Regardless of whether a doctor is part of a large group practice or the physician has their own private practice, they have to get paid in order to stay in business. The medical industry is wrought with regulations and standards that insurance companies demand to be filled out with 100% accuracy, otherwise payment will not be made to the doctor.
Therefore, the doctor considers whether they need a dedicated person on staff to be in charge of the practice’s billing. But what happens when the billing person takes a well-deserved and earned vacation?
The billing stalls, because nobody else is cross-trained to keep the bills going out – which means they do not get done. Plus, when the billing person returns, they are so backed up that it will take an additional two weeks to catch up. Meanwhile, the staff must be paid, taxes have to be paid, and so do all the other incidentals involved in running a medical practice.
So, what’s the solution? It’s simple: Outsource the billing and forget about it.
It’s easy to outsource your medical practice’s billing to a knowledgeable medical-billing firm. Once you do, the billing company will ensure that your practice gets fewer denied or rejected claims – which will boost your practice’s bottom line.
When a physician isn’t bogged down with tasks of running the office, they can spend more quality time seeing patients. The patients will then feel that they have a better patient-doctor relationship, and their loyalty to the doctor is strengthened.
It is very costly buying new computers and upgrading billing software each year. Adding to those costs are the cost of training office staff on how to properly submit claims and send out bills.
The firms that do outsource their medical billing almost never make mistakes; and if someone takes a vacation, there are at least a dozen other qualified billing specialists ready to step in and cover the practice’s bills. This means that your payments continue to come in on time.
It also means that the entire staff can spend better, quality time with patients.
Plus, outsourced billing professionals remain aware of all new changes in the laws, so forms are always filled out properly. Codes can change, standards can change – and a secretarial-level billing assistant would be overwhelmed if they had to stay on top of all of these changing standards. This usually results in a lot of turnover of staff, which means time and effort on your part, having to find replacements for them when they resign.
Whether you have a small medical practice or are part of a large practice, ask for a consultation with ProMD Practice Management. We can show you the value of handing over your office’s billing and collections to a qualified third party and explain how it affects your bottom line.
Call us today at 888-622-7498 or request a consultation online, and watch your bottom line get more and more profitable each quarter.