August 04, 2014
New Jersey is one of the highest paying states for the IT sector of healthcare industry in the US, and medical record jobs too. However, many practices choose to outsource their billing requirements as they cannot afford to hire skilled coders and billers at an attractive pay package.
Cost of hiring skilled professional and efficiency of carrying out the entire billing process are two major factors due to which practices in New Jersey prefer to outsource. Hiring a medical billing company is more affordable compared to maintaining an in-house billing department. It gives the providers more time to focus on performing the core clinical tasks and other related issues.
Outsourcing is extremely beneficial for small practices because it enables them to tackle the monetary constraints more effectively and deal with shortage of skilled resources. Healthcare reforms have increased the billing and coding complexities. In order to get paid on time, practices need billers with the much needed expertise. Due to the lack of resources, employees at small practices are forced to balance between billing, patient care and other clerical duties. This creates room for billing errors and affects the revenue cycle in the long run.
Medical billing outsourcing can increase the revenue of a practice from 5% to 30%
According to the AMA, medical practices spend as much as $100,000 per month on underpaid, denied and resubmitted claims
Practices can save around $17 billion annually by eliminating medical claims errors
Mistakes can be found in every five to ten percent of submitted claims
Common Billing Challenges Faced by New Jersey Physicians
Practices face difficulties in collecting full co-pays upfront which affects their revenue cycle
Staff is not updated with the latest billing and coding reforms due to which error-free claim filing becomes difficult
Many practices fail to perform an auto-check of insurance coverage electronically. This leads to medical billing issues and revenue losses, because patients are not always fully aware of their insurance coverage
Hiring and retaining skilled billing staff is also a common challenge faced by many New Jersey practices
How is a Medical Billing Company Benefitting Practices?
Outsourcing to billing companies like MedicalBillersandCoders.com has helped providers sail through reimbursement challenges. They have increased collections of a practice and enhanced the quality of patient care.
A professional, well-trained team of coders and billers at MBC has relieved providers from time-consuming administrative tasks. Outsourcing has enabled them to bring down their operational costs, maximize the revenue generation, and minimize claims denials resulting from billing errors and lack of follow-ups. MBC offers effective New Jersey(NJ) billing services, HIPAA compliance, EHR assistance and various other services to help practices strengthen their RCM. The company has been serving hospitals and private practices across all the states in the US.
Healthcare reforms have increased the workload of physicians, forcing them to divide their time between clinical tasks, administrative functions and patient care. Due to payment cuts, they are unable to hire skilled coders and billers or train the existing ones. In such scenario, outsourcing has proved to be effective in helping providers sail through the RCM challenges.
A dedicated billing and coding team takes care of filing timely claims, following up with insurance companies, managing denials, ensuring HIPAA compliance and other daunting tasks. Since the vital tasks are handled by professionals, physicians can focus on performing their basic task.
Outsource Medical Billing