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Medical Billing Guide

Should You Outsource Your Small Practice’s Billing?

We know that you and your practice have a lot on your plate. There’s lots to get done, and you can’t do everything! The revenue cycle is a time-consuming, complicated process, so should you outsource your billing? 

While it’s understandably tempting to want to have your part in all aspects of your practice, you’ll have to ask yourself if it’s worth sacrificing time and energy for the billing process. Will internally learning, understanding, and doing all functions of the revenue cycle contribute to a better understanding of the practice’s financial position? Here’s why you should consider letting an external company like Practisynergy take the weight of billing off of your shoulders. 

The revenue cycle is dense and complicated, and running your practice is a big task already. It would be nearly impossible for one person to be an expert on each part of the revenue cycle; verifying insurance eligibility and benefits, medical billing and coding, managing claims, denials, and accounts receivable, answering questions about medical bills, and more; taking care of each of these would be extremely difficult, especially on top of other duties. 

The cycle is also time-consuming, taking valuable time and energy from your patients. You would need to find the time to appeal claim denials, make sure your billing and patient statements are accurate, manage insurance credentialing and contracts, et cetera. With all that time dedicated, you may also need to bring on more employees to pick up the slack, especially in case of vacation or illness to keep claims going out the door.

This is a heavy burden for any one person to bear. As you’re running your practice, don’t add this weight to your load. While you stay focused on your patients, let PractiSynergy take care of your medical billing and coding. With our smooth process to transition a practice from in-house billing to us, and a model that fits your needs and increases revenue, you won’t regret switching to PractiSynergy. 

Categories
Medical Billing Guide

When to Switch Billing Companies

How do you know it’s time to start thinking about switching your billing company? When it is time, how do you know where to start? With so many questions surrounding such an important part of your practice, we’re here to lend a hand and make sure you have all the information you need to take the best steps for you, your patients, and your practice. 

How do you know it’s time to switch?

Are payments coming in slower?

Are your payments coming in at lower amounts?

Has there been an increase in patient complaints about billing?

Are claim denials and rejections increasing?

Are your Accounts Receivable creeping up?

If you’re answering yes to one or more of these questions, you may want to consider making a switch in billing companies. 

 

So you’ve decided to move forward in finding a new billing company:

Here are the key things that you’ll want to look for in a company that will be the best for your practice: 

Good references: Do other practices have good things to say about their experience?

Contact: You should be able to have a single contact person with a backup person for emergencies

Availability: Does the availability of those contact individuals match yours? Are they available during your hours of operation?

Billing options: Do they offer on-shore or off-shore billing? Your payment percent will be higher when an on-shore/local billing team is used because they are more comfortable and knowledgeable about state-specific billing guidelines

Training: You want your team to stay up to date on new developments so you don’t have to. Do they offer training opportunities to stay current?

Reports: What types of reports will you receive and how frequent will you receive them?

There are lots of different aspects that will factor into your choice of switching billing companies and which company to switch to. Whether you’re just starting this process or ready to make the change, Practisynergy is here to help with all of your medical billing and coding needs.

 

Need more advice?

Check out our “12 Questions to Ask Before Hiring a Billing Service” worksheet.

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