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5 Reasons For Outsource Medical Billing Services

Medical practice revenues are based on efficient billing. According to research (2013) conducted by the Practice Profitability Index (PPI), about 36% of the 5000 physicians who were interviewed expect negative changes to their earnings. Their report (2014) says that close to 20% of physicians’ time is spent on administrative tasks including documentation, coding, and administration, instead of on patients’ treatment. Are you happy with the current situation of your practice that hinders the core of your profession?

Here are five major benefits that may be advantageous to you if you outsource your outsourced billing services and coding services.

Outsource Medical Billing Services

1. Better patient care: 

Do not waste your time in the medical field on administrative duties. When you outsource your billing service personnel and you will be more prepared to provide care for patients. The PPI Report (2014) reveals that almost 48% of the doctors who were interviewed aren’t yet equipped to deal with the increased number of patients that are expected to result from the recent health reforms. The outsourcing of billing allows you to go back to patient care while experts in billing handle the administrative aspects.

2. Reduction of errors when submitting reimbursement claims: 

After you have outsourced your medical billing, the professional billers are trained to ensure correct claim submission. This will reduce the number of denials as well as rejected requests. It is well-known that practices are losing an average of between $25 and $30 for each denial claim, as well as the resubmission. Based on PPI Report (2014), PPI Report (2014) 65 percent of doctors have already predicted lower reimbursements because of health reforms.

3. Effective Workflow: 

If you outsource your work, the billing experts will integrate their workflow with your employees. Both must make money if your claims are not accepted, they will also lose out! They are closely associated with your employees. They are experienced, knowledgeable, and trained to examine every payment with an attentive eye. They know what claims are likely to be rejected for what reasons and can thus save unnecessary time and effort during the reimbursement cycle.

4. Lower Administrative Costs: 

When you have outsourced your billing there are a number of administrative expenses that are reduced automatically. This includes filing, capital investment into software and hardware updates, as well as the cost of labor (average usage is reported to invest 30% to 40% of their earnings on staffing in-house for billing).

5. Improved Revenues: 

Effectively handling reimbursement claims will result in an increase in revenue. Staff is more focused on the patient’s needs and is more equipped to manage patient flow. The health reform law is anticipated to decrease the number of people who do not have insurance to Americans by 32 million which means more walk-ins!

Therefore, with a reduction in expenses for overhead, effective management workflows, and timely filing of medical reimbursement claims – affordable outsourced medical billing services will be the most effective way to ensure efficient management of competition in healthcare and the influx of patients which is expected in the next few years.

For Demo

Call us: +1 800 640 6409

Visit Here: https://medcaremso.com/services/medical-billing-services/

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