When you own a chiropractic practice, you’ve likely wondered if you should maintain an in-house billing staff or outsource your billing. Billing and revenue cycle management is crucial to chiropractors who want to ensure business sustainability. This is pretty much everyone who starts a business and it holds true here. The difference here is you are dealing with insurance and the complication of laws that are always changing.
If you have inefficient management of your billing and collections it can lead to delays in reimbursements, underpayment, and even denials and rejections. There are many advantages to using a chiropractic billing company and they are listed below to help you see why outsourcing to a third party could be both cost-effective and stress relieving.
Outsourcing Can Save You Money
You could easily start saving thousands of dollars in annual salaries and benefits if you go with outsourcing to a third party. Chiropractic billing services typically charge a percentage of the reimbursement of each claim made. In the long run, this is less costly than what you would be paying for in-house billing staff to provide the same services offered by a company.
Less Stress. Quicker Payments.
If you have a good chiropractic billing service, then they will only charge a percentage of the money they collect. The less money that is earned in a month the less you have to pay. Not only that, but a good billing service will also conduct a fee schedule analysis to ensure that you are getting reimbursed at the highest possible rate. This means that you are getting more money coming in as the company is handling all the stressful parts of money management. It is often seen that practices that hire a billing service see an increase in revenue and a decrease in cost that outweighs the billing service fee.
Billing Professionals Are Less Likely to Make Errors
Everyone is human and humans make mistakes. However, a billing professional is less likely as they can ensure that your claims are submitted accurately and in a timely manner. It is the billing company’s responsibility to ensure that the billers they are hiring undergo thorough training and know how to properly submit chiropractic claims. These professionals can help reduce the number of denied and rejected claims due to simple errors that could have been avoided. About 90% of all claims that are denied could have been prevented. A good company will also provide you with feedback to assist in maximizing reimbursements on future claims.