Imagine you’re a small group of physicians with complementary specialities. You’re just starting out, so you’ve recently invested heavily in your offices, business hardware and software, furniture, medical equipment, marketing, hiring office and medical staff, buying insurance for the people and the practice, and you’re eager to start seeing more patients and building your practice.
But you’re noticing an income shortfall that keeps building.
Surprise! Some of your beloved patients are not paying their bills in a timely manner. And because of mistakes in coding or filling out forms, payments from Medicare, Medicaid and various Health Insurances are slow in coming.
Nothing new in this, across the Healthcare Industry, reimbursements have been declining and HIPPA-compliant paperwork is increasing. The opportunity to be a profitable enterprise is constantly shrinking.
On average, 70-80% of patients owe a minimum of $500 to their healthcare providers. More than 45% of patients owe $1000. If a bill is not eventually paid or settled, the expense of that treatment will NEVER be recovered.
How can a small or medium sized medical practice hope to get, and stay profitable when it’s so expensive to operate and most of the fees are essentially capped by what the various insurance providers will reimburse?
The answer? Business Process Outsourcing- BPO!
A Healthcare BPO can give your billing process top priority because coding and billing is what they do. BPOs have a proven track record- increasing income and cutting costs for healthcare providers world-wide. It’s both the easiest and quickest way for your medical practice to see new levels of profitability.
And just to reiterate, the whole billing process is a money and time consuming task.
Healthcare providers concentrate on their patients- staying current with the latest treatments and medications. The majority of their staff does as well. So it’s probably no surprise that Medical Billing is near the bottom of the list of priorities.
Today, Medical Billing Outsourcing is providing world class service to their clients. Using the latest technical innovation and expertise, some healthcare providers can see up to a 30% saving in billing and receiving costs!
Key Benefits of Outsourcing Medical Billing :
- Avoid Errors: It’s a fact that BPOs are less prone to errors in insurance coding and patient contact. Without a dedicated in-house staff for billing, your practice can be more efficient and cost effective. The money saved can be used to improve patient care and upgrade equipment and services.
- Stay Current With Industry Standards And Practices: Insurance, both private and government, constantly change their methods and requirements. To stay on top of the latest regulations is a full time job. With a BPO, your practice can leave that task to someone else, with a guarantee to stay on top of changes and not lose any time or money because of mistakes.
- Improve Cash Flow: Medical Billing Outsourcing keeps billing flowing in an effective way, getting bills out quicker, getting payments back sooner and with less expense.
- Increase Revenue: A BPO can introduce new billing methods, including trans-promotional marketing- where an invitation to a testing service, vaccines, medical events or other special offers are attached to the patient’s bill. This encourages better patient involvement in their own care and adds a revenue stream to the practice.
- Security: Well established outsourcing companies have a very stable and secure billing process. Data is confidentially stored and they can meet current HIPPA standards.
- Control: A BPO maintaining your medical billing, will reduce your workload. Transparency and accountability will be maintained.
- Patient Satisfaction: A BPO will be the voice and face of your billing service, and the best of them take that responsibility seriously. They can mirror the same consideration and care that your patients find in your office.
Rely Services, a leading Medical Billing Services firm can quickly remedy a ‘sickly’ billing process. We are here to give you and your staff the opportunity to concentrate on delivering quality healthcare! For a no-cost evaluation of your healthcare process and tips on how we can make you more profitable, contact us and see what a difference we can make for you!