Benefits to Outsourcing Medical Billing Services
Imagine you’re a small group of physicians with complimentary specialities. You’re just starting out, so you’ve recently invested heavily in your offices, business hardware and softw...
Imagine you’re a small group of physicians with complimentary 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 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!
Rely Services is here to give you and your staff the opportunity of concentrate on delivering quality healthcare! For a no cost evaluation of your business and tips on how we can make you more profitable, contact us and see what a difference we can make for you!
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Medical Billing Services