Medical billing is a huge undertaking for most medical practices. It requires an incredible amount of data entry, follow up, and paperwork in order to get the right pre-certifications, prior authorizations, and insurance verifications that you need. Some medical practices think that this is just part of the business of running a medical practice. While it’s true that this sort of insurance paperwork is a necessity, it doesn’t necessarily have to be done in your office. In fact, doing it yourself could be negatively impacting your practice.
Is Your Practice Experiencing Any of These Negative Effects?
Insurance plays a big part in a patient’s ability to get the medical care that they need. When they are waiting for insurance authorizations, they’ll be anxious, not to mention that waiting might mean delaying the treatment and procedures they may need. Through no fault of your own, the sheer amount of paperwork that you need to get done could be causing a delay in your office, increasing your patient’s anxiety and lowering their satisfaction with their level of care.
Backlog of Paperwork
Insurance paperwork can pile up on you quickly. If your in-office medical biller goes on a much-needed vacation, that backlog is going to get even worse. There is likely to be any relief, either, because insurance companies are asking practices for more and more information and prior authorizations every year. Once you get behind, that mountain of paperwork can quickly snowball and overwhelm your practice.
Reduced Growth for Your Practice
If you can’t handle the amount of paperwork that you have now, it’s going to be hard to grow your practice. You simply might not have the internal resources that are required for that growth, meaning the size of your practice is much more likely to decrease than increase. That can be frustrating since it means more work with less financial compensation in your future.
Increased Practice Costs
Handling paperwork in-house can actually be more expensive than outsourcing it. You’ll need at least one full-time medical biller, meaning you’ll need to pay them a salary plus benefits. If your practice continues to grow or your primary medical biller goes on vacation, you’ll need to bring on additional help. Labor costs are usually some of the highest expenses of a medical practice, so the more help you hire, the more money is flowing out of your bottom line.
Negative Impact on Your Bottom Line
Speaking of your bottom line, all of the negative issues listed above have a direct and negative impact on your profits. Unsatisfied patients are going to leave your practice. A backlog of paperwork means fewer payments from insurance companies. Increasing costs come out of your profits. But outsourcing your medical billing can reverse all of that and help you build a healthier bottom line for your practice.
Ready to learn more about how AuthNet can help reverse the negative impact of in-house medical billing and insurance precertification? Get in touch with our team by giving us a call or contacting us through our website on the contact page today.