These days, the number of medical providers outsourcing their medical bills to 3rd party professionals is increasing at a fast pace. This is because of the numerous benefits offered by the professional companies, which includes saving of money, time and energy.
Reasons to give medical bills task to professional medical billing services
· Coding issues cause unwanted rejections: This is cited to be one of the major causes for occurrence of claims rejections, thereby leading to loss of claims and revenue for the medical provider. The outsourcing professionals do have in-depth knowledge of the coding system and update themselves constantly on the changes being made periodically to it. They also have vast knowledge of the codes as well as filing procedures and ensure that medical claims get filed on time and properly.
· Claims not filed within time: The professionals do understand the significance of the system and do have good knack to file claims promptly and accurately possible. It ensures receipt of timely payments and the provider not having to wait for a long time to receive money due.
· Outsourcing does help to overcome the common hurdles generally associated with claims. There are plenty of challenges to be faced when taking into consideration medical claims filing and billing. Some common which may cause unpaid or forfeited claims may include the following:
o Inaccurate or un-updated patient information.
o Claims filed & processed at wrong place.
o Patients liable to make payment of services which are otherwise not covered by their insurance policy. The physician in such a case is to perform several financial logistics, follow-up and issue involves.
o Either the patients are not in a position to pay or simply refuse to make payment, hence, making the business to take care of their liabilities.
o Bad image as well as PR of the business gets bad with collection agencies. Some medical providers may choose collection agency services to get their money back from patients; such services will only prove to be bad especially for patient relations including the provider’s image. The agency is also likely to charge about 50% upwards of collected money. Therefore, outsourcing medical billing and claims to the well-established medical billing and collection companies will help manage such cases effectively and ensure that the business does not lose out on image, patients and money.
· Curtail all unnecessary financial implications upon the business. Properly prepared claims might take around 30-120 days for receiving the insurance company’s attention as well as that of Medicaid and Medicare. Physicians are required to borrow loans to cover up immediate expense of their business and await payments, which might be received probably in weeks, months or simply not at all received.
· Slump in claim rejections: The rate of rejected claims is about 30%. The outsourced medical services have only displayed tremendous turnaround having claims. The professionals have demonstrated abilities to diminish rejected claims to around 2%!
This way, the professionals are able to reduce the providers from financial losses and ensure that they receive all their claims without any qualms.
