1. Reasons why medical practices prefer
working with medical billing companies!

2. Unscheduled Employee Absences1
Training Costs 2
Operational Costs 3
Unscheduled Employee Absences 4
Revenue Cycle Data 5
Certified Resources
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3. 6 7 8 9 10 Consumer-Centric Billing Practices
Outsourcing Stabilizes Medical Practices 8
Intuitive Business Intelligence Tools 9
Beneficial For Healthcare Organizations 10
Revenue Goals are Aligned
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4. #1 Training Cost Can save a HealthCare
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. #2 Escalating Operational Costs
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. #3 Unscheduled Employee Absences Cost
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. #4 About Revenue Cycle Data
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. #5 Hiring Certified Resources is
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. #6 Consumer-Centric Billing Practices
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. #7 Outsourcing Stabilizes Medical Practices
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. #8 Intuitive Business Intelligence Tools
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. #9 Beneficial of Healthcare Organizations
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. #10 Revenue Goals are Aligned
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. This is why medical practices prefer working with medical billing
Conclusion
TOLL FREE:
This is why medical practices prefer working with medical billing
service companies!
Billing Paradise,
732 N. Diamond Bar Blvd,
STE 110,
Diamond Bar, CA
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