Benefits of Outsourcing Medical Billing Services
Discover why medical practices prefer working with medical billing companies, including cost savings on training, reduction of operational costs, managing unscheduled employee absences, improved revenue cycle data tracking, and alignment of revenue goals. Outsourcing billing services can stabilize practices and provide access to intuitive business intelligence tools.
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Presentation Transcript
Reasons why medical practices prefer working with medical billing companies!
Training Costs Training Costs Operational Costs Operational Costs Unscheduled Employee Absences Unscheduled Employee Absences Revenue Cycle Data Revenue Cycle Data Certified Resources Certified Resources Copy Rights @ www.billingparadise.com
Consumer-Centric Billing Practices Consumer-Centric Billing Practices Outsourcing Stabilizes Medical Practices Outsourcing Stabilizes Medical Practices Intuitive Business Intelligence Tools Intuitive Business Intelligence Tools Beneficial For Healthcare Organizations Beneficial For Healthcare Organizations Revenue Goals are Aligned Revenue Goals are Aligned Copy Rights @ www.billingparadise.com
Training Cost Can save a HealthCare A recent study states that teams who work with EHRs require an average of 53.5 hours of training at a cost of $3000. The cost of Training a single physician amounts to $1540. That is a whooping amount for healthcare organizations that will have to cut back on costs to stay profitable in the present healthcare space. Copy Rights @ www.billingparadise.com
Escalating Operational Costs A cost and revenue survey conducted by MGMA projects an increase 12.2% increase in operational costs. High operational costs are a growing concern for healthcare organizations as there is increasing pressure on them to reduce costs in the value based payment climate. Copy Rights @ www.billingparadise.com
Unscheduled Employee Absences Cost A major health network revealed that unscheduled absences were costing them 2-4 million dollars annually. On an average, the cost of an employee s absence per year is $989. Is Your Medical Practice Still In The Stone Ages? Copy Rights @ www.billingparadise.com
About Revenue Cycle Data Inability to track the revenue made by in-house billers is a common bottleneck faced by medical practices. This problem is solved by off-site billing companies as most of them offer monthly or on-demand work reports. Copy Rights @ www.billingparadise.com
Hiring Certified Resources is According to AAPC the average monthly salary of certified coders is upwards of $3500. This is without factoring in other expenses such as social security, Medicare and training costs. Off-site billing and coding companies offer the advantage of hiring certified coders/coding teams at more affordable costs. Copy Rights @ www.billingparadise.com
Consumer-Centric Billing Practices According to a survey by Navicure, 31% of medical practices struggle with patient payments. With 1 in every 4 dollars coming from patient payments the importance of patient billing cannot be ignored. Copy Rights @ www.billingparadise.com
Outsourcing Stabilizes Medical Practices Constantly evolving regulations lead to revenue flow fluctuations and disorganized workflows. Anytime a major regulatory change comes into effect it leads to loss of revenue and productivity. To meet regulatory challenges and avoid disruptions to everyday workflow healthcare organizations are finding it convenient to outsource their RCM processes. Copy Rights @ www.billingparadise.com
Intuitive Business Intelligence Tools An increasing number of medical practices use tools, KPIs and benchmarks to improve and optimize existing processes. In the contemporary healthcare climate more than just point of care, technology is needed to stay compliant and profitable Copy Rights @ www.billingparadise.com
Beneficial of Healthcare Organizations Working with medical billing companies is beneficial for healthcare organizations across different sizes, With several changes in the way medical practices bill and stricter billing regulations it is essential that a medical billing team has different realms of knowledge including coding claims, AR management and revenue recovery. Copy Rights @ www.billingparadise.com
Revenue Goals are Aligned The medical practice s collection goals are aligned with that of its billing company, Transforming fixed expenses and outcomes into a variable one is one major factor behind healthcare organizations preferring to work with billing firms. Copy Rights @ www.billingparadise.com
TOLL FREE: 1-888-571-9069 Conclusion This is why medical practices prefer working with medical billing service companies! Billing Paradise, 732 N. Diamond Bar Blvd, STE 110, Diamond Bar, CA -91765 697029-twitter-256.png facebook_circle_color-128.png linkedin_circle_color-512.png Copy Rights @ www.billingparadise.com
