Still Unsure About Outsourcing Your Medical Billing?
Still Unsure About Outsourcing Your Medical Billing?
Still Unsure About Outsourcing Your Medical Billing?
A sobering fact that most medical practitioners don’t want to hear is that nearly 25% of all medical practice income is lost due to under coding, missed charges and claims that were missed or not properly reimbursed. That translates to hundreds of millions of dollars lost in revenue annually for the medical profession as a whole.
Outsourcing your medical billing will allow your revenue to be collected and you will see a faster turn around on your claims. You could be receiving your reimbursement payments on your medical billing claims in 7-14 days as opposed to the 90-120 days you are probably used to.
Additionally, this can be done without adding any staff on your part, no software or new technology to implement, your staff will have more time to help you run your practice instead of chasing claims and filling out miles of paperwork.
An interesting study conducted by the American Medical Association, estimated costs to health care providers averaged at $6 to $12 each to file a manual medical billing claim. Using the services of a billing company, a physician will spend around $2 to $3 on each claim.
If receiving those kind of savings alone doesn’t make your eyes sparkle, how about lowering your claims rejections to around 1%-2% and your staff won’t have to spend hours on the phone with carriers asking why only portions of claims were paid? Your medical billing partner will take care of all those issues and keep your A/R up to date to boot.
These are some fantastic reasons to outsource your medical billing. Now you know some of the great benefits, look into it today!
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