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

why medical practices prefer Reasons working with medical billing companies!

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Training Costs

Operational Costs

Unscheduled Employee Absences

Revenue Cycle Data

Certified Resources

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Consumer-Centric Billing Practices

Outsourcing Stabilizes Medical Practices

Intuitive Business Intelligence Tools

Beneficial For Healthcare Organizations

Revenue Goals are Aligned

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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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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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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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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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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

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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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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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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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Beneficial of Healthcare Organizations #9Working 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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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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This is why medical practices prefer working with medical billingservice companies!

Conclusion


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