Medical billing can be a challenging responsibility for many medical facilities that don’t have access to the necessary skills and manpower required to perform these tasks efficiently.
Even if in-house employees can do an excellent job contributing to the organization’s success, these individuals may often lack the time and availability to keep up with the healthcare industry’s ever-changing landscape, especially when it comes to medical billing. By outsourcing medical billing, your facility can free up time to focus on what you do best while achieving the most accurate and cost-effective billing processing possible.
With over 100 years of combined experience supporting healthcare facilities, we’ve brought together the best healthcare revenue cycle management and medical billing professionals at Coronis Health. Our industry-leading innovations and high-touch expertise allow you to focus on delivering care while maintaining your independence and financial security. We specialize in medical billing designed for FQHCs and CHCs to optimize your revenue cycle. While handing billing over to a third-party provider can feel intimidating, our clients quickly experience the benefits of doing so. Below, we share 13 reasons why it’s a better option to outsource medical billing.
1. Save Money
There can be a lot of hidden expenses when it comes to employing an in-house medical billing team. Having to cover training costs, full salaries, benefits, insurance, and modern billing software, relying on your billing department can become an unwise investment. Not all facilities have the disposable income to maintain a billing department or the time to find and train a replacement every time an employee leaves. By outsourcing your medical billing, you can reduce, if not eliminate, fixed expenses. Therefore, a medical billing firm can provide a more efficient, sustainable, and controlled approach to revenue cycle management.
2. Pay When You Get Paid
By outsourcing medical billing, you get to convert fixed labor costs into variable costs. This conversion means you only pay for the services you consume instead of paying full salaries year-round. Outsourcing gives you the flexibility that allows you to scale your consumption according to your business’s needs, whether it’s picking up or slowing down. In other words, you can base the pricing on how much you avail of their services. You only pay when you get paid. By outsourcing medical billing, you get the benefit of only paying for the services you consume while retaining the reliability of a skilled, qualified, and dedicated professional team.
3. Fewer Mistakes
Incorrect patient data, duplicate billing, and authorization errors can be a source of unnecessary expenses. Outsourcing medical billing allows you to benefit from experienced billing experts who specialize in billing and coding. They also have quality assurance measures in place, which means committing far fewer errors. Fewer errors can result in a more streamlined workflow, reduced amount of denied or rejected claims, and increased revenue for your medical facility.
4. Steady Cash Flow
Denied claims and delays in payments contribute to a reduction in cash flow. Outsourcing billing can keep your billing process moving more efficiently, which means timely submission of bills and an increase in the influx of cash. At Coronis Health, we invest in your financial success. We understand that consistent cash flow is the lifeblood of the business. With an outsourced billing service, you can submit claims faster and collect payment quickly.
5. More Time to Focus on Patient Care
No one goes to medical school hoping to spend most of their time filling out paperwork and negotiating with insurance companies. It only makes sense to invest your time into your core competencies and leave the business functions to providers trained and experienced in executing them. By allowing a medical billing company to do their job for you, you get to free up more time to care for your patients.
6. Stay Compliant
The healthcare industry is highly dynamic, and it can be burdensome having to stay on top of government regulations. The latest version of the ICD-10, for instance, can be a source of concern amongst medical facilities. New coding and billing changes can have a massive impact on healthcare providers’ payment outcomes and time management. Coronis Health’s expert billing team stays on top of these changes and implements them into our processes right away. You can eliminate the headache of keeping track of the ever-changing rules and regulations because we are always on top of these changes. At Coronis Health, we adapt to these changes and have the skills to apply new rules and follow guidelines, giving your facility one less thing to worry about. If you are offering COVID Vaccines, learn how to stay compliant and increase your revenue for COVID vaccine billing, check our latest blog on this subject.
7. Keep Patients Happy
Having to juggle so many tasks within a day can make it challenging to meet all your patients’ expectations. The added stress can also lead to more errors, which will only frustrate patients. By outsourcing medical billing, you are relieving your staff of the time-consuming task of managing the billing process. In doing so, your facility can better attend to patients’ needs, which means happier patients and higher satisfaction rates.
8. Gain Efficiency
When you outsource medical billing, your in-house employees can have more time to assess their primary responsibilities and focus on other critical administrative functions and operational areas. This means the demanding task of medical billing will no longer derail your office productivity, resulting in more efficiency within your organization.
9. Accurate Credentialing
Medical credentialing is necessary for a physician to provide care for patients covered by their insurance carrier. However, credentialing is a laborious process with possible delays or rejections. By outsourcing this task, you can rely on dedicated individuals to take charge and provide these services for you. Fast and accurate credentialing from a third-party service provider will simplify the process and provide quick results, reducing the stress on your already overworked office.
10. Lessen Penalties
No matter how small, errors can result in denied claims, fines, penalties, and loss of revenue. An example of improper billing is upcoding, which is when the medical coder reports a procedure that has a higher reimbursement cost than the one the patient underwent. This can occur when the billing staff makes a mistake when entering diagnosis and treatment codes. Since codes for specific procedures and tests demand higher payments, this illegally inflates your revenue and can not only lead to claim denials but can also cause your facility to undergo an audit or be penalized. At Coronis Health, our certified professionals have a strong understanding of Medicare and Worker’s Compensation regulations, as well as the latest knowledge of all medical billing codes. Our professionals know how to avoid medical billing and coding errors, which can lower your rejected claims and maximize your revenue.
11. No More Missed Collections
Collections are critical to the growth of a medical facility. By outsourcing medical billing, skilled and experienced professionals can increase collections and efficiently reduce revenue loss due to denials. They can submit claims in a timelier manner, leading to quicker payments.
Coronis Health goes after the last dollar using our seasoned team of tireless and tough negotiators. You’ll receive timely, relevant, and accurate information in a way you can understand. We don’t just help you get money; we help you financially grow.
12. Happier Staff
A staff that has to split their time and efforts between their primary duties and medical billing can become stressed and frustrated. By outsourcing medical billing, responsibilities are better compartmentalized, and your staff can focus on the jobs they were trained to do. They will be less overwhelmed, making them happier and more productive.
13. Better Technology
Relying on your billing department means having to stay technologically equipped to handle the billing process internally efficiently. This requires additional expenses to cover the billing software that must meet industry demands, and this can be very costly because of the constant changes within the billing process. By outsourcing medical billing, you don’t need to worry about purchasing new equipment and software or training your staff to use them.
At Coronis Health, we integrate with the latest software, so we input coding instantly and execute collections fast and efficiently. We’re so confident in our billing and coding abilities that we are fully transparent with our services.
Let Coronis Health Empower Your Healthcare Facility
Any medical facility can benefit from the expertise of an experienced revenue cycle management company. Do you need to reassess your healthcare billing process? To learn more about how Coronis Health can help meet your specific needs and allow you to get back to treating patients, schedule an appointment with us today or request a free financial checkup.