How Outsourcing Medical Billing Helps Your Practice Earn More
Jun 16, 2017 11:20:00 AM
With the constant hassle and pressures in being a physician, one headache should never stem from medical billing. Many practices have physicians who want to be at the forefront of all business operations but often spend time handling collection functions instead.
While offices have the opportunity to handle collection services internally or externally through a third-party billing service, it is essential that each practice carefully assess their needs and explore how outsourcing this function could enhance their business.
Here is a break-down of cost and qualitative factors to be aware of when it comes to medical billing:
Physicians News Digest conducted a mock three-physician practice to compare in-house vs. outsourced billing costs. To gather the figures, industry averages were used to compute the calculations. This mock- practice has three primary care physicians, two medical billing specialists and 80 insurance claims filed daily. Each claim on average totals approximately $125.
The comparison revealed the medical office that utilized a third-party for billing services was more likely to collect a higher percentage on the billed amount. However, this is contingent on selecting a billing service that has a good reputation, software and staff who will go above and beyond to ensure your practice's collections increase significantly.
Here are several reasons why medical facilities should outsource:
1. More Money for Your Business
Outsourcing saves medical offices tens of thousands of dollars by reducing the amount of salaries paid and capital investment in office material and equipment. Most third-party contractors charge by the claim or take a percentage of each processed claim. Regardless of how the contractor is compensated, each method is more affordable than paying for an in-house medical billing staff.
2. Improve Your Current Cash Flow
In-house medical billers are not always dependable. Especially if you are an office that may just have one person in charge of billing operations. When medical claims are outsourced, you will not have to worry about the burden of unprocessed claims. Our company delivers competitive timeliness by processing claims as we get them to ensure the success of your business' bottom line.
3. Focus on Your Patients
Smaller offices have to ensure their patients feel like a priority, despite the fact that most have limited staff. Physicians are afforded with the opportunity to provide patients with outstanding customer care when they do not have to focus on the financial characteristic of each patient account. Instead, doctors will be able to focus on the health of the patient, and physicians will feel confident knowing billing will be conducted through a trusted third-party contractor.
4. Limits Billing Errors
Seasoned third-party contractors will ensure your claims are processed accurately and securely. Our experienced, professional data processors reduce the amount of repudiated and discarded claims. Also, our staff strives to maximize the amount refunded on each individual medical claim.
Here at DDC FPO, our claims management capabilities form a highly flexible, comprehensive solution that can be customized to meet the specific needs and requirements of the insurance carrier. With extensive knowledge and expertise in the full range of claims processing services, we deliver options from simple front-end claims data capture with Intelligent Capture technology to full, end-to-end claims processing as an integral part to your entire business operation.