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presentation

Growth in practice revenue for physicians by outsourcing medical billing services.

January 12, 2017



Growth-in-practice-revenue-for-physicians-by-outsourcing-medical-billing-services

The entire process of medical assistance given to a patient in need is tedious enough; add to that, claim settlements, billing procedures, follow-up for reimbursements and other medical billing services and the entire system slows down. This is primarily where outsourcing comes into the picture. The need to outsource medical billing services however, depends largely on the type of medical facility, the number of patients it caters to, financial position etc. Today, medical billing outsourcing, like all over the world has also increased on an enormous scale.

Outsourcing medical billing can also in turn, increase the revenue factor for the doctor or medical practitioner. Here are some of the factors how outsourcing can lead to increase in revenue for medical practice:

  1. Economic factors:
    As outsourced medical billing companies cater to a wide domain of hospitals and medical institutions, the entire process comes at a much lower cost, than doing it in-house. Furthermore, you also save on salaries to recruit the best in the industry as the cost is borne by the medical billing entity. You also benefit financially by saving on added costs like office space, time etc. Hence, in a nutshell, outsourcing medical services is both economically and practically sound.
  2. Ensures overall control:
    Outsourced billing companies go to great heights to ensure that the practitioner at no point feels like he/she is losing control over the system. In fact, with a team dedicatedly appointed to manage issues like claim settlements and facing denials, the in-house team of doctors are much relaxed. Outsourcing is thus, never giving up control but using the saved time for other activities like offering blood donation camps, doing telehealth etc. for added income.
  3. Keeping the changes abreast:
    With mediclaim and healthcare billing norms and codes changing ever so frequently, it becomes difficult and requires increased efforts on part of the practitioner to stay up to date. Likewise, even insurance companies change their formats and procedures all the time. In case of outsourcing the entire process, the hospital does not have to deal with any of this. The outsourced company themselves get training and the required assistance when there is a change in systems. A doctor does not really lose his money in this case, however he does save on a great deal of time and training for his staff.
  4. Satisfied patients:
    Though you cannot put a price tag on this, goodwill has the power to create business like none other. Outsourcing medical billing ensures full attention in terms of superbill and claims, minimization of denials and lastly, a happy and satisfied patient. You can also step up the game by resorting to social media. With Facebook and Twitter to the rescue, a good doctor can always advice his patients to post comments or write reviews about the entire process and can in turn also write responses to them. Social media goes a large way in letting people know how well or bad their experience was and in turn makes way for more patients, leading to increased revenue.

This, with timely claim submission, increased reimbursements and good efficient services, outsourcing principally assists in increasing revenue for the practitioner, which can be used for his medical practice.

 

Category : Outsource Medical Billing