Outsourcing Medical Coding and Billing to Cut Costs

The past year has put pressure on many businesses across the board to find innovative ways to cut costs. Although, a major concern for many practices is the potential loss of quality and efficiency in their services. This doesn’t have to be the case with outsourced medical billing and coding. In fact managing billing and coding has proven to be one of the most stressful aspects in the healthcare industry. By consolidating and outsourcing medical billing and coding you can not only ensure your practice survives, you can also make the lives of you and your staff easier.

Here are just some of the ways that outsourcing can benefit your practice.

Reduce Administrative Requirements

There are many clerical elements to running a practice, each can require a full- or part-time staff member to function successfully. Consolidating elements of your office work and outsourcing them to a professional company can save on both time and money.

Insurance Verification

It’s not uncommon for practices today to have a low-level staff member checking the exact insurance details of each client. Finding and processing this information can be a process, dependent on the insurance scheme they’re using. By outsourcing this work to an experienced and professional company, you can be sure that the correct insurance details are checked and processed efficiently.

Medical Coding

Perhaps one of the most integral jobs within a practice, after a doctor of course, is medical coding. One little mistake can not only cost time and money, but could also affect someone’s prescription and therefore health. The pandemic has proven that many jobs can be done remotely, and medical coding is definitely one of these. Remote medical coding can not only save you money through the efficiency of professional coders, but also reduce the risk factor of any potential mistakes.

Medical Billing

Medical billing is as important as coding, as it relates directly to the financial situation of your practice. As with coding, mistakes can not only be costly in time and money, they can also affect your patient’s financial situation. Consolidating medical coding and billing, and outsourcing these to a professionally trained external company can benefit both your practice and your patients.

Ensuring each of these jobs is done to the highest possible quality can itself be a job. Although not every practice can afford a supervisor role based on “what if’s”. Consolidating and outsourcing these roles can mean you can focus on your patients, leaving these fragile clerical roles to the experts. 

Safeguarding Patient Privacy

Running a medical practice means you have access to a lot of sensitive data about your patients. This can be a treasure trove to modern hackers who take advantage of weaker or slightly outdated security systems. Keeping up-to-date with the latest security systems to stay ahead of hackers can be expensive and time-consuming for your staff. Especially if you feel the need to hire an IT professional to keep up your cybersecurity. Outsourcing billing and coding to a specialized company can ensure your patients data is in the safest of hands. 

Improved Customer Service

Freeing up billing and coding responsibilities for your team can give them more time to interact with each patient on a personal level. This can greatly improve patient comfort and satisfaction throughout the process, and can even lead to the garnering of feedback on their visit. Your practice can then gauge any improvements or adjustments that need to be made to increase your long-term success.

Having your staff interact more personally with patients can also result in a positive impact on your staff morale. Often when we are working in a busy environment we can allow social interaction to become stressful. By genuinely enquiring how people are doing, your staff can be a conduit to more positivity in their own workplace. 

The Whole Package

All of these administrative and clerical duties can be an unnecessary source of stress looming over your practice. Consolidating and outsourcing them to a professional provider of medical billing, coding, customer service, and office support may be just what your practice needs. 

Here at The Psych Biller we pride ourselves on being able to provide all of these services at fair rates with no hidden fees. Our team are professionally trained and experienced to deal with all manner of problems, and can greatly improve the experiences of established and potential patients. 

Contact us today to see just what we can do for you and your practice.

2021-06-07T15:37:29+00:00 April 12th, 2021|