There are lots of aspects that a physician or a medical billing company has to concentrate while performing the medical billing task. The work involves interaction with patients, insurance company and clearing house at times.
You have lot of processes to follow in medical billing. It is a cycle which starts with Insurance eligibility verification, medical coding, demographics & charge entry, transmission and posting, accounts receivable, revenue recovery along with denial management. You may encounter several problems during the process.
How to face the issues?
Group1:
When you are a physician, it is difficult to focus more on medical billing when it is not your job. When medical billing in itself is a big business, you can hardly do it yourself. Already you are running out of time!
Group2:
When you are a medical billing company, you have a list of clients to concentrate and you need an expert’s support to handle the business challenges. Also you have the need to outsource for certain rare specialties and to concentrate in building your business.
Moreover, medical billing requires potential human resource, proper communication and regular follow-ups.
�You cannot employ more people due to the huge money you have to invest.
�You have to buy software and arrange for the latest technological office equipments to support the business.
Whether you belong to group1 or 2, it is true that you need outsourcing and in turn you save time and money.
It is obvious that you save time. But what about the money you save?
The money spent on medical billing is less when you outsource. Moreover you save money on administrative and operational costs. The savings are even higher when you do offshore outsourcing, you save more money than expected and get rid of the heavy work pressure. That’s way to go!
