What Is Third-Party Medical Billing And How Does It Help Me?

As a practice owner or manager, you want your team to be extremely well-qualified to do their jobs, from the doctor down to your desk staff. However, when it comes to certain aspects of running a medical practice, there are some administrative tasks that are difficult to find qualified healthcare industry experts to perform.

This reality means that untrained or under-trained office workers end up handling time-consuming and confusing jobs like payments and claims management. Easy-to-make mistakes in this process cost your practice time and money. Fortunately, there’s another option for medical coding and billing: outsource this task to a team of third-party experts. Third party billing companies have many benefits, so let's take a look at how they can help healthcare providers master the medical billing process.

What is Third-Party Medical Billing?

Third-party medical billing companies like PayrHealth are an outsourced solution to managing billing and payments in-house for medical practices. Rather than one or several of your team members handling the process, our team of experts gain access to the necessary EMR systems and take care of all the claim submissions and follow-up on denied or unpaid claims. We also handle patients who have questions about their bills, allowing your team to focus more on their primary responsibility: providing excellent medical care. In short, outsourced medical billing can remove this labor-intensive responsibility from your team.

Benefits of Third-Party Medical Billing

Aside from those previously mentioned, here’s an overview of the benefits of outsourcing your medical billing to a medical billing company like PayrHealth:

• No need to devote staff time or resources to payment or claim submissions
• Stop revenue leaks by resubmitting and escalating denied claims
• Stay up-to-date with the latest code and regulatory changes
• Enhance efficiency by redirecting resources currently devoted to billing

Let's take a look at these benefits of outsourcing medical billing more in depth.

Staff Members Are More Focused on Their Specialty

The people who currently handle your billing and claim submissions may be dedicated solely to that job in larger practices, but for smaller to medium-sized providers, it’s likely someone or several people who have other responsibilities as well. By outsourcing this part of their job description, they are free to handle other aspects of patient care, allowing them to focus more on their specialty while our team focuses on ours: medical billing.

Revenue Increases with Fewer Leaks and Lower Overhead

At the end of the day, a medical practice is a business. When claims are denied or simply ignored, lost reimbursement opportunities pile up in accounts receivable. With our team fully focused on all your claims and payments, you won’t lose revenue this way, increasing the amount you bring in while potentially lowering overhead costs due to salaries, software, or mistakes.

Claims Are Much More Likely To Be Filed Correctly

PayrHealth has automated processes that translates your practice data into standard CMS or UB claim forms, then analyzes each claim for potential errors or lack of information. Plus, with the constantly evolving healthcare market, it can be hard to stay on top of every little regulatory change or updates to codes. Our team is constantly on the lookout for upcoming changes that could affect the way claims are filed, and proactively shift our processes to adapt to the changing environment.

Third-Party Medical Billing Services with PayrHealth

If these benefits and the idea of outsourcing your medical billing process to a team of highly trained experts sounds interesting to you, the next step you should take is to give our team a call. Medical billing is just one of our Revenue Cycle Management services that work together to multiply their impact on your practice’s pain points. Learn more about these services by talking to PayrHealth today.

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