Increasing Practice Revenue by Outsourcing Billing
Overview:
Various clinics and practices busy with patients, staff, and doctors can achieve considerable benefits about how to simplify and restructure their daily workflow and, in the process, make vital elements of the clinic more well-organized. There can be many ways to do this, one of them is to consider the clinics’ revenue process and realize that whether the needs of the practice are met internally, or by the utilization of an outsourced medical health billing service. We have created an article that will help give doctors and clinics a clearer picture of whether to outsource their medical billing.
Summary:
- Clinics need to be sure that they are receiving the highest amount of revenue possible.
- It is a worthy exercise to assess the billing system and the processes within.
- The decision that a medical practice makes to whether approach medical billing and coding companies, it is worthwhile to consider the pros and cons of outsourcing.
- Hiring employees who work as an in-house billing team is costly.
- The staff has to be up-to-date about billing codes for error-less coding.
- Medical billing and coding is high-stress work, and that can result in ongoing employee turnover.
- Billing software is expensive; practices get additional technological benefits when they outsource their billing.
Return On Investment
For any medical practice, the aim of error-free and successful medical billing is to acquire the highest return on investment. Although the cost of outsourcing medical billing processes for a clinic may seem like an additional cost, clinics should completely consider the cost of in-house medical billing management. According to CNN Business, the cost of having employees typically ends up being 18% to 26% more than the employee’s base salary. In other words, the cost involved in the in-house the medical billing process is 18% to 16% higher than the cost of medical billing and coding outsourcing companies. Besides staff salaries, costs rise as FICA and insurance, payroll taxes, time off for sickness, and administrative costs pile up. All these factors must be taken into consideration. Many clinics and practices discover that by outsourcing their doctors’ billing service, they can save money on employees’ wages and overhead costs.
Millennium Medical Billing provides a free return on investment calculator
Faster Payments
Clinics and practices need to realize that there is a certain level of expertise required to deal with the medical billing process. The staff hired for the purpose needs to be up-to-date regarding medical coding knowledge, which requires constant time and recourse. If a clinics’ in-house medical billing team fails to keep up with up-to-date coding knowledge, they may have to face issues and find it more difficult to gain maximum reimbursements from insurance companies. Sloppy coding errors by in-house staff can be a cause of delayed payments and several rejected claims. All this loss can really bear down a clinics’ performance. Billing services for mental health providers and other practices take care of medical coding data entry and claim submissions on your behalf. Medical billing and coding companies, like Millennium Medical Billing, have advanced in-house processes that help you receive the maximum amount from insurance companies. At MMB, we are always available to our clients.
We can be contacted five days a week for standard operation as well as seven days a week for special circumstances. We provide your patients with quality customer service for all billing inquiries.
Billing Employee Turnover
Another point to consider as an added benefit of outsourcing doctors billing service is that practices can avoid the concern of their billing employees choosing to leave their practice. Medical billing and coding is high-stress work, and that can result in ongoing employee turnover, which can affect the entire cash flow and momentum of the practice adversely. When you outsource your billing function, the employee turnover concern is eradicated, and you can rest assured that a competent and experienced medical billing team is handing your claims and bills. Millennium Medical Billing continues to provide its premium medical billing service and giving medical care providers the peace of mind and faster reimbursements that they deserve.
Billing Software
When you collaborate with a medical billing company, you can enjoy considerable technological benefits for your practice. You will not need to purchase the latest billing software, which is expensive, and you can reduce record storage space. Your RCM partner will handle patients’ billing inquiries that will help you reduce call volumes, and staff time, eventually adding up to your practice’s efficiency. By outsourcing your billing function to a reliable and responsible RCM partner, you are more likely to maximize your ROI. Give us a sample of your most difficult claims to prove the quality of our services while we collect your money!