3 Common Myths On Medical Billing Outsourcing-1.pdf

3 Common Myths On Medical Billing
Outsourcing
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 Scores of medical professionals now prefer to outsource their medical billing. More and
more people are considering this choice as the sector is expanding. Doesn’t that
dumbstruck you? However, on the other hand, there are a few myths floating
around outsourcing medical billing. To burst this smokescreen, you should first take the time
to dispel these widespread misconceptions about outsourcing your medical billing before
deciding whether it’s appropriate for your medical setting or not.

Now, let’s uncloud the common myths when
it comes to the medical billing outsourcing
services, shall we?
 Myth 01: You won’t be able to keep a track of your finances
 The success of outsourcing depends largely on the medical billing company you select.
Finding a company who can deliver more than just medical billing services is crucial, and
they should also be able to deliver in-depth reports, financial analyses, and patient
statements.
 After completing their cost reports, hospitals are required to maintain their records for at
least five years. Please bear this in mind as you determine if outsourcing your medical
billing is the best course of action for you.
 Additionally, medical billing services charge on a monthly % basis. A defined percentage
of your monthly patient and insurance collections will be charged instead of a set fee. By
doing this, your practice will benefit from the services of billing professionals while paying
a proportionate amount based on practice collections. Thus, the finances can be
tracked at an ease, with crystal clear numbers.

Myth 02: Specialty Isn’t Important
 It is reasonable to believe that medical coders and billers who are knowledgeable
about your area of expertise will be more productive and make fewer mistakes—the
longer they have been using the methods, the better. When it comes to accuracy,
payer expectations, and productivity, having a solid understanding of the codes,
language, anatomy, and internal workings of a practice like yours is priceless. Isn’t it?

Myth 03: It Costs a Lot to Outsource
 It’s true that outsourcing your medical billing lowers operational costs while increasing
monthly patient and insurer collections. However, having an internal billing staff will cost
money for salary, benefits, office costs, and training. Since it is challenging to keep in-
house billing experts on staff for an extended period of time, there is a constant fear of
employee turnover. The majority of medical billing businesses provide flexible
scheduling that allows you to employ billing professionals on a full-time equivalent basis
(full-time employees). You can adjust a team member’s strength depending on your
workload with only a few days’ notice.

Busting the greatest myth of all!
 “Medical billing is simple data entry!” What really? Well no! The reality is that medical
billing is a complicated process that involves sending claims to both private and public
insurance carriers and collecting unpaid amounts from your patients. To support billing for
certain services, medical coders must be able to interpret physician notes, comprehend
subtleties in a medical record, and make sure the pertinent information is in a patient’s
chart.
 Additionally, they must be aware of the codes that are in use and valid in order to avoid
undercharging or overcharging for services that weren’t rendered (billing for less or less
complex services). Both of these actions are unlawful, and a lack of knowledge of
medical billing and coding regulations is not a valid defense in court.
 You are paying for people with knowledge and experience in billing when you pay for
outsourced medical billing.

What is the big deal about?
 As you can see, there are a lot of misconceptions about contracting out medical billing
and coding work. Despite the credibility of these beliefs, outsourcing has a much
greater capacity for issue solving than internal teams.
 Experts in billing and coding help identify the most effective strategies to increase
income, maximize reimbursements, and reduce expenses for a medical business. They
are regularly taught to stay abreast of industry norms and regulations and have access
to the most recent billing technologies. Additionally, outsourcing frees up internal
employees from having to worry about these issues, which increases patient happiness
and loyalty.

Getting beyond the Myths
 To have a flawless claim, the billing specialists need to be knowledgeable with many
insurance providers and be able to decipher all the necessary codes. Even well-
established procedures are not always successful in every endeavor. The practice may
concentrate on its patients and enhance patient engagement by outsourcing revenue
cycle management.
 Instead of pushing the limits of your personnel and trying to maintain all processes
internally, it is preferable to outsource to a provider with more experience, knowledge,
and resources. By designing clear processes that are adapted to the needs of the
practice, outsourcing aids in creating a strong line of communication between the
specialists and the practice.

Wrapping Up
 Now is the time for change. The industry is changing more than ever, and we must adapt.
Long-term costs will only increase if you continue with outdated procedures. The most
recent cloud-based technology for revenue cycle management, which minimizes the rate
of claim rejection at your clinic and eliminates errors, is used by medical billing experts. They
also provide a variety of payment methods, send e-statements and reminders. All of these
capabilities enable you to receive reimbursement more quickly, improve your cash flow,
and maintain legal compliance. Not only that, but it can also assist you in keeping a solid
rapport with your staff so they can pay attention to what matters to them. If you’re looking
for a hand, Medisys Data Solutions is merely one tap away! Your experts await you!

3 Common Myths On Medical Billing Outsourcing-1.pdf

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3 Common Myths On Medical Billing Outsourcing-1.pdf