Considering the high demands of running a medical practice or clinic, have you considered hiring a third party to handle the billing and collection of patient payments? It may come as a surprise to learn how many businesses, both big and small, are reaping the rewards of outsourcing. Services related to medical billing and coding can consume a sizable portion of one’s time. If you already have employees whose sole responsibility it is to handle billing and coding, they may be better put to use in other areas of the business. But in many places, employees are expected to juggle multiple tasks at once, such as dealing with patients, scheduling appointments, collecting payments, and managing patient charts. Growing practices often struggle to keep up with the demands for claims submissions without neglecting some of their responsibilities, and new practices often cannot afford to hire a dedicated staff. This is how even the best-managed practices face problems with denied payments, rejected claims, reduced compensation, and compliance oversight.
Medical Insurance Verification and More
You may be surprised to learn that the physician or practice manager retains or even increases their level of authority when outsourcing is used in a medical practice. The benefits of outsourcing medical billing services include lowered costs, improved compliance, and higher patient satisfaction. One of the best things about outsourcing is that it can help you save money. When you think about how much it costs to hire, train, and retrain billing staff, establish workspace, purchase computers and peripherals, provide human resources services, payroll taxes, benefits, insurance, and overhead, it can all add up quickly.
With outsourcing, you only pay for the claims that you submit and have processed, so you never have to worry about lost time due to absences, holidays, vacations, or coverage problems. To make certain that all of your claims are processed quickly and accurately, we have assembled a team of highly trained, certified, and experienced coders and claim processors. The costs saved by not having to recruit and train staff alone can be significant. By removing the need for in-house departments like accounting and human resources, as well as workstations, outsourcing can free up valuable square footage that can be put to better use elsewhere, such as in expanding services to patients or securing more supplies. When medical billing and coding services are outsourced, the physician or office manager can focus on running the business.
Help with Processing Insurance Claims
Medical billing outsourcing has many benefits, including cost savings, reduced office stress, and freed up desk space. With a team of highly skilled and experienced billing experts handling your claims and collections, it stands to reason that outsourcing would reduce billing errors. Therefore, outsourcing helps to improve cash flow and increase revenue, guaranteeing payment for your efforts. When you outsource ENT billing, you’re not only helping the billing company achieve its mission, but you’re also helping your medical practice achieve its collection goals.
You can enhance your reporting and benchmarking with the data and information provided by medical billing and coding services. Due to the established division of labor, your company can now conduct audits with greater ease. Professional billing services from MD Pro Solutions are built to the highest standards, which helps our clients keep a steady brand image and message. To begin, we offer a FREE Billing Review that can help you assess the efficiency of your billing department and overall health of your medical practice. To say the least, it can be eye-opening to see how long it takes for claims to be paid and how much of your AR is older than 90 days, as well as how often claims are submitted, how quickly payments are posted, and how soon charges are billed out after services have been rendered. An external billing review should be performed once every two to three years to serve as an insurance policy for your practice.
Get a Free Billing Review
When you work with MD Pro Solutions, you’ll have access to a network of offices across the country. Give us a call at 1-800-853-8110 if you have any questions about medical billing outsourcing or medical billing and coding education and training. Get in touch with us if you have any concerns about outsourcing ENT billing, Orthopedic coding, or Plastic Surgery services. Call today and speak with one of our friendly and knowledgeable healthcare consultants about your needs.