Outsourced dental billing: an expense or revenue generator?

Whether you lead a health center, hospital or private practice, your in-house employees are critical to your overall success. However, there can be times when it’s difficult for time-strapped staff to keep up with heavy workloads and navigate the ever-shifting tides of the healthcare industry. Moreover, an ongoing labor shortage with no end in sight compounds the difficulty of sustaining a complete and experienced team. As a result, many organizations are outsourcing all or part of their medical billing to third-party companies. These highly specialized companies are experts who have the experience and manpower to immediately improve revenue cycles while also maximizing the financial health of your practice.

Outsourcing Medical Billing has been the word around whether you look through any sector. From common cars to the toothpaste you are using now not a single company makes the whole product; there is a group of companies involved in making the product a reality.

One reason that has helped the companies’ approach Outsourcing Medical Billing is it makes the product production simple for the seller. The core seller can handle the bigger bandwidth of customers and just put out the requirement for certain ingredients. Outsource also helps in reducing the cost of the total product as there is a transfer of total workload from the single-core sellers.

Outsourcing in healthcare is based on the same lines help the providers to channelize their core energy towards patient care. By choosing to outsource, you can benefit from the following –

Increased Cash Flow

With the help of insurance eligibility verification, you can streamline your existing claims submission and claims denial process. This, in turn, allows healthcare practices to manage their cash flow better, write-off bad insurances, and improve overall patient care.

Enhanced Workflow Procedures

When you work with a service provider for insurance verification and credentialing, you can help improve and streamline the process of revenue cycle management. This further boosts the efficiency of your organization, leading to lesser denials in claims and improved patient experience.

Increased Self-Pay Revenue Generation

As patient information gets duly collected and notarized, you immediately see an increase in self-pay revenue because the up-to-date patient information gets matched to your healthcare database. This further ensures that every patient has a trackable record of their existing insurance cover, submit claims post-cross-checking, and the latest cover status online.

Better Communication

Communicating with your patients and completing all their paperwork is time-consuming and neglect can often lead to more issues down the line. By simplifying the communication process through automated communication processes.

Customer Satisfaction

One of the primary goals of healthcare providers today is to ensure complete customer satisfaction. As a result, insurance companies need to up their game when it comes to providing round-the-clock support, better self-care systems, etc. software meant for insurance eligibility verification can do this and much more.

Improved Scheduling

Patient scheduling always remains a tough ask, especially for large healthcare centers dealing with cancellations and re-appointments on an hourly basis. Insurance verification allows you to fasten this process, by simplifying the system and give cadence to the patients who have the necessary coverage.

Is Outsourced Medical Billing Right for You?

For some health centers, clinics and practices, outsourcing their medical billing is a no-brainer decision. They’re short-staffed, financially drained and/or lack the internal bandwidth and expertise to manage the complete revenue cycle workload. However, other practices are hesitant to involve an outside company in their finances.

For most healthcare providers, clinics, and hospitals, insurance verification is a time-consuming process. But they are also aware of the importance of the billing process to the overall success of their efforts. Outsourcing of health insurance verification allows you to concentrate on the core issues plaguing your business and move towards profitability.

At One Dental Billing, our entire process of medical insurance verification is designed from the group-up for US-based companies who need expert guidance and support to manage their insurance verification process.