Think about this! You are trying to improve your patient care. But slow payments, denied claims and other cash flow issues are diverting your attention. What should you do in this situation? You can rely on professional billers to improve your revenue management. Expert medical billing services can offer you many benefits. These include accurate patient billing, better cash flow, and a lower administrative load. This can help you prioritize patient care, improve their satisfaction, and grow your practice.
For that, it is a good idea to clarify any misconceptions about billing. This will help you know the importance of proficient billing services so that you can reap their benefits!
Here is a list of medical billing myths debunked.
Myth 1: Denied Claims Can’t Be Recovered
Don’t lose hope that rejected claims cannot be recovered.
Fact: Nearly 90% of claim denials are preventable. Also, you can recover two-thirds of the denied claims. Common reasons for claim rejections are coding mistakes, missing information, and absence of medical necessity. Medical billers can find the root cause and fix it.
Medical coders can rectify any coding errors per the standard coding systems. The billers can contact patients to collect and provide any missing information. If a patient needs medical necessity for any service to get insurance, billers can arrange for prior authorization. These initiatives can make the chances of claim approval better.
Myth 2: Billing Errors Are Unavoidable
It’s a common myth that medical billing errors always happen.
Fact: Billers can prevent them by taking the following measures:
- Carefully collecting patient information
- Performing prior insurance verification
- Eliminating duplicate billing
- Staying updated with coding standards
- Performing regular reviews and audits
By avoiding these medical billing mistakes, you can prevent revenue loss and focus more on patient care.
Myth 3: In-House Billing Has More Control on the Process
Another example of a medical billing myth is that in-house billing offers greater control over revenue cycle management.
Fact: In-house billing can be overwhelming on top of handling the administrative work of your healthcare practice. Also, in-house staff may not be specialized in navigating complex billing regulations. This can result in medical billing mistakes and delayed payments.
Outsourced billing services are more helpful as they provide real-time updates, detailed reporting, and better accounts receivable management.
Myth 4: Outsourcing Billing Is Too Costly
Another common medical billing myth is that outsourcing this service is too expensive for small to mid-sized healthcare providers.
Fact: Outsourcing can be cost-effective. It eliminates your need to hire in-house billing staff. This reduces your overhead costs. On the other hand, you get expert services from the medical billing company. This means you get the following advantages:
- Reducing billing errors
- Timely claim submissions
- Better collection rates
- Fewer claim denials
- Faster payments
In this way, outsourcing can benefit you through great cost savings and you can concentrate more on patient care.
Myth 5: Small Practices Don’t Need Professional Billing Services
The belief that small healthcare practices can manage accounts receivables internally is one more example of a medical billing myth.
Fact: Small teams can get more overwhelmed dealing with the complexities of billing and staying updated with the ever-changing resolutions. This can result in billing errors and payment delays. Hence, any provider, regardless of practice size, can gain from the efficiency and expertise of professional billers.
Myth 6: Medical Billing Involves Only Data Entry
Fact: Data entry is an important part of medical billing. However, it includes several other processes like understanding different insurance plans, compliance requirements, and other responsibilities. Professionals experienced in providing complete billing services can help you with effective revenue cycle management.
Addressing billing errors and improving claim submission processes can help you get faster payments. Debunk these medical billing myths to avail yourself of the benefits of proficient billing services. This can boost your revenue, help your practice to grow, and let you mindfully provide quality patient care. If you need help with professional billing or complete revenue cycle management, reach out to a reliable company like RCM Workshop.