Outsourcing medical billing and code administration is a proven way to improve your business’s margins. Healthcare professionals who outsource this task enjoy streamlined processes, superior systems with state-of the art technologies that result in more significant cost reductions while also improving outcomes for patients.
You are a small group of doctors with essential expertise. You’ve recently invested heavily in your offices, business hardware and software to get the practice running at maximum efficiency–but you’re seeing an increasing income gap between yourself as leader/founder versus others on staff who also work hard for their compensation.
It’s always a problem when patients don’t pay their bills on time. You know how it is – we try to take good care of everyone and sometimes things happen. Medicare, Medicaid or even health insurance companies will send late payments because errors occur during coding procedures which then delays disbursement by several weeks for instance; but there could be less noticeable reasons too as in some cases people may forget about payment altogether (or choose not consciously).
The healthcare industry is getting more and more competitive. The number of reimbursable has dropped while HIPPA-compliant paperwork has expanded, which means there’s less chance for new businesses to thrive in this environment.
These figures show just how much patients owe their healthcare providers. The average payment is $500 with some people paying up to 1000 dollars for therapy sessions that never seem like they will be paid back in full.
With the cost of healthcare skyrocketing, how can a medical practice hope to remain successful when Insurance companies cap their reimbursement rates at such high levels?
The cost of medical practices is rising and it’s hard to know how we will keep the lights on. Most rates are capped by what insurance companies would reimbursement, but this takes away any opportunity for growth in our business.
The entire billing procedure is both costly and time-consuming.
With a focus on their patients and up-to date with all the most current treatments, it’s no surprise that healthcare practitioners rank near the bottom of our list when given what they need to do. Physician Medical billing gets less attention than other parts like insurance verification or dealing directly with doctors’ offices in order for them provide excellent customer service which will lead more customers coming back again soon after.
Medical Billing Outsourcing provides clients with world-class service and healthcare providers can save up to 30% on billing by leveraging the latest technological innovation.
1. Allows Medical Personnel To Focus On Patient Care:
The medical industry is one that often relies on outside professionals for help with billing and other revenue cycle management (RCM) chores. By hiring an expert, such as a company who specializes in this area of healthcare services or those knowledgeable about treating patients by using their specific field’s tools; hospitals can focus more time towards providing quality patient care while still staying within budget constraints.
Hire a professional medical team to take care of your patients. This will allow you more time for other important things, like developing personal relationships with those who visit or working on projects outside work hours.
2. Medical Billing Outsourcing Reduces Labor Costs and Billing Errors:
Institute a new system that will save you money by eliminating the cost of hiring, onboarding and training billing employees as well their salaries.
Medical billers with experience can ensure that your claims are submitted appropriately and on time. The medical billing company’s main objective is to provide services, which means they have a duty of care towards their clients in order for them not only be compensated but also maximize reimbursement from future filings as well.
3. Lowers Logistical Costs:
medical billing services are a great way for medical practices that want more control of their finances and less time spent on bookkeeping. The professionals at these companies know how to process claims, which saves you from having any involvement in this task.
Medical billing services are offered by independent companies with their own offices. Employees hire themselves as billers to complete the assignments given them, and this way they can be sure that all work will get done on time – in fact it’s one of our most popular features.
4. Keeps Patients’ Data Safe:
The medical industry is one of the most sensitive sectors in our society, making it a prime target for hackers who want to steal customer data. Outsourcing billing services ensures that your private information stays safe when transmitting back and forth between provider/biller businesses because there’s so much valuable info on offer such as addresses or family tree (mothers maiden name).
The medical billing services industry has been working hard to stay ahead of the game in order protect patient information. They do this by employing up-to date, constantly updated software that’s designed for defense against hackers who want nothing more than access your personal details – like how much you make.
Medical billing companies that are HIPAA compliant ensure the data’s security by ensuring all information is encrypted during transmission.
5. Increases Practitioners Revenue:
Medical billing is a necessary evil for any medical practice, but it’s also an area where you can lose money. Outsourcing your records and making sure that all claims are paid will help protect against denied accounts which would otherwise decrease revenue in the long run – especially if they’re coming from repeat customers.
6. Maintains Billing Accuracy By Adhering To The Most Recent Rules and Regulations:
The medical billing process can be time-consuming and laborious, but it doesn’t have to feel that way. With software like BellMedEx’s Electronic health record system in place at small clinics or independent laboratories across North America – which ensures up to date codes are used for every procedure while also taking into account new payer rules–the entire job becomes faster than ever before.
Medical billing can be a complicated process, and if you don’t have the time or resources to do it yourself then consider outsourcing.