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Tag Archives: Outsourcing

7 Benefits of Outsourcing Your Medical Billing with ICD-10

It can be difficult deciding whether to outsource your medical billing or not. With ICD-10 coming in October, There are many benefits of outsourcing your revenue cycle functions. Let’s take a look at 7 of those benefits.

 
#1 Economy of Scale
A billing service will distribute their expenses through their complete client base, which provide an economy of scale. They are able to operate with lowers costs than what a single practice can and those savings are passed on to their clients, making them very competitive. A billing service is able to afford to hire top-notch staff so you are able to pay less and get more.

 

#2 Highly Trained Dedicated Specialists
The outsourcing team has just one purpose – its focus is to increase your practice’s profitability. They will review and post payments from the carriers to ensure that you are getting the correct amount and preventing adjustments that are incorrect. Every claim that’s outstanding will be tracked until it is paid in full. The team that handles all elements of your medical billing is the same staff to ensure cohesion.

 

#3 Gain Control
There’s a mistaken assumption that if you outsource your medical billing you will give up control. In fact, quite the opposite is true. You tend to gain more control. You have a team of dedicate professionals that are taking care of this consuming task. They have the headache of dealing with monthly reports and ensuring that payments are forthcoming in a timely manner and that billing is carried out correctly and with complete transparency.

 

#4 An Industry That’s Changing
The landscape of healthcare itself is rapidly changing and medical billing has been dragged into the middle of this upheaval. Keeping up with all the changes in the requirements and rules can be difficult. It requires continuous learning. The delete and added CPT codes come out years. Carrier rules and fee changes occur almost daily. Most people simply do not have the necessary time to dedicate to this continuous learning curve. Outsourcing to a team of professionals is very helpful.

 

#5 Get Paid Faster
Cash flow is the key to your successful practice. Accounts receivable collections have a significant impact on your revenue and your bottom line. This is where outsourcing your medical billing can be beneficial allowing for claims to be submitted faster and with fewer errors. That means you’ll receive your payments in shorter period of time. By outsourcing, you have a team of professionals that all billing to be carried out in a timely manner, and the turnaround time can be significantly reduced.

 

#6 Focus on What You do Best
You spent so many years going to university to become a doctor so that you can help people. The little free time you have, you probably hate spending on the intricacy of medical billing or maybe you hate having people on staff that cost you a fortune. A better option is outsourcing, where you get a team of professionals at a much lower cost than having your own staff.

 

#7 Reduced Stress and Increased Cash
A top-notch billing service will charge a percentage for collecting the money but compared to having to run your own billing office and staff it the fee is really quite nominal. You are suddenly getting the highest rate of return from your carriers, which means that you have more disposable income. Almost all practices that outsource their medical billing see an increase in their revenue and a decrease in their billing costs.

 

ICD-10 is complicated and the number of codes is rising from 13,000 to 68,000. That’s huge! This is going to lead to a significant increase in the number of payer denials and it is expected that there will be a decrease in cycle time. Outsourcing is a great way to save you time and money learning all of the new ICD-10 codes leaving it to a team of well trained professionals.

The post 7 Benefits of Outsourcing Your Medical Billing with ICD-10 appeared first on Outsource Management Group, LLC..

Outsourcing – Outsource Management Group, LLC.

Outsourcing a Dirty Word toYou?

The word “outsourcing” has become a dirty word for many physicians that have been burned by medical billing companies that either outsourced their claims to medical billing companies that use neither secure networks nor adhere to HIPAA regulation in order to maximize their profits; or the outsourcing company just turned out to not be reliable and it wound up costing the practice money to utilize their services.

Don’t let a bad experience keep you from partnering with a legitimate medical billing company that can not only help you get your reimbursements faster but also realize great profits by maximizing every single medical billing claim that is filed to make sure that all services and procedures are counted by the carrier and reimbursed.

