Understand Medical billing outsourcing

What is Medical billing outsourcing

Provider or hospital giving their job to third party to do the work behalf of them. This process is called as Medical billing outsourcing. The primary job of the provider is treating patient but apart from that their primary task is submitting the claim to insurance and get paid for their service. Most of the time they can't do the both work at a time. Hence they outsource their work to others for easier their life.

Advantage of Medical billing outsourcing.

1. Medical billing outsource save their money.
2. Save their time so provider can concentrate on treating more patients with quality healthcare.
3. Reduce the equipment usage
4. Dealing with insurance billing rules are very difficult process. Now Billing Company will do this.
5. Faster transaction, Most of the billing company submits the claim within 48 hours.
6. No need to handle more human resource in their practice.
7. Better quality.
8. Maximum reimbursement
9. Dedicated professional resources.
10. Better Denial management.
11. Better follow up with old claims.
12. Better financial control - medical billing companies will provide more monthly report.
13. Better customer support
14. Outsource allows to staff to concentrate on other works.

We won’t say, its all because of Medical billing outsource. All the above points can be achieved in in-house billing also but it the success rate is high in outsourcing than compare to in-house billing. We are saying this from our clients.

Usually Medical billing company working based on their collection hence they will work harder to collect more money than in-house billing staff whom are getting flat salary.

The price of outsourcing

Usually Medical billing charges 4% - 8% depends upon type of claim and nature of work and many more criteria. If the single claim has bigger value then the charge is low.

Factors of fixing price.

1. Level of work - Is it includes AR process or not.
2. Single claim value - High value claim means less work so lower charge.
3. Is it includes other charges such as clearing house, paper claim
4. Number of patients - Less patient will lead to higher charge.
5. Patient statements.

1 comment:

Lori said...

Hi All,

We works directly with our clients to:

* Increase revenue
* Reduce the number of days in Accounts Receivable
* Mitigate staffing concerns
* Create workflow efficiencies
* Enhance overall control of the practice

Thanks for provided lot of information. All the very best.

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