As a medical professional or practice, your patients should remain your primary concern. But the financial health of your own practice is important to ensure the highest quality of service to your patients. Here are some reasons why an increasing number of practices are moving to outsourced professional medical billing and coding to improve their practice’s bottom lines.
Compliance with federal regulations is highly important for any medical practice. HIPAA and federal authorities may penalize you heavily if you fail to comply. Any claim which does not comply with the specified format could lead to a delay or denial.
Professional medical billing services have trained coders and billers to ensure compliance with the regulations and that your claims are filed accurately and paid on time.
The biggest advantage with outsourcing billing is that it can help you increase your collections and reduce claim denials. A biller your practice was to employ would cost you almost $80,000 per year but for an outsourced billing company, you only have to pay $15-$20 per hour based on the claim. The outsourced company is able to do this since they have several clients and they are able to distribute the costs among all the providers.
For a practice to have in-house billing, the software, hardware and training costs also go up with expansion but a professional medical billing company can implement the strategy of better revenue management.
A team of trained and expert billers and coders prevent compliance issues and the professional medical billing service also offers end to end revenue management. This not only adds to your collections but removes the burden of documentation and administrative work. A professional outsourced billing company hence adds value to your practice, allowing you to focus on patient care.
Being a healthcare provider, you have to be ready for many situations and not having to worry about billing and admin work, you can improve your practice and patient care tremendously.
To know more about how an expert medical billing specialist can help improve bottom line of your practice, call Emerald Health at 855-650-9906. Professional medical and podiatry billing specialists in Massachusetts, Emerald Health, can help you improve profitability with medical billing services and revenue cycle management with a minimal learning curve.
To maximize your federal incentives and your practice’s operating efficiencies, ask for Emerald Health’s Certified EMR or Electronic Medical Records integrated solution. It optimizes the delivery of healthcare by focusing on maximizing practice profitability through integrated practice management capabilities. The medical billing solution offers to maximize revenues, reduce costs, accelerate cash flows and improve productivity and efficiency.