained from that. Even the security and safety of your data is safer with an external company. Furthermore, having billing services in-house means that you will need to hire qualified employees, pay for the added benefits, utility bills that come with their working space, the needed software and other technical equipment investments, as well as a strict code of conduct that will ensure timely and accurate preparation and submission of billings. With changing technical advancements, and with them updating of laws, you also might need to keep your technical and qualification levels flexible which can become problematic if they have to be changed frequently.
However, if you have an outsourcing company on board, all these problems are resolved in addition to cutting of your costs. For starters, the outsourcing companies that provide billing services have them as their core business so for them it is much more profitable and therefore less costly to have the best available resources – manpower and technical both. Having experts take care of your billing means several things happening simultaneously – your billings are accurate, there is bare minimum risk of legal penalties if any, there is less burden on your full-time employees for their other job requirements, and you also have all your records on your finger tips as and when you need.
The right questions to ask while choosing an outsourcing partner?
When we talk about medical billing, it is slightly different from other types of outsourcing, which is why you need to know the right requirements and questions to ask. But before you can do that you need to know the requirements of your own business – whether you need weekly or monthly records of billings, will clearinghouse fees be included in the package you are being offered, what percentage of commissions are to be kept by the outsourcing partner if any, and so on.
Likewise, services segment also need to be properly discussed before entering into a contract, and the most important factor here is the workforce and their qualifications that the outsourcing company has – for instance whether they have certified coders, how detailed their financial reports are that they will submit to you, and how much skill they have in the particular industry segment where you operate.
Finally you also need to streamline the patient engagement responsibilities – whether it will be your partner company’s responsibility or yours to transfer paid and unpaid balances to an agency. Secondly, if you have a patient portal where bookings and payments are made which one of you is responsible for its maintenance and operational.
Why you should choose Intersoft BPO?
In addition to improving your billing quality and accurate, our qualified and experienced staff will also make your core business more efficient. By saving on costs from in-house billing and adding increased productivity and efficiency your cash flow will also improve. Secondly, our billing model is flexible which is especially beneficial to you if you are a growing business, and can also be adjusted according to the specific needs of your business if you are a bigger company.
For businesses that are just starting, our experienced professionals and state of the art technological capabilities, we can also help you in setting up a new practice, for all types of medical specialties. If you are not sure how to start with billing or you wish to automate your procedures and consolidate your data, there too Intersoft BPO is the answer to solving all your troubles.
Finally our prices are market competitive and are designed to be affordable for all types of businesses. The packages we offer provide you the freedom to choose the set of services that you need and avoid paying extra. Get your quotes from us today!