Planning to outsource your medical coding & billing?
Here are the major changes you’ll notice once you start.
You’ve finally made the decision to outsource your medical coding & billing management operations. Perhaps you arrived at this decision due to inefficiencies in your organization. Or maybe you have been influenced by your peers and, sometimes, even your competition.
Whatever the reason is that you have now arrived at this decision, it is absolutely the right one to make – and it is a potentially exciting new era for your organization. Outsourcing is the present and the future of the healthcare industry when it comes to clinical business functions.
After you have made the decision to outsource your medical coding & billing, this decision will trigger changes to your organization that will present compounding benefits over time. But what exactly are these changes and how are you going to identify them and properly assess their benefits? As one of the high quality service providers in this field, we’re going to answer that for you – based on our experiences with our clients.
Outsourcing your medical coding & billing operations eliminates several inefficiencies associated with hiring an in-house team. Once you outsource these operations to a high quality service provider, you’ll soon notice that your organization is less dependent on internal hires – while a dynamic team of experts with the utmost accountability delivers consistent results, without the need for you to continually follow up. It’s as efficient as putting these operations on autopilot, enabling your organization to focus on its core activities.
More Profit, Higher Margins
Hiring an in-house team is far more costly than it might seem. This is due to the fact that – over and above an employee’s salary – an organization also needs to account for recruitment costs, training costs, incentives, turnover, and additional overheads. Outsourcing turns these expenses into variable costs, which ebb and flow with your organization’s emerging needs. You’ll soon notice that this dynamism reflects positively on your organization’s financial statements, with significantly increased margins.
A high quality service provider isn’t just contractually obligated to deliver results, but also has a reputation in the industry to maintain. Working with these service providers will have you notice an uptick in accountability, and – perhaps more importantly – reliability. With designated coders and industry experts working as an extended team for your organization, you can be certain of working with a team that is as committed to your needs and goals as an in-house team would be. The best service providers also offer round-the-clock access that ensures industry-leading support on any day of the week.
Hiring only an in-house team limits your organization’s flexibility to the specific skillsets of those individuals. On the other hand, outsourcing enables your organization to choose specific coders with varying levels of expertise to work as your extended team. With ever-evolving regulations and compliance norms, outsourcing will not just enable your organization to keep up with them – but also stay ahead of the curve. A high quality service provider ensures a steady supply of coders at every level of expertise, all of whom are required to keep up with the changing landscapes of compliance. You’ll soon notice that your organization is more agile and flexible than ever before.
A high quality service provider can guarantee accuracy at scale, even when it comes to substantially increasing the numbers of records being audited. As your business grows, which means more records for your service provider to audit, a qualified outsource provider’s quality control and assurance systems are designed to withstand exponential growth, while maintaining accuracy with the same control levels. For instance, at RedRoad, all of our coders are certified medical coders who must maintain a minimum accuracy rate of 95% on a daily basis. Of all reviews conducted by our staff, 10% of these reviews are sent at random to an external quality control team for further assessment. With these assurances of accuracy, you’ll soon notice that your organization also has increased freedom to scale without worrying about an auditing team keeping up.
All of these benefits are all based on our clients’ experiences working with us. And in case you haven’t noticed, the key operating term in all these benefits is ‘more.’
That is because Red Road is a high quality service provider delivering industry-leading healthcare business solutions, and our promise to our clients is the Power of More. From our very first interaction with our clients, our goal is to maximize value for them and ensure we make a significant difference to their organizations. We believe that our clients deserve more quality, efficiency, and affordability, without the need to choose one at the cost of the others.
If you’re contemplating outsourcing your medical coding & billing operations, do reach out to us for a free 4 week pilot program that enables us to truly understand your business needs – and have you truly experience the Power of More.