If you’ve been hesitant about outsourcing your medical billing because you aren’t sure it would actually help your practice or you’ve been burned; do a little research on your own and ask for references. Ask the medical billing company what they will do for you. OMG will not only help you get the best reimbursements on your medical billing, they will also help you manage your practice by keeping your and your staff informed of coming CPT coding changes that will affect your practice as well as helping keep your patient accounts organized and you can log in and see where a patient’s account stands for insurance payments versus out of pocket. This is a very efficient way to run your practice and when you have the extra time due to partnering with a competent medical billing partner, you will finally be able to help your practice really grow!

The post Outsourcing a Dirty Word toYou? appeared first on Outsource Management Group, LLC..

Paper Trail – Outsource Management Group, LLC.

Healthcare Outsourcing Services Is Not Just Medical Billing And Medical Coding

A while back, when you heard someone refer to healthcare outsourcing, you knew they were speaking about medical billing outsourcing and coding services. Now however, healthcare outsourcing can refer to a myriad of different fields. Healthcare outsourcing companies have diversified their offerings in order to be able to fit into the sometimes overstretched budgets of healthcare providers creating solutions suited specifically for the healthcare industry.

But while medical coding and billing are not the sole areas of focus in the healthcare outsourcing, it is certainly one that requires the most attention among healthcare providers because of the healthcare reform. On the 4th of October, consulting firm, Navigant (NYSE:NCI), acquired healthcare consulting company, EthosPartners Healthcare Management Group (EthosPartners). EthosPartners specializes in physician and hospital alignment, physician practice operations management and physician revenue cycle management. The company cites the need to prepare for the demands of health reform while delivering high quality care, a need that is certainly echoed by many healthcare providers.

Many medical billing and coding companies are preparing for the influx of business in relation to the reform and some are choosing to diversify and expand their offerings in order to cover numerous areas in the space. One such company is outsourcing company and subsidiary of Xerox (NYSE:XRX), ACS, who announced on the 15th of October that they are acquiring healthcare teleservices company, TMS Health from Palm Beach Capital. The Florida based company provides customer care services to pharmaceutical, biotech, and other healthcare-related industries. According to Connie Harvey, Group President of ACS Healthcare Payer and Insurance, ACS is helping pharmaceutical companies make every customer interaction count in a market that spends up to $ 12 billion per year on marketing to its stakeholders, TMS brings strong communication capabilities to the deal. Together, we will save clients money and help them more effectively reach constituents. TMS is the healthcare teleservices provider of seven of the top ten pharmaceutical companies, and who, only four years before had been acquired by Palm Beach Capital for $ 10.5 million. TMS Health counted companies such as AstraZeneca (NYSE:AZN), Merck (NSE:MERCK), and Novartis (NYSE:NVS) as some of its clients during that acquisition.

Indian company Aditya Birla Minacs on the other hand, is going into similar paths as ACS when they advised on that they are also looking for acquisitions in the healthcare space, as well in the public sector. But while ACS acquisition was for a US based company, Birla Minacs is looking towards Europe for its expansion plans. According to Deepak Patel, Aditya Birla Minacs CEO, At the moment, our priority is to build capabilities in core business process in the healthcare and public sector verticals. If we get a firm with a European base it would be an added advantage.

Meanwhile, in the healthcare information technology (IT) space, CACI International was awarded by the Centers for Disease Control (CDC) with a $ 1 billion multi-year indefinite delivery/indefinite quantity (IDIQ) contract on the 19th of October. The contract will focus on providing close to real-time gathering of health information, development of analytic tools, and public health and community collaboration. According to Bill Fairl, CACIs President of US Operations, the contract will allow CACI to, provide credible health information and better protect the health of the public.

It is interesting to see that while outsourcing urges companies to specialize, the outsourcing industry itself, and outsourcing companies as well, are being pushed to diversify their offerings to address the needs of companies. Healthcare is only one industry but certainly, it presents a multitude of opportunities as well.

Audrey B is a Strategic Solutions Group Executive of Infinit Outsourcing, a medical billing outsourcing and medical coding outsourcing provider that puts together a boutique approach to give small to medium and large companies a long-term competitive advantage.

