Small practices and solo practitioners of all specialties are faced with the challenge of having to wear a lot of different hats throughout the course of any given week. This includes critical things like providing patient care, developing treatment plans, scheduling, and maintaining other important administrative chores. Among the most important of all administrative tasks is effective and efficient medical billing practices.
Unfortunately, for a lot of small practices things like medical coding, claim creation, and payment remittance are far from their normal scope of focus. Not to mention the number of hours medical billing practices can take away from more important duties like administering patient care.
Outsourcing your medical billing needs to a third-party firm like Operant Billing Solutions comes with many benefits. Not the least of which is freeing up your time for patient care as well as the peace of mind that comes from knowing that your practice’s medical billing needs are being professionally maintained.
Though this is just the “tip of the iceberg” when it comes to the benefits of outsourcing your medical billing needs.
A More Efficient Revenue Stream
Most small practices and solo providers find their incoming revenue stream gradually increases when they outsource their medical billing needs. This is often related to increased time that can be spent providing care to more patients. As time goes on, you might even find you have more time and opportunity to expand your practice.
A More Consistent Revenue Stream
It’s also worth noting that a lot of small practices that outsource their medical billing needs also enjoy a more consistent revenue stream. This includes things like fewer claim denials, fewer claim rejections, less medical coding errors, as well as patient documentation and understanding of their own financial responsibilities. Our efficient industry best practices ultimately lead to a more efficient medical billing process, which means you don’t have as many delays from insurance companies and other payers.
Fewer Claim Denials & Fewer Claim Rejections
Medical coding errors, incorrect data entry, and even something as simple as a data field accidentally being left blank can easily leave your practice at greater risk for claim denials and claim rejections. Even if corrections can be made to get the claim approved, time will still be lost and your revenue stream will be less consistent.
When you outsource your medical billing to a third-party firm like Operant Billing Solutions you can trust that our team of highly trained and experienced professionals will use a meticulous approach making sure all information is correct before your patient’s claim is submitted to the insurance company or other payer institution.
Not only does our industry best practices reduce the chances of a claim being denied or rejected, but it also reduces delays in the revenue cycle. Not to mention more accurate records that you can easily access in the future.
Streamlined Documentation
In-house billing and documenting can do more than take away your precious time. It can also lead to disorganized documents and incorrectly filed records. When you outsource your medical billing to a third-party vendor like Operant Billing Solutions, you can trust that our professionals are keeping accurate records, and streamlining the documentation process. Not only does this give you more time to focus on treating patients and expanding your practice, but it also gives you peace of mind.
More Effective Analytics Data
Of course, streamlined accurate documentation has more value than time and basic stress relief. When your medical billing documents are accurately coded and curated, they are easier to analyze. Many small practices who outsource their medical billing find it helpful to schedule monthly or at least quarterly analytics audits. This helps find areas for improvement or catching patterns that can negatively impact the revenue stream early.
More Efficient Audits
Audits and effective analytics play a critical role in maximizing the revenue stream as well as finding areas of improvement and opportunities for expansion. When you can trust that your records are properly coded and your revenue stream is operating at maximum efficiency, you can more clearly find areas that need additional focus and support.
The reports generated by Operant Billing Solutions’ professionals are easy to read at a glance and put you in control of your audits and analytics.
Improved Administrative Resources
Many small practices and solo practitioners have to take on additional in-house staff to help shoulder administrative tasks. When you outsource your medical billing practices to a third-party vendor like Operant Billing Solutions, you eliminate the need to hire additional administrative staff. Even if you have current staff, freeing them up to handle more important administrative tasks can help your practice run smoothly. It might even reveal further opportunities to expand the scope of your practice.
The Ability To Treat More Patients
If you are a solo practitioner and you’ve been taking care of your own administrative duties, then chances are good you are sacrificing a lot of hours that could be spent treating patients just to handle tasks like medical billing, which likely isn’t your area of expertise. Compounding this is the chance for minor coding and other paperwork errors to cause rejections and delays in payment.
When you outsource your medical billing needs to a third party vendor, you will have more hours available to treat patients. Not only does this let you focus more on your patient’s needs, but it also means you can now shoulder a greater patient load each month.
Conclusion
Handling your own medical billing process can be stressful and hiring additional staff to handle it can be quite costly. When you outsource your medical billing needs to a third party like Operant Billing Solutions, you gain time, which can be diverted to the success of your practice, as well as saving money that could be better allocated elsewhere.
The net result is reduced cost of administrative staff, more time treating patients, as well as a stronger and more consistent revenue stream. In time, you might even find that outsourcing your medical billing services is just the thing you need to expand your practice to new heights, serving more patients than you previously thought possible.
