19 Jan Top 3 Reasons to Outsource Your Medical Billing
Every year, running an independent medical practice becomes more complicated; you must keep up with new regulations, coding updates, changing pay rules, and performance measures that can significantly affect reimbursement.
The answer? Medusind provides expert oversight of your revenue cycle, so your healthcare organization won’t put its cash flow and revenue at risk because you’re slow to adapt to these changes.
Here Are Our Top Three Reasons to Outsource Your Medical Billing:
You Want to Increase Your Revenue
Have you noticed that it’s become more challenging to process medical claims and manage your revenue cycle? That equates to lost money. By outsourcing your medical billing, you raise income for your practice. Your medical practice can lose a significant amount of money each year because of denied claims. But if you have medical billing experts work for you, you can stop leaking revenue by addressing your cash flow.
By speeding up your revenue cycle and instituting an efficient Electrotonic Health Record (EHR) system, you can cut down on the errors that lead to fewer rejected claims and ensure that unpaid claims in your system are paid.
You Want to Devote More Time to Patient Care
By outsourcing medical billing, you allow your medical personnel to focus on patient care, while our experts file claims, interact with payers, and handle other mundane revenue cycle management (RCM) tasks. Outsourcing makes even more sense for smaller practitioners who are unable to hire in-house medical staff devoted solely to billing and RCM. If you’re a physician who’s overburdened by the financial aspects of practice management, it’s impossible to deliver quality patient care.
You Want to Reduce Operational Expenses
Collecting your reimbursements is expensive. A well-run billing department requires technology, space, constant training, and experienced personnel. The time when offices could make do with medical billers who were little more than data processors is over, because of the increasing complexity and ever-changing nature of our healthcare system.
According to industry averages, the average billing specialist stays with an organization for 1-3 years. For most medical practices, that means they are continually incurring costs to hire and train new employees. Because the average biller costs $27/hour, the money spent hiring and retaining the labor necessary for revenue cycle management adds up fast. Labor costs along with billing performance are undoubtedly the most substantial factors cited when the decision is made to outsource medical billing.
Three More Reasons
On top of the three reasons above, what are the top 3 reasons to outsource your medical billing to Medusind?
Our Industry Expertise
Our Robust Operational Capability
Our Client-Focused Service
These Three Advantages Result in Efficiency and Profitability for You
When You Partner With Medusind — One of the Nation’s Leading Providers of Medical Billing Solutions — You Can Achieve:
More Cash
Collected
Improvement in Outstanding Account Collections
Improvement in Patient Pay Adherence
As a result of our industry-leading expertise, our clients have processed over $2 billion in charges billed per year.
By outsourcing your medical billing to Medisund, you free up your staff to focus on their primary goal—delivering exceptional patient care.
