October 07, 2013
Healthcare reforms have not only increased workload but also forced physicians to concentrate on quality patient care. This leaves them with less or no time to handle the medical billing procedure. When compared to maintaining a regular in-house billing system, outsourcing is more beneficial in boosting efficiency and cash flow of medical practices.
From increasing revenue and payment collection to reducing the cost and headache of hiring and training employees, a specialized billing service can offer various advantages to your practice.
Reduce cost and minimize administrative workload:
Your cash flow will increase as the billing partner will ensure accurate submission of medical claims. Since a team of experts will be solely responsible for your billing system, chances of claim denials will reduce
Staff size will reduce which will save operational costs of your practice by 30-40% as the expense of paying employee benefits such as insurance benefits, vacation pay, sick pay will be eliminated
The cost of training the staff and buying latest equipment and software will also be eliminated because reputed billing companies make use of the latest technology to handle revenue cycle management for clinics or hospitals
A specialized billing service will offer you complete transparency and supply you regular comprehensive reports on performance
Since you won’t have to micromanage your billing operations, you will get ample time to concentrate on patient care
There will be no staff turnover which means no cash-flow interruptions and even while you are on a holiday, your revenue cycle management will continue to function
The best part about hiring a specialized billing partner is the opportunity to utilize latest technology and professional expertise at a low cost. You will not just have better control on your operating costs but patient scheduling, insurance verification and patient enrolment will also become easy.
Outsourcing- a boon for small practices:
A specialized billing team will also help you in making the necessary changes and preparations for HIPAA-5010 and ICD-10. A large number of physicians, especially small practices are outsourcing their billing procedure and related tasks to a billing partner as they have limited staff and limited time to implement new changes, train staff and streamline their billing cycle.
Medicalbillersandcoders.com is the largest consortium of billers and coders, offering one stop solution for all medical billing requirements. Our team has the required expertise to choose the right software for your billing requirements, ensure compliance to HIPAA, help you understand and sail through the new payment models and prepare your practice for ICD-10.
Our aim is to help practices increase revenue flow by reducing claim denials. We also provide consultancy services to practices. MBC has a job board from where you can hire a qualified medical biller or coder for your clinic or hospital. While our experts will be working hard to strengthen your financial health by managing your revenue cycle, you can use the free time to focus on provision of quality patient care.
Revenue Cycle Management