Why Risk It? Get A Medical Billing Company
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.
Here are some of the interesting facts that the survey revealed:
- 73 percent of practices using medical billing companies reduce their AR;
- 73 percent also received higher collection rates;
- About three in every five practices have fewer denied or lost claims;
- 59 percent enjoyed significantly better 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.
Some of the more obvious benefits of using a medical billing company include the following:
1. Medical billing companies have more scale to purchase and deploy the technologies required to properly submit claims, battle with insurance companies and collect personal balances.
2. A medical billing company can attract a higher caliber of billing specialists and retain these individuals.
3. Medical billing companies keep a deep bench of employees, so their clients don’t have to deal with the risk of losing a key billing employee from an in-house billing solution.
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.
If you’d like to see the survey for yourself, check the MGMA 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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