There should not be any compromise on the quality of healthcare. Healthcare professionals should primarily focus on medicine. Other factors such as staffing, and billing should not interfere with the quality of the healthcare services.
The burden on healthcare professionals is huge as they provide a lot of services. Looking after the revenue cycle and the billing process adds to this burden. Apart from billing, there are processes like claim settlements, denial management, etc. which cause a lot of hassles to the practitioners. It is not possible to handle all these activities for healthcare workers.
For this reason, billing companies are coming up with opportunities and systems to lower this extra workload. These billing companies take care of the complete revenue flow. This includes collecting patient data, billing, claim submission, and settlements. Other services like lowering cost-to-collect, denial management, etc. are a big advantage of these companies.
The healthcare billing company USA, provides multiple billing solutions. Leading from the front is Virtual Healthcare. With an experience of over 10 years, the company provides excellent billing solutions. While the company takes care of all your billings, you can concentrate on the quality of healthcare services.
REASONS FOR OUTSOURCING MEDICAL BILLING
The billing process is not one-time. It starts when the patient enters the hospital for treatment. The collection of patient details is the first step in the billing process. This process completes only after receiving the settlement.
Outsourcing the billing process not only lowers the hassles of the medical staff but also increases the overall revenue. The primary reasons for hiring the billing companies are –
- On-time completion of billing –
When the billing process is being taken care of by a billing company, then the settlement is always completed on time. Billing by the hospital staff may have a few disadvantages. Mistakes may happen in the billing process, the information may not be complete. This leads to a delay in the settlement process. The larger the delay, the higher the loss for the institute.
- Lower the burden on hospital staff –
Healthcare workers can fully concentrate on the quality of service. This means that they need not worry about the revenue flow. Post-admission, the first step is the collection of data. Manual collection of this data may result in incomplete collection or wrong entries. This further leads to denial by the insurance providers due to mismatch.
Further, the claim submission and rectifications required if any lead to long delays. All these hassles cause additional burdens on the hospital staff.
- Reduction in cost-to-collect –
‘Cost-to-collect’ is an important consideration when calculating revenue turnover. This is only possible by outsourcing the billing process to a billing company. Because of lower manpower, and automated billing the billing companies have very low expenditures. Also, the denial rates are minimal. This is possible by minimizing the mistakes in the billing process.
Studies have shown that there is an increase of about 4% in the annual revenue of the institute by outsourcing the billing process.
QUALITIES OF A GOOD BILLING COMPANY
Outsourcing to a medical billing company lowers the burden on the hospital staff. But there are certain considerations before hiring the company. After all, the company should lower your burden, and not add to it!
Consider the following regulations before hiring a medical company –
- HIPAA compliance – The primary requirement in a billing company. HIPAA stands for the Health Insurance Portability and Accountability Act, of 1996. This law enforces the protection of the sensitive personal data of the patients. The billing companies should be HIPAA compliant. This will ensure unwanted complications later on.
- Working on the latest software – There are regular improvements in the software used by these billing companies. Always hire a company that uses the latest software. This will not only accelerate the billing process but also minimize mistakes. The software will also enable storing more data which forecasts trends for quicker analysis.
- Affordable budget – Hiring a budget-friendly billing company is the only way to have positive results. Imagine spending a huge part of your revenue just for running the billing company. This will not be a viable option. The billing company should provide services at an affordable cost. There should also be an increase in the overall revenue of the institute.
SUMMING UP
Overall, the healthcare billing company USA has a vast scope for improving its performance. A large number of healthcare institutes are now looking for options to outsource their billing process. This increases the demand for billing companies and promises vital growth.
The healthcare institutes that outsource the billing process are able to concentrate on the quality of service. This improves the overall satisfaction rate of the institute and eventually the total revenue.
Virtual Healthcare has been in the billing process for more than a decade. The experience gained over the years will result in simplifying the billing process. Get in touch with our team now.