Why Outsourcing Your Medical Billing Process Makes Sense For Private PracticesJuly 18, 2017
Transform Your Practice Into a More Efficient One With Higher Revenue
Billing is an extremely important part of operations for a medical private practice, and a quick and efficient billing process is a key driver of revenue. In order to ensure that your doctors are paid for their services, two main things must happen: First, the claims for services must be submitted in a timely manner. Second, the claims for services must contain the correct codes for procedures, treatments, and other services.
It may be a good idea to outsource your medical billing, if your practice experiences any of the following:
- Your accounts receivables continues to grow
- You’re seeing a high number of insurance claims denials
- You’re seeing timely filing issues
- A high staff or biller turnover rate
- An inefficient billing process
- You’re a new practice
- You would like more time to focus on your patients, rather than dealing with the stress of medical billing challenges
The key to efficient medical billing is to always to get the highest return on investment. And accordingly, making the decision whether to have in-house medical billing or outsource is a decision that requires a lot of thought. For most practices, outsourcing your medical billing to a medical billing company can save money on overhead costs and employees’ wages, lesson risk of errors, and provide consistent claims services.
Some of the many benefits for a private practice that chooses to outsource medical billing include:
- Increased revenue stream
- Decreased expenses
- Getting paid faster – Outsourcing to a professional medical billing company allows the billing process to be completely focused on what can reduce errors that result in claims denials.
- Elimination of current costs and stress that come from in-house billing – These include medical biller salary & benefits, productivity lost during vacation or sick days, and specialized computer software.
A specialty private practice can greatly benefit from choosing a billing service that focuses on that particular field. This is because knowledge of specialty-specific medical billing codes and procedures can optimize claims processing and bring faster payment.
Dr. Billing Service offers billing expertise in over 30 medical specialties, including Surgery Billing Services, Pain Management Billing Services, Podiatry Billing Services, and Mental Health Billing Services. If you’re interested in switching over from your in-house billing team or would like to increase revenue and decrease expenses, contact us online or call us at 480-821-1371.