1. Reduce internal staffing costs
Quality, knowledgeable staff are hard to find and expensive. You avoid the payroll costs of an expensive billing department and only pay for services when the insurance company pays you.
2. Reduce training, supervision and hiring costs
How do you train and supervise your staff on billing when you do not know the rules and requirements? When you outsource, the increasing costs of training, supervising and even hiring will no longer be your responsibility or stress.
3. Reduce overhead space requirements
Outsourcing your billing will free up more space for your patients and clinical staff and reduce your administrative overhead.
4. Outsourced billing services are scalable and flexible to handle growth or changes in your business
As your company grows, your billing services can grow accordingly and you don’t have to worry about hiring, training or finding a workplace for the new staff. Your billing provider should easily be able to accommodate your growth and be prepared to handle changes in your business.
5. Increased access to industry information for claims, authorizations, compliance, and payer specific information
The insurance industry is constantly changing ABA billing and coding rules, reimbursement rates, and authorization requirements, making reimbursement for services a constant struggle. Having an experienced billing team on your side will give you access to knowledge and information that is time consuming and difficult to find, as well as challenging to understand, interpret, and implement.
6. Frees up the provider’s time to focus on patients
Billing and the entire revenue cycle process is time consuming, challenging, and stressful. When you outsource, your focus stays with the heart of your business– your patients.
7. Collect your revenue faster
With the sole focus on billing, a billing company has the time and knowledge to facilitate the billing process faster than most providers can do on their own. Claims are submitted more quickly, pursued, and revenue deposited in your bank faster.
8. Higher collections rate
With an understanding of billing and RCM, billing providers have a higher success rate in obtaining authorizations, collecting clean claims, and appealing denials thus resulting in more revenue for your company.
9. Less stress on business owner/CEO/Executive Director
Financial stress for owners and leadership teams can be distracting, burdensome and even debilitating at times. Outsourcing to your billing partner can alleviate stress when revenue is steadier and more consistent.
10. Decrease technology costs
Billing software and claims processing fees at the clearinghouse are constantly on the rise. When you outsource billing, those technology fees may become the responsibility of the billing company and decrease your overall technology costs.
If you want to learn more about outsourcing your billing, contact Missing Piece Billing and Consulting at 765-628-7400 or firstname.lastname@example.org.