Hire a Medical Billing Service- The Best Cost Cutting Strategy
If you are looking for an effective cost-cutting strategy, outsource your medical billing services to a billing partner. Since a separate, well-trained team will be taking care of your billing and insurance processing needs, your staff will get enough time to focus on patient care.
How will outsourcing reduce expenses?
Reduce infrastructure costs:
Expenditure of running an in-house billing department will be eliminated. You won’t have to spend on infrastructure, rental, buying new technology, office supplies, employee salaries, employee benefits and so on. With a billing partner you don’t have to worry about any delay in claim filing or follow-ups as the billing and coding tasks will continue to be taken care of even if you or your staff is on a vacation or leave
Reduce labour costs:
billing and coding has become a challenging task due to healthcare reforms and a certain skill set is required to handle the complexities. If you don’t want to lose out on reimbursements, you will have to spend money on hiring or retaining proficient coders and billers and then training them on a regular basis for any new changes. But when you outsource, these expenses also get eliminated as the medical billing company has its own team of skilled staff
No start-up fees:
no start-up or setup fee is required by a billing company to start working for you. They get paid when you get paid so, you can be assured that your billing and coding tasks will be performed on time and with accuracy
Reduced expenditure on health IT:
when you outsource, you don’t have to worry about buying the latest technology for billing and coding needs. A reputed billing company makes use of the best health IT to handle your RCM effectively. You also don’t have to spend on system changes for ICD-10 preparation or train your staff for HIPAA-5010 compliance because all these tasks will be handled by the billing company
Besides patient care, revenue cycle management and billing are two vital processes of any medical practice. Since cash flow depends on how well these processes are being handled, outsourcing your billing services can assure timely payments.
The money saved on overhead costs, infrastructure and other services can be used to improve the quality of patient care by getting better equipments and physicians. Not just money but outsourcing will also free up time that can be used by medical practices to attend more patients. Provision of better quality healthcare will also prove effective in getting government funding.
Medicalbillersandcoders.com has the largest consortium of billers and coders who have been helping practices across the US maximize revenue and minimize claim denials. The team at MBC is well-trained in handling your medical billing and coding needs and we make use of the latest technology to ensure best results. Our coders and billers are constantly updated with new reforms and we have all the resources to help reduce your practice cost and increase revenue generation.