Why should you outsource your Medical Billing?
Objections with Medical Billing
In 2017, small and medium independent Medical Practices all over the nation claim that payment collection for services rendered is one of the most complicated issues they face moving forward. The healthcare industry and it’s incredibly complex set of rules and regulations, has pushed medical practitioners to invest a considerable amount of time and resources into billing and payment collection. Taking on the challenge of balancing a large amount of paperwork while trying to keep ahead of the complicated and quickly changing protocols related to medical billing, as well as following up on unpaid claims from insurance companies has really stressed most independent medical practices. Most importantly, the entire medical billing revenue cycle takes too much valuable time away from patient care.
Choosing to outsource your Medical Billing is one of the most important decisions an independent medical practice can make, because managing billing and collections is the core of a practices cash flow. Many independent medical practitioners provide great patient care, but suffer financially. It’s not uncommon for the practice to go out of business because they neglect to manage their billing and collections effectively. You need to take a serious look at outsourcing if your denial rate is above 10% and your account receivable balance is higher than twice your monthly collections.
Also keep in mind that outsourcing your Medical Billing can be incredibly attractive to a third party company, given the strong incentive to perform, as most outsourced billing companies are compensated as a percentage of your collections. A performance based fee schedule motivates the company to maximize reimbursement for the practice, which is why most practices realize a 10 to 20% increase in collections (some as high as 50%!) when they switch from in-house to outsourced. Since the third party medical billing company does not get paid until after the practice is paid, there is a high level of motivation to speed up the billing and reimbursement cycle, which improves cash flow. Best of all, a third party Medical Billing Company tend to have much more knowledgeable and experienced staff than a typical practice would employ. They are dedicated to medical billing and keep current with government and insurance carrier rules and requirements, which mitigates audit exposure and gives independent medical practices peace of mind.
Top reasons to outsource your Medical Billing
- Simplify the billing and collections process
- Save staff time and headaches
- Eliminate staff turnover concerns
- Focus more on patient care
- Eliminate the potential for under or over coding
- Process claims faster and cleaner
- Prompt follow up on denied or underpaid claims
- Increased revenue
- Improved cash flow
- Reduce audit exposure
- Peace of mind
Outsourcing your medical billing to our team at Medical Revenue Solutions is the simplest, most cost effective and highest revenue generating choice. With claim submission and payment collection in the hands of our team, you will have more time and resources to focus on patient care and business growth!