Some practices feel that outsourcing their medical billing may result in a loss of control. Here are 5 Ways Professional Medical Billing Service Can Improve Your Bottom Line.
In fact, outsourcing your medical billing and revenue management to a trusted, professional service improves your control over your billing, revenue and bottom line.
Practices that have outsourced their medical billing have seen an increase in profitability, productivity as well as patient satisfaction.
1. Reduced Staffing Costs
Reduction in staffing and overhead costs is a big reason why many small and medium medical practices outsource. Medical billing and claims processing require a team of people, if you wish to manage it efficiently. Hiring, paying salaries and benefits, training and overheads can make it quite expensive for a small or medium sized practice.
On the other hand, when you outsource to a professional service provider, they are able to achieve economies of scale, providing the same function at a fraction of the cost.
2. Efficient Processes
Outsourcing billing, and administrative tasks, makes in-house processes smoother and reduces paperwork.
3. Minimizing Errors
Outsourcing to a service provider who has expertise in billing and coding can help your practice reduce loss of revenue associated with claim denials. Accurate coding and claim submission improve your practice’s cash flow and bottom line.
4. Reduce Payment Delays
Delays can hit your bottom line. In case of in-house billing, your staff needs to divide time between claims processing and patient-centered tasks, such as answering phones and collecting information. This means delays in submitting and following up on claims.
5. Improve Patient Satisfaction
When you outsource your medical billing, your in-house staff is free to help and support patients. Happy, satisfied patients who receive prompt services are more likely to come back and refer others. Faster and accurate claims processing also contributes to better patient satisfaction.
To learn more or to take advantage of the top specialty medical billing services in Massachusetts, such as internal medicine billing service or pain management billing company, call or email Emerald Health LLC in Massachusetts at 855-650-9906 Today. Emerald offers a free revenue cycle assessment and phone consultation. With an A+ rating, Emerald Health helps small-to medium-sized medical practices improve their bottom line.