Why Outsource Medical Billing and Collection Services
January 30, 2020
Your practice’s medical billing and collection services are vital to the success of your practice. Good medical billing and collection services ensures that you make few errors and that your practice receives as much revenue as quickly as possible. However, it takes a lot of resources to run an effective medical billing and collection service, which is why you should consider outsourcing.
Why You Should Outsource Medical Billing and Collection Services
The following are a few of the benefits of outsourcing your medical billing and collection services:
Free up resources in the office – It takes a lot of time to contact insurers, fill out paperwork properly and fill out denial appeals. When you outsource these services, you’ll ensure that a group of specialists will handle these tasks, allowing your employees to focus on other important tasks around your practice.
Make more money – A good billing service will analyze your billing and collection services to ensure that you’re being reimbursed at the highest possible rate, ensuring your claims are submitted properly and reducing your cycle time, which means you’ll be paid more quickly as well.
Get paid faster – Not only will a billing service help reduce claim errors, but they will provide consistency. If the person in charge of your medical billing is out sick, you have to wait until they get back for claims to be submitted. A billing service will always have somebody to work on your claims as quickly as possible, which means sick days won’t get in the way of getting paid quickly.
Keep up with a changing industry – Rules and regulations regarding medical billing and collections are constantly changing. A billing service will keep up with these changes for you.
Using Our ProMD Medical Billing and Collection Services
We use a proven process and infrastructure to make sure our clients receive larger claim payments in shorter time periods. Our clients regularly receive collection rates between 90 and 98 percent. Some of the medical billing and collection services we provide include:
Billing and collection reporting
Free practice management system
Analysis of account receivables
For more information about our medical billing and collection services and how they can benefit your practice, be sure to contact us at ProMD today. We also provide a number of other services, including consulting services, practice assessment, operations oversight and more.
ProMD Practice Management was founded in 2004 by a team of physicians and health services administration professionals who had directed the expansion of South Florida Perinatal Medicine into one of the foremost maternal fetal medical practices in the state.