The medical industry has been hit hard lately, and vertically integrated healthcare industries are going to need to get creative when it comes to cutting costs and decreasing their business overhead. Global Medcare Wear presents a few ways outsourcing medical billing can be beneficial for healthcare organizations as we move forward with the “new normal” in 2022.
1. Decrease Costs
In 2020, Advisory Board notes that healthcare spending reached nearly $4 trillion. With that much money on the line and hospitals already hurting for people (following the “great resignation” height in November 2021, healthcare and social service workers had the second-highest quit rate according to the Bureau of Labor Statistics), employing an entire billing department may not be the most cost-effective solution to payroll issues.
As the number of telemedicine appointments rose throughout the pandemic and continues to be a preferred method of receiving care for people not within range of a major hospital, healthcare providers are facing a billing challenge unlike they’ve ever seen. Investing in medical billing is one way of making sure the experts are at the helm of your billing department, especially as spending continued to rise throughout 2021 and into 2022.
That being said, don’t let cost be the sole determining factor, as the service provider who charges less may not be the best option if they lack expertise or take too long. So striking a balance between cost and experience is essential when finding a quality outsourced medical billing expert.
2. Immediate Payments
Medical billing is an unfortunate part of the healthcare system, but it’s necessary in order for hospitals and other providers to maintain their business. Therefore, getting the money owed to them for services rendered to patients is an important part of the process. For instance, when pathologists utilize these billing services, they are more likely to receive full payment immediately for things like research and care. Chamber of Commerce notes that experts at billing service providers get medical providers the payments they are owed in the agreed-upon time frame.
One of the most important benefits of utilizing managed services of any kind is it can boost compliance with industry standards and regulations. It’s especially critical that billing experts maintain compliance with the standards set forth by the United States Office of Inspector General, which means they need to have all their ducks in a row at all times. Maintaining a high level of compliance means that providers can continue to operate legally and ethically.
The Health Insurance Portability and Accountability Act (HIPAA) also dictates what organizations can and can’t do with personal health information (PHI). Utilizing medical billing services helps organizations stay on top of changing standards and trends, meaning your employees don’t have to worry about staying up to date on the latest billing regulations within the industry.
Hot Tip: Utilize Payroll Services as Well
In addition to outsourcing your medical billing procedures and becoming more organized in the process, you should also consider using a service like QuickBooks, which makes things like understanding how to process payroll easier, more efficient, and way more orderly. Having access to real-time reports gives you a better handle on managing cash flow.
Payroll services offer you a guarantee that your business can be more effective in the human resources department and help you pay your people accurately and on time, not to mention save overhead on managing this business function. (Payroll services also decrease costs and help companies maintain a high level of compliance, as well.)
Get Started Now
All of these important benefits mean that medical professionals can’t afford to wait any longer before investing in these kinds of services. In fact, the quicker medical professionals start making the transition to outsourcing — so long as they’re making sure that they’re hiring efficient, qualified contractors — the better.
We expect medical staff to be there for us when we’re in need, but it’s important to keep them safe and to manage their workloads as much as possible. Global Medcare Wear is passionate about keeping all healthcare professionals healthy and safe with our quality Personal Protective Equipment (PPE). Visit us online to see our wide range of options to keep your medical providers safe.
Author: Kayla Rowe
Photo Credit: Laura James via Pexels