Holistic Billing Services knows it takes a lot to run a streamlined and effective practice. Serving your patients and treating them with the best holistic approaches should always be your top priority, but sometimes massive piles of paperwork, billing errors, and insurance delays can weigh you down and poorly affect your practice. There’s got to be a better way than swimming through regulations and claims forms, right?
That’s where outsourced medical billing services can play a key role in improving your practice’s operations. From reducing filing errors to keeping your records organized, there are many benefits to utilizing a third-party billing service. Keep reading to learn more!
What Are Outsourced Medical Billing Services?
Many holistic practices process billing with in-house staff, which comes with the responsibility for potential complications that come with the billing process. Whether it be organizational issues, delayed payments, or any other challenges frequently associated with the medical billing process, your in-house billing team can quickly be overwhelmed.
By outsourcing medical billing, your medical practice can avoid these common stressors. Outsourcing your medical billing is when your practice lets a dedicated third-party code and bill your procedures. By trusting a medical billing company with your information, you can rely on the professional expertise of their staff to find the most comprehensive and efficient way of processing your coding and billing so your medical practice can focus on other areas of improvement.
Why Does Accurate Medical Billing and Coding Matter for Holistic Practices?
Accurate medical billing and coding means your holistic practice is efficient, maintains a clean claims rate, and is overall optimized for profit. If your holistic practice is repeatedly producing errors in its administrative paperwork and insurance claims, then your revenue cycle and reputation will be negatively impacted. Partnering with expert medical billing outsourcing services can result in a streamlined workflow, reduced mistakes, and increased revenue and earning potential for your medical practice. Plus, experienced medical billing outsourcing companies regularly generate comprehensive performance reports, and can keep you better informed of delays and payment issues than your on-site staff could.
The Top Benefits of Outsourcing Medical Billing Services
When it comes to outsourcing your holistic practice’s billing, there are a variety of benefits! From saving time to reducing inaccuracies, utilizing a third-party service can streamline your holistic practice in many ways. Such advantages include:
More Time and Resources Available for Other Responsibilities
In the holistic field, we recognize you often wear many hats and have a wide range of responsibilities. However, medical billing is a full-time job. In order to stay on top of the volume of transactions in an accurate and timely manner, you’ll need a separate team dedicated entirely to billing. By outsourcing medical billing for your holistic practice, you will save your administrative staff hours that can be allocated to other pertinent needs.
Holistic practitioners might worry that outsourcing medical billing means relinquishing control of the RCM process to a set of strangers – but that’s not the case. Once you contract with a firm, your outsourced billing team becomes obliged to earn you positive marks on a defined set of metrics, such as first-pass payments, denial rates, and collection ratios. This dedicated team also provides data on your holistic practice’s efforts and outcomes, which gives you unprecedented transparency into your revenue cycle.
Fewer Medical Billing Errors
Billing errors, inaccurate coding, and other inefficient collection policies have the potential to result in a huge revenue hit. Everyone makes mistakes—but when it comes to medical billing, just one mistake can turn into a delayed payment for your holistic practice. Between incorrect patient information, authorization errors, duplicate billing, and more, billing errors can be a costly expense. Outsourcing medical billing can help ensure your holistic practice is profitable, and that the medical billing process is up-to-date and free of human error.
Increased Patient Satisfaction
Every holistic practice aims to deliver excellent care and customer service, but juggling everything on your practice’s plate makes it difficult to meet all your patients’ expectations. Your support staff is always going to be responsible for managing scheduling tasks, executing patient check-in and check-out, keeping the books, and handling clinical concerns. By outsourcing medical billing, you’re freeing up your staff’s time to better attend to patient needs, resulting in higher satisfaction rates and better patient retention.
What to Look For In A Medical Billing Company
You want your holistic practice to work with the best medical billing company out there, right? With so many factors to consider, be sure to explore your options thoroughly. These questions are a good place to start when researching holistic medical billing services:
What Medical Billing Services Do They Provide?
Revenue cycle management is a complex process, which involves a variety of important tasks. It is vital to identify each of these tasks and assign them to either the practice or the medical billing company. Not every medical billing contract is the same. For example, your holistic practice might want to input charges on-site, while another practice might choose for the billing company to not only enter the charges, but also complete the coding for the encounters. All steps need to be discussed and clear expectations set.
What Training Does Their Staff Receive?
Proper training of a medical billing company's staff is essential to maintaining their core competency. Before you engage in any agreements, confirm that the billing staff is certified and receives continuing education to maintain their certifications.
What is Their Approach to Working with Your Holistic Practice?
When it comes to outsourcing medical billing, both the provider and the outsourced company must mutually agree that the relationship is a partnership. There are many benefits to outsourcing medical billing, while still feeling like it's being handled in-house. You want your practice to feel valued and supported by your third-party billing team!
Our experts here at Holistic Billing Services believe that our success is your success. From handling medical billing and coding to offering consulting services and much more, our team is dedicated to making it feel like we’re in-house. With a focus on holistic practices, insurance background, and proven consultants, our team can effectively ensure the financial success of clients, allowing your medical practice to focus on what it does best: treat patients.
Our expertise is rooted in professional, technical, and global billing for hospital and stand-alone holistic care practices. To learn more about how outsourced medical billing with Holistic Billing Services can empower your practice, contact us today. We’ll work with you to build a customized solution that meets the specific needs of your practice and allows you to get back to treating patients.
