According to a recent study conducted by AKASA, More than 57 percent of health facilities and practices have over 100 vacant roles to fill and the majority of finance directors have to recruit more than 20 employees to fill their departments of revenue cycle. Small practices or large companies, all have staffing issues. Transferring all of your medical billing processes with a revenue cycle business such as Medcare MSO Medical Billing Data Solutions can help with a variety of staffing issues. For healthcare companies, it’s not just a matter of manpower shortage, but also retaining skilled workers and educating them takes this issue to a higher level. To overcome this issue, healthcare financial executives must change their perspectives and look at medical billing vendors as partners in their growth.
Medical Billing Solutions
Outsourcing Can Solve Your Staffing Challenges
Transferring your medical billing functions to an outside company does not just resolve staffing issues, but can also bring many other advantages These are as follows:
Availability of Skilled Manpower
In order to receive accurate insurance reimbursements, You will require medical specialty particular codes and billers. Each payer has its own set of reimbursement guidelines and billing policies. You will require experienced personnel who can comprehend these guidelines and charge accordingly. Medical billing companies such as Medcare MSO Medical Billing employ experts in their field according to the area of expertise you are in. The code correctly and ensure the correct application of modifiers, if applicable.
No Need to Hire Full-Time Employees
If outsourcing your billing functions it is not necessary to recruit professionals in billing and coding to be full-time employees. The companies that provide billing services allow you to be flexible in the way you can adjust your workload. If you require assistance with particular aspects of medical billing they’ll give you experts. This is the case when you are looking to bring on new providers to your practice, and you require experts for credentialing and enrollment within your team. Once the newly added providers are accredited with the number of clients, the billing company is able to assign credentialing professionals to different clients.
No Need to Provide Employment Benefits
If you are outsourcing, and you don’t employ full-time employees, you do not have to be concerned about offering employment benefits. When you employ an employee who is full-time they are required to pay their full-time salary and training, as well as insurance costs , regardless of monthly practice collection. Medical billing firms like Medcare MSO Medical Billing provide an array of flexible options for manpower. you can engage specialists as Full-Time employees (FTEs) and pay them on an hourly basis of monthly revenue. When you outsource it, you don’t have to pay for benefits to employees.
Ask for help from experts
The providers are busy with taking care of patients, and it might be difficult to stay on top of changes in policies regarding billing. We’ve seen this happen during COVID-19’s pandemic, in which the guidelines for billing were continuously changed. Medical billing professionals are focused exclusively on billing operations and it is simple to follow bills and the changes they make and how they are implemented. The providers may not be in a position to devote that amount of time understanding changes to billing. Experts from these companies provide industry-specific insights that help you learn about the other providers confronting reimbursement issues.
Avoid Wrong Billing Practices
Practice owners sometimes try to handle the medical billing process and code by themselves. When they do this, they usually use only a very few procedure codes and charge their patients without knowing the billing guidelines. We have observed improper procedures such as improper use of modifiers, upcoding, insufficient documentation, and a lack evidence of medical necessity. The incorrect billing practices may be categorized as fraud and could trigger external audits by payers too.
Medcare MSO Medical Billing Data Solutions is an industry leader in medical billing that provides complete assistance with medical billing and code. We will assist you in getting accurate reimbursements from insurance companies both government and private payers. Through our benefits verification and credentialing as well as enrollment, you are able to add additional providers to your practice. To know more about our specialty-specific medical billing and coding services, contact us at [email protected]/ +1 800 640 6409.