Got Billing Problems? Medical Billing Companies To The Rescue
A recent Medical Group Management Association survey showed that medical practices utilizing medical billing companies typical see improved performance across multiple dimensions. The survey focused on practices that used medical billing companies instead of in-house billing solutions.
The survey found that for practices switching from in-house billing to a medical billing company:
- Almost three in four practices that use medical billing companies reduce their AR;
- 73 percent realized higher collections;
- About three in every five practices have fewer denied or lost claims;
- 59 percent cited improved reporting and practice performance insights; and
- Almost half experienced better staff productivity.
The MGMA study found that more than three out of every four practices that employ the services of a good medical billing company enjoy impressive improvements in productivity and performance. This confirms the long-held notion that utilizing a medical billing company improves a medical practice’s performance.
This is not a surprise since medical billing companies have several advantages over most in-house billing solutions:
1. Medical billing companies are often better-armed to buy and use technology to submit claims properly, deal with insurance companies, and collect on personal balances.
2. A medical billing company can attract a higher caliber of billing specialists and retain these individuals.
3. Billing services keep a deep employee roster, giving medical practices the security that an in-house billing system can’t. For instance, practices using a medical billing company won’t face the risk of losing a key employee in the billing department.
4. Billing companies are better positioned to properly utilize the technology they have.
5. Medical billing companies have a broader view of the medical industry as a whole because they deal with many different medical professionals at the same time. This knowledge helps them deliver better services to their clients.
A copy of the survey is available from the MGMA’s website.
Copyright 2009 by Carl Mays II
Before deciding upon a medical billing service be sure to visit ClaimCare’s Website. It provides in depth information about outsourcing medical billing. Carl Mays is a national renowned expert on medical billing operations and revenue cycle management.
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