How it works?
Physicians across the nation have been struggling to find a professional who can relieve them of their administrative chores so that they can face the challenges of providing quality healthcare. Most physicians would rather prefer a specialist taking care of the reimbursement process and maximize their revenue but they are tirelessly looking for the rest to manage their revenue cycle management.
Medical Billing Solutions for Physician Groups
Physician groups are increasingly opting for centralized medical billing services. Centralised billing solutions help in cost sharing and utilization of resources effectively. This leads to saving time, enhanced patient care, and is a lucrative method of running the practice.
Common problems that face physician groups with an in-house billing system are:
- Shortage of experienced staff and medical billing resources in the market
- Management and retention of billing staff
- Seamless Claim Realization
- Spending a high percentage of capital on the rental space for medical billing related activities and storage
- Incurring administration and processing services costs and managing various vendors
- Time constraint and focus constraint as the same resource needs to run day to day activities and recover maximum revenue
- Dedicated Supervision and a team to monitor, stay updated with the latest changes
- Process claims, Collect accounts receivable (A/R), and worry about cash flow
Medical Billers and Coders (MBC)
provides proactive, end-to-end medical billing outsourcing services and helps in mitigating the above problems that are commonly faced by physician groups. We take care of your entire revenue cycle right from the first patient encounter to reimbursement of claims. We focus on accuracy and follow all the latest guidelines to file your medical insurance claims without any errors. We help in achieving timely revenue flow by processing claims through our experienced and dedicated team using the billing software relevant to your practise and by proper follow-up of the submitted claims.
Why do physician groups outsource medical billing services?
- Health Insurance Portability and Accountability Act (HIPAA) Compliance is taken care of by a specialized team
- Increase revenue by reducing office expenses such as administrative and operations costs
- Increase your patient base: More time to give quality care to your patients and to build your practise
- Greater staff experience, powerful systems, and aggregate resources
- Due to heavy workload and to clear the workload backlogs
- To encourage the implementation of new platform changes such as ICD 10
- Lower the costs associated with additional employees and office infrastructure in your growth period
- Eliminate downtime due to staff illness and vacation
- Freedom to focus on the core function and Achieve greater control over your business
- Decreased A/R and financial delays
- Reduce Rejected Claims
Apart from the above listed reasons, the most crucial factor that makes outsourcing a great option for physician groups is the fact that it improves revenue collection immensely. Physicians have seen a 40% increase in their net revenue by outsourcing to a reliable partner like MBC. Outsourcing medical billing and collections could actually increase the bottom-line by approximately $254,000 or 20% for physician groups.