More and more medical practices are outsourcing their medical billing – and for good reason.
For one thing, finding ways to reduce your healthcare business’ operating expenses, and improve its revenue cycle management, is imperative in today’s highly competitive environment – and outsourcing your billing and collections has proven to do just that.
Although your practice relinquishes a certain amount of control by outsourcing its billing, it also saves a great deal of time and money.
Benefits of Outsourcing Medical Billing
Here are several other huge benefits of outsourcing your medical billing to a medical practice management company as part of your revenue-cycle management strategy:
- It helps reduce turnover rates by relieving your staff of the burden of billing. That, in turn, reduces the expense of recruiting and training new employees.
- It greatly reduces mistakes and errors. The billing company will fill out all necessary paperwork properly and will fill out the correct forms.
- It saves time that your staff is now wasting on preparing claims and having to communicate with insurance carriers and third-party players.
- The medical billing and coding firm to whom you outsource has one function: to facilitate claims submission and settlement. They assume responsibility for protecting privileged patient data and maintaining secure connections for all digital submissions.
- By outsourcing, your company spends less time handling claims and collections, thereby allowing your staff to devote more quality time with your patients and build relationships with them.
- The data provided by the billing firm will enable you to make wiser financial decisions and to improve both your practice’s internal workflow and care delivery. Outsourcing the complex medical billing process to a professional practice management firm gives you peace of mind, knowing that your company’s billing is being handled accurately and efficiently.
Why YOU Should Be Outsourcing Your Medical Billing
Handling your own medical practice’s billing can be a daunting and costly responsibility in terms of staffing, documentation, record-keeping, and providing in-office space for additional employees. And it may still not provide the level of expertise needed to ensure submission of compliant claims that produce timely accounts receivable recovery.
On the other hand, utilizing the expertise of skilled medical billing and medical collections specialists eliminates the time, frustration, and expense associated with developing and maintaining the skilled workforce necessary to achieve optimal reimbursement in the ever-evolving – and often challenging – insurance industry.
Who Can I Trust with My Medical Billing?
At ProMD Medical Billing, we provide billing and collection services from an operations perspective. Our expertise in medical practice operations – along with certified coding medical billers – results in outstanding collection performance for the medical practices and clinics we serve.
We, therefore, enable physicians to focus on the most essential element of their practices: patient care.
ProMD Medical Billing can help your medical practice boost its revenue in a matter of months. Founded in 2004 by a group of physicians and medical administrators, our staff is experienced with billing services, timely charge posting, collections, and detailed monthly billing and collection reports.
To find out how ProMD Medical Billing can help make your practice perform at optimum levels and maximize your medical billing, call us at 866-960-9558 or fill out our online form to request a billing assessment. We look forward to helping you make your medical practice more efficient and more lucrative.