Article Highlights
- Constant regulatory changes can create intense pressure on healthcare providers.
- Medical billing often suffers when staff try to keep up with regulations.
- Outsource medical billing to PMB to support revenue cycle management.
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Regulations are one of the biggest headaches that healthcare providers must deal with to run a successful practice. And, the inability to properly manage regulatory requirements can wreak havoc on a healthcare provider’s operations and revenue collections.
According to a recent report by the American Hospital Association (AHA), healthcare providers spend $39 billion annually on administrative tasks related to regulatory compliance. This is compounded by the fact that healthcare providers have to keep up with 629 distinct regulatory mandates.
Attempting to keep up with unceasing regulatory requirements and constant changes can distract providers from providing quality care and can put additional stress on office personnel. This can easily trickle down to having a negative impact on medical billing, where key details are missed or overlooked when trying to focus on regulations.
For many healthcare providers, this situation represents a clear opportunity to consider medical billing outsourcing. By handing off medical billing to professionals such as our team at Precision Medical Billing (PMB), we can help your office staff stay focused on the most important aspects of their job and support your revenue collections.
Alleviate Stress by Outsourcing Medical Billing
Hiring and retaining staff to support your billing processes can place serious strain on your practice, especially when dealing with frequent changes in the regulatory environment. Think about it like this. As soon as your team is able to wrap their arms around regulations, either the regulations change again or you experience turnover and someone else needs to learn regulations. That is difficult to keep up with.
From a financial perspective, the cost of constantly trying to hire staff to process claims and understand regulations will quickly add up. By investing in medical billing outsourcing, your practice can free up valuable time and financial resources to efficiently manage the practice.
Rather than continually trying to build up an in-house team to handle medical billing in a heavily-regulated industry, turn to PMB. Our professionals have extensive experience in claim submission and are keenly aware of the ever-changing regulatory healthcare environment.
Plus, our unique billing software makes it easy to implement changes as new regulations are rolled out, sometimes in a matter of just a few days. You can count on PMB to stay on top of the latest regulations to keep your practice on track.
What’s the Benefit of Medical Billing Outsourcing?
We have found that smaller entities with limited time and resources find it extremely helpful to outsource medical billing to PMB. This is especially true for professionals that do not have the time to stay up to date with regulations that affect medical billing, or if they have not received education or training in this area.
Even if your practice is holding up now, you may eventually need to outsource medical billing to help you keep up with changes that affect your ability to provide services. Some examples of regulatory concepts and laws that we track include:
- How procedures can be billed.
- Time limits on payment remittance.
- Specific billing procedures for state and federal health insurance providers.
There are other specific regulatory issues that require constant attention. It adds up to a significant amount of effort for your office personnel to keep track of when left to their own devices. Conversely, at PMB, this is what we do. We put regulatory guidance into action for the benefit of your practice.
We’ll Help You Take Advantage of Outsourced Medical Billing
In 2020, over 10.3 billion healthcare organizations benefited from outsourcing medical billing services. This number is expected to grow by 12.3% through 2027. There is a reason why this type of service is popular right now. Not only is your staff freed up to focus on their primary responsibilities, but many providers realize an increase in revenue.
This is because your claims are processed faster, more reliably, and consistently to increase revenue collections and to optimize your complex revenue cycle management (RCM) process. Instead of trying to keep up with rapid changes to healthcare regulations, we handle the medical billing so that your practice can focus more on patient care.
Ultimately, we will keep your practice compliant with current billing regulations and speed up the claims process to optimize revenue collection. Reach out to us today to schedule a free consultation with our team to see why medical billing outsourcing is the right decision for your practice. We look forward to speaking with you.
