A Quick Review on Medical Billing Services
You could be a solo practitioner, small physician group, small clinic runner, or a huge hospital too, but medical billing gives the same level of importance and challenges to all. Outsourcing your medical billing is a huge decision that can have far-reaching implications. Moreover, physicians may wonder when it is the right time to outsource their medical billing. Let us take a look at the advantages of availing medical billing services and how practices can benefit from outsourcing.
Which circumstances force practices to outsource their medical billing process?
- If your patient’s accounting system becomes old and requires replacement
- If you have been struggling with achieving credentialing since ages
- If you are experiencing constant changes in reimbursement models
- If your practice is weak in generating revenue and poor cash recoveries based on your predictions
If one or all of these reasons are seen in your practice, then it is time to outsource it. When most practices think outsourcing can cost them more, but if compared with the loss your practice incurs by not doing so, is merely less.
Pros of using medical coding & billing services
Higher collection rate
A medical billing company completely focuses on medical billing and coding; therefore it has a higher collection rate than physicians, clinics, clinical groups, and hospitals that attempt to try collections in-house.
Quicker collection rate
More the quickly you collect your reimbursements, the more you can see it dramatically affecting the operations of your medical practice. When the maximum recommended time to receive reimbursements is 50 days, outsourcing your medical billing services can get it in less than 25 days.
With the implementation of ICD-10 coding, now there are 69,000 codes in medical billing. To overcome the constantly growing changes in medical coding and billing, it is a viable solution to outsource your medical billing process.
Less overhead costs
To make your medical billing process effective, you need highly trained and certified billers and coders dedicatedly working around the process, which again results in increased overhead costs. Instead, outsourcing your medical billing services reduces the cost you invest in hiring, recruitment, and training. This will save huge costs upfront, along with achieving huge revenue generation in less time.
A large sum of money in your pocket
Despite the charges you pay for your medical billing outsourcing partner, you can see good cash inflow at your practice, since the outsourcing partner does all the job on your behalf and help you obtain more profits than ever before.
Though medical billing services include some charges to be paid, when you compare it with the cost you invest in managing your in-house billing and coding, it is way too little. In no time, you can see your healthcare center growing and reaching heights. 24/7 Medical Billing Services is providing an exceptional and wide range of medical billing services to clients for more than 15 years with high quality and at affordable pricing.
You can talk to our billing and coding experts at +1-888-502-0537 for any help regarding outsourcing your medical billing process.
Read More: 5 Myths On Medical Billing Services