The COVID-19 pandemic has severely impacted medical billing services in the US. Only providers who have been outsourcing physician billing services have been able to deal with staff shortages – one of the severe impacts of the pandemic. In fact they owe their hassle-free claim reimbursement process to outsourcing.
Due to the coronavirus crisis, small practices are facing severe resource scarcity challenges. Therefore, they need to collaborate with a trusted billing expert to minimize costs with zero tolerance on quality compromise. Here is how:
1. Training sessions
You need to update your coders and billers about the ongoing changes, but it is difficult when you have a limited in-house team. When you outsource, a medical billing firm with over 1,000 employees will help in running training as well as refresher sessions in a batch system without compromising on the quality of services even if there is too much workload.
Periodic training will help coding and billing employees stay updated with the latest changes and trends in the industry, including client-specific information or updates to avert rejections and claim denials.
2. Minimized overhead expenses
You can cut back on your overhead costs with outsourced medical billing. You can save huge sums when it comes to training coders and billers and hiring employees. A professional medical billing outsourcing firm has decades of experience and has the best employees to ensure quality work and on-time delivery.
This way, the trained employees will work on your process with minimum investment compared to your in-house staff with higher paychecks. It will also help in reducing expenses such as software, infrastructure, as well as other overhead costs.
3. Effective A/R follow-up
A/R claims with more than 90 days result in loss of earnings if you do not address the problem on time. Studies indicate that over 50 percent of revenue loss is because of improper follow-up rejections as well as refused claims.
Hire an offshore billing company to help you follow up on old A/R claims on time to make sure that you get back every dollar.
4. Better collections
Your monthly collections get impacted significantly because of claims submission with erroneous entries, inefficient billing, missed A/R follow-up, and inability to monitor denial claims. If you do not want this to happen, outsource the job to a trusted medical billing company with a team of trained coder and billers to delight you with quality work, thus assuring highest settlements.
5. Enhanced the first-pass rate
When you’ve experienced and skilled employees managing every claim smartly, it ensures the first-pass rate leading to increased collections. An offshore medical billing team will also monitor follow-ups and claims submission frequently until you’re reimbursed. This way, you re-appeal on the refused or low-paid claims to ensure more monthly collections. The offshore medical billing firm will help you receive maximum settlement because they know the job.
If you are struggling with your physician billing services due to resource shortages amid the coronavirus epidemic, it is high time that you outsource the job to an offshore team that has the skilled staff to ensure maximum collections within your budget.