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6 ‘Dare-to-Miss’ Benefits of Outsourcing Sleep Study Billing Services
The proficiency of billing practices at sleep study centers is crucial for maintaining the facilities’ fiscal wellbeing and thus, the crucial determination lies in choosing to manage polysomnography billing in-house or to outsource operations to an RCM company. Even though both options have their unique advantages and potential setbacks, the immediate benefits of outsourcing billing services often surpass those of in-house billing.
To help providers that are still skeptical about outsourced revenue cycle processes, let’s explore the top 6 benefits that outsourced polysomnography billing operations can unlock:
Economic advantages in outsourcing sleep study billing
From a cost-benefit perspective, outsourcing sleep study billing services could be a game changer. For instance, the expenditure linked to sustaining an internal sleep diagnosis billing department could skyrocket to approximately $100,000, depending on various factors, whereas delegating these services could curtail this cost to a mere $5,000.
Similarly, the expenditures on software and hardware, direct claims processing, and collections are considerably lower when sleep center billing services are outsourced. Even when considering net collections, outsourced billing operations have tremendous advantages.
Outsourcing sleep center billing operations to augment expertise and mitigate errors
Outsourcing sleep center billing services grants access to a cadre of certified professionals, who are well-versed in this specialized field. The expertise of these professionals helps diminish errors and fast-track the reimbursement process, leading to a more efficient RCM for sleep centers.
Lower billing error rates and reduced times to rectify errors are just a few of the substantial benefits of outsourced sleep center billing services.
Sleep study billing outsourcing enables steadfastness and continuity
Externalized sleep study billing operations assure steady, uninterrupted performance, mitigating possible disruptions that might stem from staff shortages or turnover. This consistent service guarantees fluid billing operations and stable cash inflow, both vital for the sustained success of a sleep center.
Outsourcing polysomnography billing services leads to intensified focus on patient care
By entrusting polysomnography billing operations to an outsourced team of experts, healthcare professionals at the sleep center can dedicate more of their time and energy towards patient care, potentially resulting in improved patient outcomes. Delivering superior patient care is the primary objective of a sleep institute, and outsourcing billing services can support this mission to a great extent.
Is data protection a concern when outsourcing sleep center billing operations?
The answer is: it depends. Reputed outsourced RCM companies enforce strict security protocols to protect patient data. To validate their data protection efforts, RCM companies are required to follow processes that are HIPAA and HITECH compliant. This diminishes the risk of data breaches and ensures regulatory compliance.
Clarity and accountability in outsourced sleep diagnosis billing services
Most reputed RCM companies with rich industry experience provide access to all-encompassing performance reports. This is how delegating can offer an unobstructed view into sleep study billing operations without necessitating micro-management.
While in-house billing offers more direct control and might be more fitting for smaller but resourceful operations, the immediate benefits of outsourcing - such as economic efficiency, expert services, data security, and scalability - make it a compelling choice for numerous sleep centers.
For more information on sleep study billing outsourcing or our “30-day (no strings attached) free transition”, please contact Sunknowledge Services Inc., a HIPAA-compliant end-to-end RCM company with nearly two decades of rich industry experience.