Outsourcing Medical Billing and Coding Services

In the present business scenario, outsourcing medical billing and coding jobs to providers of these services has become a necessity in the healthcare industry.  Majority of the healthcare facilities are facing financial crisis due to under pricing, under coding, or missed charges. By outsourcing your medical billing requirements, you can make a big difference in the way in which your healthcare organization functions.

Are you fed up with increasing denials, ever-increasing operating costs, and declining reimbursements? Are you confused about the continuously changing billing codes? Is your medical billing process eating into your valuable time?  Then outsourcing your medical billing and coding tasks is the best solution to all your problems. It can make your medical practice more efficient.

By outsourcing medical billing and coding, you can

Eliminate all the tedious medical billing and coding tasks
Reduce medical billing costs
Reduce operating costs and improve coding accuracy
Cut down denials
Get paid faster
Increase reimbursement
Enhance your office efficiency
Save your valuable time

Are you looking for medical billing and coding specialists that would ensure time as well as cost savings? If so, there is a wide range of professional medical billing firms that can provide you with the state-of-the-art medical billing and coding services. Typically, the medical billing process includes:

Patient Enrollment
Insurance Enrollment
Insurance Eligibility Verification
Charge Entry
Submission of Claims
Accounts receivables follow-up
Payment Posting
Denial Analysis
Scheduling and rescheduling
Accounts Receivables Management
Report maintenance

When providing medical coding services, the coding specialists scan patient records and assign codes according to the medical diagnosis and specialty. Some of the medical coding services provided by the medical billing and coding companies include hospital/inpatient coding, emergency room e-code evaluation, medical coding audits, DRG/ICD-9-CM coding validations, payer specific coding requirements and CPT Coding.

Medical billing and coding service providers support almost all medical specialties including chiropractic, cardiology, pediatrics, dentistry, radiology, dermatology, nuclear medicine, family practice, general surgery, oral and maxillofacial surgery, occupational therapy, pain management, and more.

Medical Billing Outsourcing – Outsource Strategies International (OSI) is an established medical billing company based in Oklahoma, committed to providing cost-effective and HIPAA compliant medical billing and coding services.

Medical Coding – Plus Points of Medical Coding Outsourcing

Medical coding service is a grand outsourcing field in healthcare industry. Practitioners and hospitals are outsourcing to get various benefits. Professionals are giving more focus and attention to medical coding for easy and quick reimbursement. They are outsourcing to make their clinical staff free from non-core activity and increasing efficiency in clinical task.

Accurate coding is in high demand because insurance companies either government or private only accept the claim if codes are correct. If hospitals or individuals want precise coding, they have to hire professional coder for such. One can also get benefit of all such by outsourcing the task to specialized company.

Clinics and hospitals are utilizing their clinical staff for coding. As a result, they have to suffer from staff inefficiency, low reimbursement and turn-around time. The outsourcing can improve the claim payment turn-around time and the efficiency of clinical staff. The expert at coding company can assign various codes to disease, symptoms and process quickly and effectively.

Through outsourcing medical coding, one can get various advantages:

Huge Cost Benefit: Healthcare provider can save up to 60% of cost by choosing appropriate outsourcing company to complete task. You can directly save the cost of staffing, infrastructure, technologies and stationery. One can also get the solution at cutting rates so you can get double benefit by outsourcing.

Correctness and Trustworthiness: The remote companies have certified or experienced medical coding specialists who manage the accuracy. They are using latest technologies to improve the speed. The outsourcing partners are following HIPAA rules and regulations so there is completely trustworthiness.

Transparency: The medical coding companies do follow the complete transparent method while delivering the output. Most of the reputed companies maintain the transparency. It will help them to gain trust and reliability from the clients.

There are numbers of medical coding companies available in the market to fulfill your requirements. Make sure that you are choosing the one which fits into the criteria. Before outsourcing medical coding requirements to particular company, you must go through whole profiles. You can also ask colleagues for better company. You can also ask for few hours free to check the efficiency of company.

Ray Charles likes to write on medical related topics. He is currently affiliated with Medical Billing-India, a company providing medical billing and medical coding