In July of 2017, Medical Economics definitively concluded that, “If you operate a medical practice, you should be outsourcing.” They reported that outsourcing can be implemented to cut internal costs, focus employee time on crucial care delivery, and free up time for patient care management. The vast majority of providers are shown to have a positive feeling about their outsourcing relationships.
Let’s discuss
outsourcing medical billing.
The key benefits of outsourcing your medical billing services versus handling them in-house include:
[1] Lower In-House Operating Costs: Outsourcing eliminates the need for additional layers of office staff inefficiently working the claims process. Office space is freed up, computer and overhead costs are reduced, and oversight roles are reduced.
[2] Faster Claims Processing Leads to Improved Cash Flow: By submitting claims on a more regular basis and eliminating errors, the practice is able to realize an increase in approved claims on the first submission. This increased accuracy results in faster payments. Outsourcing medical billing improves cash flow projection capabilities, and reduces nightmares about cash availability.
[3] Rely on Industry Specialists: There is no need to stay on top of insurance industry changes with outsourcing. The outsourcer is constantly updating the process with insurance companies and is a specialist in submitting claims that get paid. The outsourcer also takes on the responsibility for assuring patient confidentiality.
[4] Lower Per-Patient Costs: An individual practice must spread the cost of billing over the existing patient base, whereas an outsourcing billing company can distribute their investment over a much wider patient base. This results in economies of scale, which are passed on to the individual client practice.
[5] Financial Control: A medical practice is a business which cannot afford to lose control of its financial foundation. It is wasteful to spend too much time on activities that do not generate practice revenue or patient satisfaction. The provider doesn’t have to worry about “mundane” issues like entry errors or reimbursement issues that can end up costing big money if not addressed promptly.
[6] Increase Profits: Partnering with a company to outsource medical billing can provide a significant boost to practice profit. The practice gets paid faster which lowers carrying and borrowing costs, less manpower is required to achieve better results, no advanced training is required, and no technology updates are needed.
[7] Patient Satisfaction: Patient Sat is Where’s it’s At – Patients will enjoy the enhanced ability of you and your team to provide more on patient care than be preoccupied with office responsibilities. Also your patients will be able to worry less about dealing with claims and concentrate fully on getting well.
[8] Less Stress for You! Less stress sounds great, doesn’t it? You will gain peace or mind when this ofter overwhelming task or medical billing is being handled by a trusted team can be a massive source of stress relief for the healthcare provider. There is no longer any stress worrying about billing staff turnover, administrative costs, cash flow “gotchas” because of slow claims payments. Our sourcing your medical billing relieves the headache of dealing with medical billing day-to-day problems. Now focus on your practice.
When you think about why you wanted to become a medical provider, the answer usually isn’t that you wanted to spend your hours rustling through paperwork, concerned about cash flow concerns and running a business. We find the vast majority of our providers possess a true desire to enrich the lives of their patients.
Outsourcing medical billing
provides relief for you.
Choosing the right Revenue Cycle Management (RCM) Service has never been more important. You need a partner who knows how medical practices work and what submission procedures can net you the optimal reimbursements.
Our commitment is to improve your cash flow so you can stay focused on what’s most important – your patients. If your practice is ready to move toward better billing practices, increased patient satisfaction, improved Revenue Cycle Management, and increased profits, visit our contact us page or call Mark Manning at 706.315.4660, to discuss the goals for your practice.
MMS is comprised of a team of certified and enthusiastic professionals…
with over 30 years of experience in the medical billing industry, information technology, and business consulting.
Our leadership team has served many anesthesia groups, pain management groups, hospitals, group clinics and even solo practices over the past 34 years.
Contact Us and let’s get started.
Call Mark Manning directly at 706.315.4660.
