There are many compelling reasons why medical billing outsourcing to a professional medical billing and coding company should be a good business move. A major problem with in-house medical billing services is regarding human capital like managing, retraining, attrition and growth. Do you have the time and money for all of that? Human Resource Management is the most compelling single reason why physicians and other medical service providers outsource their medical billing to a medical billing company that specializes in providing this service.
Employee turnover and practice growth are the 2 main areas where the Human Resource problems come from.
Medical Billing Outsourcing Reduces Employee attrition:
While your practice may be lucky by having manpower that has stayed with you through the years, the fact remains that they will, eventually, leave. Others are faced with an on-going turnover problem. In either event, once a medical billing specialist leaves, you are forced to fill that vacancy right away or your revenue cycle may be impacted. That often means hiring someone with lesser …or worse yet very little medical billing experience. Inexperienced medical billing specialist make errors ... errors that can cost your practice money or seriously delay your getting paid in a timely manner. Also, who will take the time to train your new medical billing specialist? Will you spend your time doing this? Or will you pay someone else to do it? Is that a good use of your time? Even if you still have other medical billing specialists, their use in training will take away from their time normally spent in helping to get you paid in a timely manner. Medical billing outsourcing avoids these problems all together.
Many medical practices go through high turnover periods, while others find loyal people who dedicate many years to working for the same physician. The human resource management cycle can be very difficult for a physician to maintain. Once the medical billing specialist leaves, the Physician is left with no other option and is usually forced to hire another medical billing specialist who has very little experience. Ask yourself this question, when would you be the most worried; when your receptionist quits or when your medical billing specialist leaves? Do you really have the time to find a medical billing specialist who is experienced and reliable and can do the right job with the amount of attention your medical billing deserves? Medical billing outsourcing is a better solution.
Medical Billing Outsourcing Helps in Growing your Professional Practice:
As your business grows, your revenues will grow and so will the medical billing and coding workload. However, your employee costs are fixed costs, while your billings and receivables are not fixed. So, when your business has grown to the point where the workload overtaxes the current medical billing personnel, you will need to add another medical billing specialist … maybe more. That is an sudden increase in fixed costs, because now you are - in effect - overstaffed, as the volume of the workload has not as yet caught up to your newly-expanded billing capacity.
Use medical billing outsourcing to change your medical billing expenses from a fixed cost to a variable cost and improve your ability to manage your business.
When you choose medical billing outsourcing, your costs vary directly with your medical billings. If your medical billings drop, your costs drop. If your medical billings go up, your costs do not rise disproportionately. This simple fact can make your business planning easier.
Medical Billing Outsourcing helps Reduce Paperwork and Lower Employee Costs
If you do your medical billing internally, salary is typically only about 70-75% of your employee costs when you figure in payroll taxes, FICA and insurance. Not to mention that added paperwork cost of administering them. Plus, when you’re medical billing specialists are sick or on vacation, you’re still paying them for not working. When you outsource your billing by taking advantage of our professional medical billing specialists, the overhead and paperwork is ours, not yours.
· Medical Billing Specialist's Employee salary
· Medical Billing Specialist's Employee benefits
· Worker’s compensation
o FICA
o Health care insurance
o Vacation, sick leave, etc
o Performance bonus
· Computer hardware purchase & maintenance
· Software purchase & renewal
· Clearinghouse fees
· Postage & Stationery
· Physical (Office) Space
· Training and re-training
· Recruitment costs
· YOUR time &
Medical Billing Outsourcing Minimizes Errors & Helps in Faster Revenue:
Insurance companies are always looking for ways to slow down paying you. It’s how they manage their cash flow. Anything that is miscoded can cause your bill to be rejected or its payment delayed significantly. When you outsource your medical billing to our medical billing specialists, you’ll not only be getting professional medical billing services, you’ll be benefiting from a degree of accuracy that would be difficult to match internally. With a Medical Billing Outsourcing setup, every submission is reviewed by a supervisor to help ensure accuracy. That “extra level of eyes” is a luxury impractical with in-house medical billing.
Medical Billing Outsourcing- What we can do?
When you take advantage of Medical Billing Outsourcing, you improve your cash flow and collections and reduce the costs and headaches of employee problems.
Let our Medical Billing Specialists show you how to keep more of the money you make. Outsourcing your medical billing services allows the money you get to grow in direct proportion to the direction your business is going.
Call us at 1-510-257-4563 or E-mail us at solutions@globaledgeusa.com
To know more visit us at http://www.globaledgeusa.com
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