Medical billing outsource
Medical billing outsource has become a common practice for many companies across the world. This facilitates the companies to utilize their time on core business instead of dwelling with complicated processes. Outsourcing medical billing services has also become most common for the past +30 years. Facilities such as medical billing companies, solo medical practitioners, group physicians and hospitals utilize their time on providing quality care to patients and clients instead of managing administrative issues. In the initial stages providers wondered about whether to keep their medical billing process in-house or outsource to a third party medical biller. It has proven cost is not only the reason; they saved time, manpower, infrastructure, expensive software and technology by outsourcing rather than keeping it in-house while alleviating the hassles that take place within your billing office.
Medical billing outsource provides lot of advantages and benefits. It is very important for a practice to do their cost analysis to see whether outsourcing suits their requirements well. To help compare the cost between In-House medical billing versus Out-sourced medical billing.
Consider combination of the various direct and indirect costs incurred in processing claims in-house, such as:
. Employee Costs including benefits
. Administrative and Operational billing Costs
. Software & hardware Upgrades and maintenance cost
. Paper work and administrative expenses
. Infrastructure space and equipment’s
. Rental Overhead
. Claims denial or Error Rate
. Time Value of Money
Offshore medical billing company will provide you a complete practice analysis report at no charge
. Code Analysis Report:
. Medical code review report
. Accounts receivable and mixed payer report
. Combined medical coding and accounts receivable report
. Practice collection analysis report
. CPT and ICD codes currently used by the practice
. Average Revenue per Code
. Average Frequency of Code Usage
Medical billing outsourcing will provide you a detailed report with the status of each analyzed code and findings, including any potential loss of revenue.