Should your chiropractic office invest in an outside insurance billing service?
Handling your own billing process within a chiropractic business doesn’t seem so bad, right? Well, it’s safe to assume if you found this article, then it’s likely that you know how difficult and time consuming it can be. Let’s go over the bandwidth and financial benefits of investing in your practice’s billing process.
Outsourced chiropractic billing services can relieve the burden of in-house billing, so your office staff can spend their energy and time on what matters: patient care. In addition, billing experts – coupled with effective software – can help improve your cash flow, practice productivity and patient experience.
Take a look at these six top benefits of chiropractic insurance billing services that can literally change the way you do business.
#1 Increased Reimbursements
If you partner with experts in the chiropractic software and billing field (with a proven track record), your office will see a significant increase in reimbursements. This is due to specialized training and a deep understanding of how the systems work – even in an environment in which the rules change on a regular basis. Clients see an increase in reimbursements on average of 11.6%. These are significant numbers.
#2 Quicker Claim Payments
When partnering with a chiropractic billing service that specializes in the chiropractic industry, claims are paid significantly faster. This is because they are experts in the field, and know all the in’s and out’s when dealing with such a bureaucratic system. They will know who to talk to, what questions to ask and how to get things done in a timely and effective manner. Billing services sees claims paid in half the time with minimal denials (and we’ll take care of that too).
#3 Reduced Billing Headaches
It’s no secret that commercial and government rules are constantly changing. The truth is that it’s next to impossible for any single biller to have access to all the information necessary to stay abreast of every single change. Outside billing experts eliminate the hassles and headaches that come with those never-ending changes to insurance payers and Medicare. It’s their job to know about changes and trends in the industry that have a direct effect on billing.
#4 Eliminate Billing Errors
Research shows that most chiropractic practices flounder with insurance billing and collections, which translates to millions of wasted dollars. By reducing billing errors, your practice will maximize collections and increase cash flow.
#5 Steadier Cash Flow
And speaking of cash flow, yours is probably inconsistent and varies greatly from month to month, because unfortunately, that’s the norm. Outside billing services include regular follow-ups on unpaid claims (in order to get back every dollar that’s due), and so your billing operations will become more efficient and reliable.
#6 Increased Patient Retention
Billing services often include intuitive and easy-to-use software that helps chiropractic offices in all aspects of patient care. This can help you deliver everything from a smoother intake process and hassle-free financial experience, to more efficient office visits and seamless patient management. Ultimately, when your office can meet and exceed your patients’ needs and expectations, they’ll not only keep coming back, they’ll go a step further and refer new patients to your practice.
What Do You Think About Chiropractic Office Insurance Billing Services?
Deciding whether or not your chiropractic office should partner with an outside billing service isn’t always an easy decision. While these are just six benefits of doing so, there are many more. If your practice already uses outside insurance billing services, what are some additional benefits that you have found to be the most valuable? If your practice relies on an in-house billing process, what are the biggest challenges you face?