Doctors – Ten Reasons Why They Should Outsource Their Billing
These days, medical practices are feeling the squeeze from the health care industry and are struggling to keep an identical level of profitability. The rate of rejection for insurance claims is increasing and practices are carrying a tremendous amount of overhead because of demands for staff to win this battle. outsourcing your billing requirements to a company that handles billing can reduce a clinic's claim rejection rate and cost and could lead to substantial improvements in profitability. Below are ten reasons that, at a minimum which support the need for doctors to consider outsourcing billing. 1. No More Dealing With Insurance Companies With claim rejection rates at an all time high, medical facilities that are handling their billing internally are spending an enormous amount of time on the phone with Vietnam outsourcing insurance companies to be paid. This is valuable time that could be used to expand the practices patient base and to provide high-quality health care to current patients. Visit:- 2. No More Time Spent By The Doctor Supervising The Process In small practices , it's common for Visit:- doctor to oversee the billing staff or even to process claims. Many doctors devote as much as two hours per day on filing claims. The cost of not seeing patients because patients don't see them during this time may be much greater than the total cost of an external billing service. 3. Billing Hardware and Software Is A Huge Cost Alongside the purchase price at first, their are often costs involved with software updates along with technical help. 4. Reduced Claim Rejection Rates With the rate of rejection for claims at an all-time high, it is imperative that such claims be recovered due to the significant amount of the money involved. Most rejected claims cannot be recovered as a result of limitations in time and staffing. 5. Cost Savings The cost of the billing department of a medical practice could reach 11 percent of the practice's income. The typical cost for billing centers is 5 to 9% to fulfill the same tasks. 6. Compliance Can Be Costly The compliance issues have become increasingly complex and costly. When a billing service is in place it is the responsibility of the billing service to ensure compliance and the cost that comes with it is distributed across numerous clients. 7. Costs Associated With Staff Turnover It's becoming increasingly difficult for medical facilities to hire and retain skilled staff. Each time a medical facility hires new staff, there expenses for training are incurred and can range from the hundreds of thousands of dollars. 8. Increased Office Space Medical practices often are short of office space while locked into a 5 up to seven year contract. Outsourcing their billing can eliminate personnel and free up office space that could be utilized to generate additional revenue. 9. Relief of Administrative Headaches The process of billing can be extremely long and tedious procedure that could cause enormous administrative issues within an office. Outsourcing could relieve a practice of such issues. 10. Doctors Want To Be Doctors, Not Bill Collectors A majority of doctors simply want to be doctors and offer quality medical treatment. In deciding whether or not to outsource their billing, doctors should concentrate on the areas they excel in and outsource the other. It is important to note that outsourcing their billing could prove cheaper and more efficient in their practices. Dallas L Alford IV, CPA is a licensed Certified Public Accountant in the state of North Carolina and owner of Medical Billing Profits, an educational firm that helps people learn how to start their own medical billing business and provides services like medical billing and insurance credentials.

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