Healthcare reforms, payment cuts and insurance company policies have increased pressure on medical practices. In order to get paid on time, physicians are outsourcing their billing needs as lack of time, money and resources is posing hindrance in handling in-house billing.
By outsourcing medical billing requirements, providers will be able to reduce processing errors in medical claims that lead to claim denials. They will be able to get paid on time and use the spare time to improve profitability of their practice.
Industry Facts :
|In 2011, there was a 2% increase in claims processing errors and this resulted in unnecessary administrative costs worth $1.5 billion|
|Inefficiencies and billing errors result in annual waste of thousands of dollars (between $600 and $850 billion) in the US healthcare industry|
|By eliminating claim errors, approximately $17 billion can be saved on an annual basis|
|On an average, mistakes can be found in 5-10% of all submitted claims|
Can in-house medical billing help you attain best results?
There is no doubt that providers can retain control on billing services when they have an in-house billing team but it can also result in difficulties such as:
High costs: because providers will be paying salaries and giving employee benefits to in-house coders and billers
Investment in technology: A significant amount will have to be invested in buying latest technology
Errors due to low productivity: if providers don’t keep an eye on billing operations, employee neglect and low productivity levels can result in billing errors, causing denied claims
Issues related to support: if two to three coders from an in-house team go on a holiday, operations and cash flow will get stalled majorly
How can outsourcing prove beneficial for your practice?
Due to lack of billing expertise, many providers don’t get their payments on time, which affects their revenue cycle. Considering the complexities involved, outsourcing makes sense in order to ensure timely, error-free billing and various other benefits such as:
Enhancing revenue opportunities with MBC!
By outsourcing billing and coding requirements to a billing company like Medicalbillersandcoders.com providers can optimize their billing process and offer effective RCM.
MBC will be offering the following benefits:
MBC has the largest consortium of skilled coders and billers who have been helping practices sail through billing challenges and enhance reimbursements.
|MBC||=||Effective Billing Solutions||+||Enhanced Revenue|