Debunking 4 Popular Myths About Outsourcing Medical Billing

Popular Myths About Outsourcing Medical Billing

Nowadays, medical billing is proven to be the most complicated process for the healthcare system. The medical billing process is full of hustle as the process is very complex which includes the following steps:

1. Insurance verification
2. Patient demographic entry
3. Coding
4. Charge entry
5. Claims submission
6. Payment posting
7. Follow up
8. Denial management
9. Reporting

Either one can hire an in-house medical billing team or can simply relax and let the expert agency handle the medical billing for them.

If the healthcare system goes with in-house medical billing, they face issues like increasing software costs, time-consuming recruitment, and timely training sessions for the team.

There are some common myths that are making healthcare institutions rethink outsourcing their medical billing. In this article, we will bust those myths and help you to make a clear choice.

MYTH#1: ONLY BIG MEDICAL INSTITUTIONS CAN AFFORD TO OUTSOURCE MEDICAL BILLING

To save costs, it might be a tricky decision for a small hospital to outsource its medical billing or hire an in-house medical biller. By outsourcing, hospitals can save some bucks on salaries, training, office supplies, and software upgradation. And also, there are various medical billing companies out there to help small practices that also fits into their budget.

MYTH#2: CONFIDENTIAL INFORMATION IS NOT SAFE WHEN YOU OUTSOURCE

Medical billing companies follow HIPPA regulations(Health Insurance Portability and Accountability act of 1996). They take all the security measures to ensure that all the patient’s information stays secure within the office premises.

Security of the company’s data is the top priority of a medical billing company because their business runs on reliability and trust. If they do any malpractice, it will negatively impact their business.

MYTH#3: YOU LOSE CONTROL OVER THE REVENUE PROCESS IF YOU OUT OUTSOURCE YOUR MEDICAL BILLING

There is a strange misconception that in-house billing is more transparent because it’s been done in front of the eyes. But in reality, medical billing companies focus more on transparency, hence they periodically share detailed reports with the healthcare system.

MYTH#4: IN-HOUSE BILLING IS MORE ADEQUATE THAN OUTSOURCING

Many professionals believe that in-house billing can reduce costs and boost revenue.

In fact, with their better strategies and expertise, medical companies’ practices help save operational costs and proficiently manage their revenue cycle.

MOVING APART FROM MYTHS:

Myths usually hide reality, so let’s take a sneak peek at the hidden facts of outsourcing medical billing.

1. Outsourcing leads to a reduction in errors.
2. According to some sources, clients in the US and Western Europe save up to 80%  after outsourcing.
3. Outsourcing medical billing shifts the manpower management responsibility to the vendor so that hospitals can completely focus on their patients.
4. The medical billing team undergoes extensive training to reduce claim denials.
5. They master their jobs, so there are no chances for delays.
6. Outsourcing providers ensure data security and stay up-to-date with HIPAA standards.
7. Medical billing companies with their team stay prepared for unexpected situations like unsettled audits.
8. Always stay updated with business standards.
9. Reduce the barrage of calls from patients and increase the peace of mind of hospital staff.

Pure billing is taking medical billing to the next level by breaking all these myths and helping each level of a healthcare institution to grow its revenue. With our expert team and latest technologies, we provide the best solutions for not just practices but also individual providers.

To know more about medical billing services and how it can benefit you, kindly contact our medical billing expert by simply clicking here or shoot an email at info@pure-billing.com