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Doctors – Ten Reasons Why They Should Outsource Their Billing
Today, medical practices are being squeezed from the healthcare industry and are trying to sustain that same degree of profitability. Rejection rates for insurance claims are increasing and practices are carrying a huge amount of costs due to personnel requirements to win this battle. The outsourcing of their billing to a billing firm can reduce a clinic's claim rejection rate and overhead and can lead to significant improvement in the profitability. Below are ten arguments, at a minimum, that support why Vietnam outsourcing doctors should outsourcing their bill. 1. No More Dealing With Insurance Companies With the rate of rejection for claims at an all-time high, medical practices who have their billing handled internally are spending a substantial amount of time calling Visit:- with insurance companies to get paid. This is valuable time that could be used to expand the number of patients who visit the clinic and to provide high-quality health care to current patients. Visit:- 2. No More Time Spent By The Doctor Supervising The Process In small practices it is not unusual for the doctor to supervise billing staff or even process claims themselves. Some doctors can spend at least 2 hours a day the submission of claims. The amount of money wasted due to not seeing patients during this time could be far greater than the entire cost of an outside billing service. 3. Billing Hardware and Software Is A Huge Cost visit:- In addition to the initial purchase cost In addition, there are typically fees associated with software updates and technical support. 4. Reduced Claim Rejection Rates With claims rejection rates at an all-time increasing, it is crucial that claims be paid because of the large amount of cost involved. Most rejected claims cannot be returned due to limited staffing and time. 5. Cost Savings The average cost of a medical practice's billing department could reach 11 percent of the practice's total income. In general, billing centers charge 5 to 9% to carry out the same duties. 6. Compliance Can Be Costly The compliance issues have become more complicated and costly. When a billing service is in place it is the responsibility of the billing service to ensure compliance and the cost of it is shared among many clients. 7. Costs Associated With Staff Turnover It is getting more difficult for medical practices to recruit and keep a competent workforce. Every time a medical clinic hires new staff, there are training costs involved that can run into the hundreds of thousands of dollars. 8. Increased Office Space Medical practices are often in need of office space and being locked into a 5 to 7 year lease. Outsourcing their billing can eliminate personnel and free up office space which can be used to generate additional revenue. 9. Relief of Administrative Headaches Billing can be a very lengthy and laborious process that can lead to immense administrative burdens in an organization. Outsourcing can help relieve practices of these issues. 10. Doctors Want To Be Doctors, Not Bill Collectors Most doctors just desire to be doctors and provide high-quality medical treatment. When deciding on whether it is best to contract their billing out, doctors should concentrate on their strengths and outsource the remainder. The bottom line is that outsourcing their billing could prove to be cheaper and more efficient in their practices. Dallas L Alford IV, CPA is a licensed Certified Public Accountant in the state of North Carolina and owner of Medical Billing Profits, an educational firm that helps people learn how to set up their own medical billing company and provides services like health billing as well as insurance certification.

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