Adding Value to Medical Practices
Reasons to Outsource Medical Billing Services
Managing a healthcare practice comes with many responsibilities and decisions to make. One of these crucial questions is whether to outsource medical billing services or manage this process in-house. Outsourcing can help your practice save time and money, and maximize revenue for your practice. Here are some smart reasons for outsourcing medical billing services:
- Decreases staff overhead expenses including payroll, benefits, and overtime
- Eliminates delays in billing when billing staff take time off
- Eliminates the need to retrain new billing staff with turnover
- Reduces office supply expenses
- Reduces stress and administrative burden for the healthcare provider dealing with time-consuming insurance denials
- Reduces costs of capital investments in software/hardware
- Speeds up cash flow and collections as the outsourced medical billing provider gets paid when the healthcare practice gets paid on claims, while a practice employee is paid regardless.
- Frees up the healthcare provider's time to focus on patient care and growing their practice
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Free CPT Code & Billing Cost Analysis
It's Time for a Check-Up:
Do you know the health of your healthcare practice business? Do you know the actual cost of your billing operations? Here's a great opportunity to get a free annual checkup for your practice. Contact us to schedule a quick consultation, and get two highly valuable in-depth codes and operational cost analysis reports presented to you entirely complimentary.
Billing Cost Analysis Reports:
Compare the cost of in-house billing versus the cost of outsourcing. Two reports can be presented to you:
- Comprehensive Practice Analysis report demonstrating the actual cost of the entire in-house billing operations.
- Claims-Only Analysis report that compares the clinic's in-house billing cost to the cost of our services based on claims only.
Our analysis takes into consideration a combination of the various direct and indirect costs incurred in processing claims in-house, including the following:
- Labor Costs including benefits
- Office supplies (postage, claim forms, envelopes, etc)
- Error Rate
- Administrative and Billing Costs
- Rental Overhead
- Time Value of Money
- Hardware and Software
- Systems Upgrades & Maintenance
Code Analysis Report:
We can perform these types of code review analysis:
- Medical Code review
- Dental Code review
Our code analysis takes into consideration the following elements:
- CPT and CDT codes currently used by the practice
- Average Revenue per Code
- Average Frequency of Code Usage
We'll present you with a report detailing the status of each analyzed code and a summary of findings, including areas with potential loss of revenue.