A smooth revenue cycle of a medical practice ensures that all the expenses are being paid and patients are being treated with the highest level of care. Medical billing can be quite a complex and time-consuming task, no matter what your specialty is. And independently doing it can deviate medical practitioners’ attention from their patients.
However, it can be said that for some practices, it may be more challenging to regulate a robust revenue cycle. For instance, it would be better for chiropractors to leverage chiropractic billing services to ensure every patient is billed accurately. Therefore, a skilled and efficient practice management solution like parkmedicalbilling.com can significantly help with smooth cash inflows and account receivables.
It’s imperative to note that many health care providers are negligent for outsourcing medical billing due to common myths they may have heard from other people or untrusted sources. Nevertheless, this article will debunk 5 myths about outsourced medical billing. Read below to know!
Myth #1: Outsourcing Medical Billing Is Only For Big Practices
The most common belief is that only huge, well-established hospitals will benefit from outsourcing medical billing.
However, the truth is that even a small practice can leverage its services. Especially more if it’s a newly-opened practice, since it won’t really know how to manage the revenue cycle optimally while taking care of the patients.
Outsourcing medical billing to a reputable practice management company will equally help small practices to manage their cash flow better as it would for a large hospital.
Myth #2: Specialty Doesn’t Matter
Many medical practices assume that you don’t need to take specialty into account when looking to outsource your medical billing to a company.
In reality, you must consider what the medical billing company specializes in, as each company has its own expertise, knowledge, and experience. For example, billing for a physiotherapist may differ from billing a dentist due to different jargon, codes, and anatomy.
You must always confirm if the said medical billing company has experience or past record of dealing with practices in your specialty for maximum efficiency.
Myth #3: Delegating Your Medical Billing May Compromise PHI Safety
HIIPA requires medical practices to protect patients’ personal data such as names, addresses, and contact numbers. Another common myth is that outsourcing your medical billing to a 3rd party may lead to a data breach.
The truth is medical billers are also required to comply with HIIPA. Therefore, they are obliged to keep your patients’ personal information secure. Most of them use certified tools that are equipped with several layers of security to make sure patients’ data isn’t compromised.
Myth #4: Health Care Providers Lose Control Over Their Finances
Another misconception regarding delegating medical billing to a company is that you may lose control over your finances.
What a practice management company actually do is simply claim money from insurance companies. They can only see the number and amount of claims you have received, but nothing more than that. They don’t operate or manage your bank account on your behalf, so you have full control over your cash.
Myth #5: Outsourcing Medical Billing Is More Expensive
Outsourced medical billing is assumed to be more expensive than handling it on your own, since you have to pay a 3rd party for their services.
In reality, by finding the best medical billing company on the market with your preferred rates, you not only save a lot of time but also make your collection procedures quick and easier. This leads to a boost in your total revenue and ensures no obstacle in your operations.