8 Reasons Outsourcing Medical Billing May Be Good for Your Practice

  • Published on
    20-Mar-2017

  • View
    381

  • Download
    0

Transcript

<ul><li><p>OUTSOURCING MEDICALBILLING</p><p>8 REASONS </p><p>MAY BE GOOD FOR YOU</p><p>The Compliance Lab</p></li><li><p>1. Focus on CoreActivitiesOutsourcing billing services willallow refocusing on thosebusiness activities that areimportant without sacrificingquality or service in the back-office.</p><p>S O U R C E : T C L - H E A L T H C A R E . C O M</p></li><li><p>2. Cost andEfficiency SavingsFor most private practices, it ismerely impossible to keep upwith numerous requirementsand regulations required byinsurance plans and IPAs. Many billing companies include thisfeature within their servicepackages.S O U R C E : T C L - H E A L T H C A R E . C O M</p></li><li><p>3. ICD-10With the rise of DX codes from13,000 to 68,000, it is anticipatedto have a substantial increase inpayer denials and a decrease incycle time.Not only a billing company cantrain your staff, but it canpossibly save your medicalpractice from a substantialinvestment.S O U R C E : T C L - H E A L T H C A R E . C O M</p></li><li><p>4. Continuity andRisk ManagementPeriods of high employeeturnover can add uncertaintyand inconsistency to theoperation flow. Outsourcing will provide a levelof continuity to the companywhile reducing the abovementioned risk within thecompany.</p><p>S O U R C E : T C L - H E A L T H C A R E . C O M</p></li><li><p>5. Promptness andFaster Payments An outsourced billing service willensure that you are transmittingclaims electronically to allpossible carriers and are set upto receive ERAs, further reducingturnaround time.</p><p>S O U R C E : T C L - H E A L T H C A R E . C O M</p></li><li><p>6. Accountabilityand Control An outsourced billing companycan be ideal if you want to freeup your valuable time whilemaintaining the same patientvolume, potentially increasingyour revenue and havingsomeone held accountable forwhat they do.</p><p>S O U R C E : T C L - H E A L T H C A R E . C O M</p></li><li><p>7. Less Stress, MoreCashTypically outsourced billingcompanies tend to charge apercentage of the money that theycollect.They work hard by auditing eachEOB to ensure that you receiveaccurate reimbursements and toimprove your collection ratebecause if you make more, theymake more as well. S O U R C E : T C L - H E A L T H C A R E . C O M</p></li><li><p>8. Dedicated and HighlyTrained SpecialistsThe team or team memberassigned to you by theoutsourced billing service hasone purpose - to increase theprofitability of your practice.They review and post allpayments ensuring that thecarriers are paying the correctamount. They also track everyoutstanding claim until it isprocessed and paid to its fullest.S O U R C E : T C L - H E A L T H C A R E . C O M</p></li><li><p>The Compliance LabThe Compliance</p><p>Lab</p></li></ul>