Ten reasons why medical practices prefer working with medical billing service companies!

1. why medical practices preferReasons
working with medical billing companies!

2. 1
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5
2
Training Costs
Operational Costs
Unscheduled Employee
Absences
Revenue Cycle Data
Certified Resources
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3. Consumer-Centric Billing
Practices
Outsourcing Stabilizes
Medical Practices
Intuitive Business
Intelligence Tools
Beneficial For Healthcare
Organizations
Revenue Goals are
Aligned
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4. Training Cost Can save a HealthCare #1
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.
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5. Escalating Operational Costs#2
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.
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6. Unscheduled Employee Absences Cost #3
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?
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7. About Revenue Cycle Data#4
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.
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8. Hiring Certified Resources is #5
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.
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9. Consumer-Centric Billing Practices#6
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.
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10. Outsourcing Stabilizes Medical Practices #7
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.
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11. Intuitive Business Intelligence Tools#8
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
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12. Beneficial of Healthcare Organizations #9
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.
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13. Revenue Goals are Aligned#10
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.
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14. Billing Paradise,
732 N. Diamond Bar Blvd,
STE 110,
Diamond Bar,
CA -91765
This is why medical practices prefer working with medical billing
service companies!
Conclusion
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