If you are running a private practice, you probably wake up each morning with an extensive list of responsibilities to tackle and limited hours to get it all done.
Many private practice owners find that managing medical billing can take up a significant amount of time. Ideally, you would love to spend that time with your clients. But at the same time, you might be hesitant to outsource those tasks and hire a medical billing professional.
If you are trying to decide whether or not you should bring on a medical billing professional, there are a few pros and cons to consider before making the final call.
Pro: Spending More Time With Your Clients
Every provider in the medical field wishes they could spend more time with their clients. You want to give them the best care possible—treating them as a whole person (rather than merely targeting symptoms) and supporting them through their healing process.
But when you are constantly pressed for time, you might feel guilty that you cannot dedicate more of your energy to your clients. Hiring a medical billing professional will allow you to commit more of your working hours to client care rather than contacting insurance companies.
Con: The Cost
Hiring another professional will always come with a cost. If you are working with a tight budget, you might be wondering if paying a medical billing professional will be worth the price.
Yes, you will have to spend some money. However, this does not mean you are making a financial misstep. In fact, working with a skilled medical billing professional could easily save your practice money in the long run by streamlining your process and understanding the ins and outs of working with health insurance providers.
Pro: Letting an Expert Take Over
Our health insurance system is very complex. Even doctors and therapists can find themselves getting confused by the insurance claim process. It is no wonder, then, that studies show the majority of medical bills today contain at least one error.
Keeping up to date with thousands of different CPT (Current Procedural Technology) codes can be overwhelming. By letting an expert take over, you are handing those responsibilities to someone who is fully qualified to navigate the system.
Con: The Right Service
When it comes to hiring a medical billing professional for your practice, you want to know that you are in good hands. Finding the right match can be tricky, though, and take a lot of time and effort.
Clearly, you would want someone who understands your particular health care niche. Someone who offers the best pricing for the amount and quality of services they offer. And, someone who can be transparent and who you can trust to ensure the security of sensitive data. Hence, caution is warranted—some service offers could really be too good to be true.
Pro: Working With an Advocate
Ever spent hours on the phone with an insurance company to deal with an unpaid or underpaid claim? If so, you can already understand why hiring a medical billing professional can be a boon to your practice.
Every hour you spend communicating with insurance companies is an hour away from your clients. It is also an hour that you will not be making any money. A medical billing professional can negotiate with insurance companies and advocate for you so that your practice is paid accordingly.
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Wondering if your practice would benefit from hiring a medical billing professional?
Handling medical billing in addition to working with your patients can eat up a lot of time and energy. By letting a medical billing professional take on those tasks, you will free up more room in your schedule to take care of everything else that goes into running your practice.
At Reliant Practice, our team has experience not only in business management and consulting, but also in providing health care services. Our background in these areas gives us a deeper understanding of your needs as a business owner and healthcare provider. Please feel free to contact us today.
For more information on Medical Billing Services click here.