While coding and billing can be straightforward for some specialties, medical billing for anesthesia faces some unique challenges. These can include requiring specialized coding knowledge and a consistent drive to stay current on all compliance and regulatory requirements as well as industry training. To ensure accuracy, efficiency, and compliance, many anesthesia practices are turning to medical billing software or outsourcing the process to a billing & coding company.
While both options have their benefits, outsourcing has emerged as the better overall choice for many practices. We’re going to explore the benefits of medical billing software and outsourcing, and why outsourcing is the preferred option for many anesthesia practices looking to improve their operations. Whether you’re a small practice just starting out or a larger practice looking to streamline your billing process, you’ll find everything here that you will need to make an informed decision about your billing methods.
Medical Billing Software For Anesthesia: Buyer’s Guide
Opting to go with medical billing software for anesthesia is a common way for those who run or manage anesthesia practice to help reduce error rates, as well as to increase and hasten revenue. If you’re looking to accomplish either of these goals in the context of your practice, you need to understand what to look for in your medical billing software. You want to check that your potential software includes practice claims and benefits, coding modules, functional and insightful reports, and tools to resolve claim and payment denials.
Benefits Of Medical Billing Software
Here are some of the most common benefits that come from using medical billing software for anesthesiologists.
Fewer Overall Mistakes
Medical billing software for anesthesia reduces the risk of human error and ensures accuracy in billing procedures. It automates tedious and time-consuming tasks, reducing the likelihood of mistakes. With accurate billing, the revenue cycle runs smoothly, and the anesthesia practice can avoid costly reimbursement denials.
Medical billing software helps anesthesia practices stay compliant with changing regulations and standards. The software is updated regularly to keep up with industry changes and provides a centralized database of patient information, making it easier to access and manage.
Faster Claim Processing
Medical billing software for anesthesia speeds up the claim processing time, allowing practices to receive reimbursement faster. With its automated features, the software streamlines the billing process, reducing the time it takes to submit claims and receive payment.
Boost (And Speed Up) Revenue
Medical billing software for anesthesia can help boost revenue by reducing the time it takes to process claims, improving the accuracy of billing, and reducing the likelihood of denied claims. With the software’s advanced features and automation capabilities, anesthesia practices can maximize revenue and improve their financial performance.
Are There Downsides To Medical Billing Software For Anesthesia?
While medical billing software for anesthesia is a common solution to error rate surges and revenue acceleration, there are a couple of downsides that anyone running a practice should consider. First, there is the cost to the software or software-as-a-service (SaaS), which can be manageable in some cases but weighty in others. The other downside is now having another software suite that your team will need to learn and become proficient at.
Benefits Of Outsourcing Your Medical Billing For Anesthesia
Even though software available for medical billing for anesthesia is good, many practices find an even more versatile and trouble-free solution in outsourcing their coding, billing, and collection needs to a company that specializes in medical billing for anesthesia. The outsourcing industry has also grown more than 11% between 2022 and 2023. Here are some of the benefits of switching from in-house to outsourced billing:
- Expertise: A billing and coding agency has a team of professionals that are highly trained and educated in medical billing and coding. This degree of experience may considerably enhance accuracy and efficiency, resulting in fewer refused claims and faster reimbursement.
- Significant Cost Savings: Outsourcing the billing and coding process to a third party can help reduce the costs associated with maintaining an in-house billing and coding department, such as salaries, benefits, and training expenses, as well as the time investment required for bringing new employees up to speed.
- Increased & Hastened Revenue: A medical billing company can help increase revenue by reducing denied claims and increasing the speed of reimbursement. With their expertise, they can ensure that all claims are accurately and efficiently processed, leading to a faster and more consistent revenue stream.
- Time-Cost Savings: Outsourcing your billing and collections also allows anesthesia practices to focus on patient care and other core competencies, freeing up time and resources for more important tasks. This can help to improve the overall efficiency and productivity of the practice.
- Improved Regulatory Compliance: When you outsource you won’t have to worry about constantly keeping your staff up-to-date with compliance. Your company stays current with the latest regulations and standards, ensuring that the billing and coding process is compliant with all relevant laws and regulations. This helps avoid costly fines and penalties for violations.
- Zero-Stress Tech Upgrades: Billing companies like AMS have access to the latest technology and tools, which can significantly improve the efficiency and accuracy of the billing process. With their investment in technology, outsourcing can help ensure that the billing and coding process is streamlined and up-to-date.
- Scalability: An outsourcing company can be flexible and adjust to the changing needs of the anesthesia practice, providing additional resources as needed. This scalability is crucial for those trying to grow a practice, as it allows them to quickly respond to changes in demand and adjust their resources accordingly.
- Reduced Stress For In-House Staff: Outsourcing eliminates the stress and worry associated with managing the billing workload in-house, allowing the anesthesia practice to focus on patient care. With the burden of billing and coding lifted, the practice can provide better care to their patients and operate more efficiently. This leads to more satisfied patients, increased referrals, and more revenue.
Medical Billing Software For Anesthesia vs. Outsourced Medical Billing Service
With two popular options, and with each having its own list of benefits, it can be challenging to try to determine which option is best for your practice. Here are some examples of which might be best in what situation.
Medical billing software is an excellent choice for practices with the financial means to invest in technology and employees to manage the billing process in-house. Medical billing software may lower the risk of human mistakes while also improving the accuracy and efficiency of the billing process. It does, however, need a significant investment in both technology and staff, who will need to be trained.
Outsourced billing services, on the other hand, provide the expertise and technology needed to keep claim denials low and revenue high, without the need for an in-house billing department. With a team of experts handling the billing process, outsourcing can help reduce the stress and worry associated with managing the billing process in-house. Additionally, outsourcing can help reduce costs and increase revenue by improving the accuracy and speed of reimbursement.
AMS Billing Solutions Can Handle All Of Your Billing & Collection Needs
If you feel that your practice might get more value from delegating its billing needs to a trusted professional, AMS Billing Solutions is ready to be your coding, billing, and collections partner. Reach out to AMS today, and discuss your billing needs with our team of billing and coding experts.