Outsourcing Medical Billing is an industry leading medical billing outsourcing company with a dedicated team of billing and coding specialists devoted to providing your practice with the latest revenue cycle and provider reimbursement services available to the medical industry. A quality medical billing company can offer an experienced solution to medical billing issues, as well as being committed to improving profits by leveraging optimum processes, IT and business intelligence.
On the other hand, when done correctly, outsourcing can be a pain-free process giving you ample amount of time to concentrate on your core business strategies. In short, outsourcing your medical billing can provide numerous benefits, a few of which are listed below:
1. Increased Control:
It is a common misconception that by outsourcing your medical billing services you can lose control over your business processes. In fact many people feel that they have better control over their medical billing processes and the money involved due to a trained and dedicated outsourced billing staff. This increased control directly ties in with your operational benefits, which stand to benefit from outsourcing.
2. Reduced administration costs:
The average practice spends approximately 30 to 40 percent of their revenue stream on an in-house billing staff. Outsourcing medical billing services not only eliminates the need for this, but the paperwork, software, and other costs associated with in-house billing.
3. Increased efficiency of workflow:
Hiring an expert medical billing company means that you will have a seasoned team of professionals that are trained to know which claims could be rejected and on what grounds. This prevents the lost time and effort which is a common component of reimbursement claim cycles.
4. Qualified and dedicated workforce:
You get to enjoy the services of a skilled and dedicated workforce, and in most cases, you may not have to go through the cumbersome process of recruitment and training. The dedicated team is trained to keep track of all your claims. Their exclusive focus will be on improving and maintaining the financial status of your practice, leading to increased revenues and profits.
5. No Capital Investment:
When a company outsources medical billing it no longer has to buy the billing software or any of the latest equipment. The company has to no longer deal with costly software upgrade investments as well. As one does not have to own a complete billing system, the costs are greatly reduced, and in many cases, they can get started easily without any initial capital investments at all.
6.Reduce ICD-10 transition-related disruption and complications:
The Centers for Medicare and Medicaid Services (CMS) anticipates an initial 100 to 200 percent increase in denials after the ICD-10 transition on October 1, 2015. The biggest change to hit the medical billing industry in years, the transition to ICD-10 involves a substantial amount of new codes and documentation requirements, which can impact the workflow and cash flow in your practice. Allowing an expert medical billing company who is prepared for ICD-10 can help navigate the transition with minimal disruption.
7. Safe and Secure:
Contrary to popular belief and misconception, it is safe to streamline your billing and simplify the workflow by outsourcing. Most vendors are transparent and would be happy to render full visibility to the process. What’s more is the process is HIPAA Complaint, assuring the confidentiality of your patients’ charts.
Are you looking for your outsourcing partner, Take a look at Wonder Worth Solutions @ https://wonderws.com/ to learn more about our services and how we can best assist the needs of your practice.