From increased efficiency and productivity to improved compliance, outsourcing hospital medical billing services can benefit your facility in more ways than one.
Hospital medical billing is a complex process that requires the focus of skilled, certified billers and coders who are trained in the procedures that facilitate a healthy revenue cycle and prompt reimbursement for any hospital, no matter the size.
If you are struggling with hospital revenue cycle management challenges such as delayed reimbursements, claim denials, or the ever-changing healthcare rules and regulations, you may need to consider outsourcing your hospital billing services.
Here are 5 advantages your facility can achieve by outsourcing hospital billing:
Improved Hospital Billing Accuracy and Compliance
The healthcare landscape changes at a rapid pace. From payer rules and billing codes to fee schedules and other compliance requirements, keeping abreast with changing protocols requires a dedicated team of experts who can remain up-to-date on new and changing regulations.
Outsourcing your hospital billing enables you to stay on top of these changes on a regular basis by putting the work in the hands of experts who understand exactly what to do to submit clean and accurate claims while allowing your billing process to stay compliant at all times.
Increase Your Hospital’s Efficiency and Productivity
Outsourcing your hospital medical billing services will help streamline your operations and workflow.
A hospital handles documents such as patient records, medical publications, and other multimedia resources. By leveraging technology, your outsourced revenue cycle management team optimizes search and retrieval tools that seamlessly integrate into your existing office system. Documents and other billing-related paperwork can be digitized and organized into a secure system and even accessed from mobile devices from anywhere in your hospital.
With an outsourced admin and enhanced efficiency, staff members can focus more on providing outstanding patient care.
Digital documentation also means less of your own storage space is needed, and you can reduce costs spent on office supplies while relieving the burden from your staff. Freeing up extra time and resources allows them to handle other tasks pertinent to achieving your facility’s goals.
Reduced Billing and Collection Cycle Times
Hospitals need prompt payments to operate effectively, but if claims are not paid in a timely manner, the workload for your medical billing team increases and creates additional strain. Denied claims are the number one reason for payment delays, which often stem from overworked staff and billing or coding errors.
When you outsource hospital billing services, you are choosing to have a group of highly trained professionals take over your claims review process. These experts don’t treat billing as a side project but as the core function of their job. By fully dedicating their focus on billing, errors are minimized and filing is sped up, paving the way for payments to come through much for quickly.
An experienced medical billing company also has the right hospital revenue cycle management strategies and software solutions with automation tools that allow time-consuming tasks such as data collection, insurance verification, and coding to take significantly less time compared to doing them manually. By automating the cycle’s steps, from eligibility checks and payment follow-ups to data charge entry, you can expedite the entire process.
Expertise and Professional Experience with Hospital Billing Services
The best hospital billing and collection services are firmly rooted in and informed by the medical field. They are always in tune with what healthcare professionals and hospitals need and provide their services in an efficient, intuitive, and comprehensive manner. In addition to experience, they have the flexibility to keep up with the latest industry trends and technologies.
A professional medical billing and coding company helps simplify the potentially overwhelming tasks for hospitals, staff, and patients. The skills and experience of their team, coupled with advanced technologies and processes, assist hospitals by taking care of medical billing and coding while also maintaining compliance. Staff can then manage larger document loads, and patients appreciate the easy and rapid access to their records.
Eliminate the Risk of Hospital Coding and Compliance Violations
Billing errors can create a potentially large revenue hit. Errors include incorrect coding, inefficient collection policies, mistakes in patient registration and insurance verification, and lack of documentation with a claim.
Outsourced medical billers focus exclusively on filing and finding inconsistencies in claims to reduce errors, resulting in fewer denied or rejected claims.
Certified medical billers and coders understand the regulations that govern how insurance payers reimburse and how hospitals must document to receive reimbursement. They are trained on how to apply coding that correlates correctly with clinical documentation and are consistently updated on any changes to coding or billing procedures, helping you avoid compliance violations.
To learn more about how outsourcing your hospital billing services can help you collect more and improve the profitability of your hospital, contact Coronis Health to request your free financial checkup.