Medical Billing Services Make Sense
____________________Outsourcing - A Wise Choice____________________
Medical Billing Services Make Sense - There are many reasons healthcare practices might outsource their billing to a professional medical billing service; confusing insurance requirements, staffing problems, and just keeping up with industry changes are a few examples. For most practices, generating revenue is the most difficult task - for private practice physicians, collecting it is the challenge. With ever-changing federal regulations, HIPAA requirements, and demands of individual health insurance carriers, physicians are finding that they are only able to collect an average of 70% of their fees. Coding errors, underbilling, missed charges, and uncollected claims are taking as much as 30% of your earned revenue. The paperwork associated with billing for one patient alone is estimated to take about thirty minutes, and this is on top of the documentation required for the patient encounter. Doctors are busy. Their nurses, technicians, receptionists are busy. Finding the time to hire, train, and monitor an in-house biller is simply not the best option. Medical Billing Services Save Training and Research Time - Medical billing is a detailed process requiring specialized skills and in-depth knowledge of medical practice management, insurance industry practices, and the regulatory framework around state and federal laws. Professional medical billing companies invest countless hours in training and research to keep abreast of current codes, submission requirements, industry trends and the needs of their clients. Significant expenditures are also made to ensure medical billing companies are up to date on the latest software. In a constantly changing industry, software vendors are always finding new and better ways of supporting practice needs. It’s not practicable for small or medium-sized practices to dedicate the time necessary to stay on top of the latest innovations. Medical Billing Services Save Money - Hiring and training new staff, employee benefits, vacation/sick leave, and staff turnover are just a few factors increasing the costs of managing an efficient in-house billing program. Added to the operational overhead of day to day billing, software/hardware maintenance, clearinghouse fees, postage, and so on, the list of expenditures for practices are endless. Keep in mind the expense of training, unexpected leave, sudden staff changes, and of course workspace and supplies for these employees. In addition, these staff members would need to keep up with regulatory changes and requirements, claim submission requirements, code changes, etc., requiring continued training and education in the form of seminars, workshops, classes. Summary - In evaluating the benefits of outsourcing to a professional medical billing company, practices should consider the overall savings in time and money, as well as minimizing the hassles to the practice. eMed Solutions provides knowledge, training, and continuity of operations. We are able to eliminate the burden of maintaining experienced billing staff members, providing training and continuing education, and disruption due to turnover. We maintain revenue flow for your practice by reducing your rejection rate to less than 2% and having an average 14-day claim-to-payment turnaround.