Ask any hospital CFO what keeps them up at night and two things will be on top of their mind. One is the ever increasing patient responsibilities, while the other is the sluggish cash inflow into their organization. Constant regulatory changes have already left healthcare practices high and dry. Add to this, the increased enrollment into high deductible health plans (HDHPs) and the new patient payment habits, and you have a perfect recipe for disaster for hospital. In such a scenario one of the easiest ways to gain efficiency and improve staff productivity is by outsourcing hospital billing services to a third party service provider.
Here are some of benefits that come with outsourcing hospital billing services-
Outsourcing Helps You Focus on Providing Better Quality Patient Care:
By outsourcing hospital billing services, you will essentially be freeing up resources struck in scuffle between meeting the demands of treating patients and handling billing issues. This enables you to spend more time with your patients, listening to them and attending to their needs more carefully.
Outsourcing Provides Significant Cost Savings:
Partnering with an outsourced hospital billing service provider will save real dollars. This is because the average cost of maintaining an in-house billing department is approximately $118,000 per annum. However, you can bring this cost down to about $4,000 per annum by outsourcing.
Outsourcing Helps You Comply With Latest Regulatory Changes:
Healthcare space is changing at a rapid pace and hospital billing is not spared from this peril. Billing codes, payer rules and fee schedules are being modified on a continuous basis. And then there is also the myriad of compliance and reporting requirements, which are adding to the burden. Partnering with a hospital billing company gives you access to expertise and experience needed to brace these changes and remain profitable.
Outsourcing Helps You Improve Cash Flow into Your Organization:
Hospital billing companies will have a team of highly trained, experienced and certified medical billers who ensure that the claims are submitted and followed-up with utmost accuracy, both with regards to quality and time. This will reduce the number of claims denied due to billing errors, improve your collections and ultimately get your practice paid faster.
Outsourcing Allows You Take Control Of Your Practice:
Outsourcing hospital billing doesn’t mean that you are giving up control of your practice to a second person. Rather the opposite is true. This is because once your practice is relived from the burden of handling hospital billing process you’ll be able to spend more time on things that matter to you the most such as treating patients and managing processes that are crucial for your success.
The Bottom-line
Outsourcing is a strategic way to save time, increase productivity, build credibility and ultimately increase the cash inflow into the organization. Make sure that you take full advantage of all these benefits by partnering with a proficient hospital billing service provider such as OutsourceRCM.
