These days, the number
of medical providers outsourcing their medical bills to 3rd party
professionals is increasing at a fast pace. This is because of the numerous
benefits offered by the professional companies, which includes saving of money,
time and energy.
Reasons
to give medical bills task to professional
medical billing services
· Coding issues cause unwanted rejections:
This is cited to be one of the major causes for occurrence of claims
rejections, thereby leading to loss of claims and revenue for the medical
provider. The outsourcing professionals do have in-depth knowledge of the
coding system and update themselves constantly on the changes being made
periodically to it. They also have vast knowledge of the codes as well as
filing procedures and ensure that medical claims get filed on time and
properly.
· Claims not filed within time: The
professionals do understand the significance of the system and do have good
knack to file claims promptly and accurately possible. It ensures receipt of
timely payments and the provider not having to wait for a long time to receive money
due.
· Outsourcing does help to overcome the
common hurdles generally associated with claims. There are plenty of challenges
to be faced when taking into consideration medical claims filing and billing. Some
common which may cause unpaid or forfeited claims may include the following:
o
Inaccurate or un-updated patient
information.
o
Claims filed & processed at wrong
place.
o
Patients liable to make payment of
services which are otherwise not covered by their insurance policy. The
physician in such a case is to perform several financial logistics, follow-up
and issue involves.
o
Either the patients are not in a
position to pay or simply refuse to make payment, hence, making the business to
take care of their liabilities.
o
Bad image as well as PR of the business gets
bad with collection agencies. Some medical providers may choose collection
agency services to get their money back from patients; such services will only
prove to be bad especially for patient relations including the provider’s
image. The agency is also likely to charge about 50% upwards of collected
money. Therefore, outsourcing medical billing and claims to the well-established
medical
billing and collection companies will help manage such cases
effectively and ensure that the business does not lose out on image, patients
and money.
·
Curtail all unnecessary financial
implications upon the business. Properly prepared claims might take around
30-120 days for receiving the insurance company’s attention as well as that of Medicaid
and Medicare. Physicians are required to borrow loans to cover up immediate
expense of their business and await payments, which might be received probably
in weeks, months or simply not at all received.
·
Slump in claim rejections: The rate of
rejected claims is about 30%. The outsourced medical services have only
displayed tremendous turnaround having claims. The professionals have
demonstrated abilities to diminish rejected claims to around 2%!
This way, the
professionals are able to reduce the providers from financial losses and ensure
that they receive all their claims without any qualms.
