Outsourcing is the process where a company uses a third party to perform work that is normally performed in-house. Outsourcing can be used for many different types of activities such as payroll, accounting, sales, distribution or computer programming. In recent years, offshore outsourcing has grown in popularity as companies have discovered that foreign labor is cheap, efficient and the level of English proficiency adequate to facilitate business transactions.
The most obvious benefit of outsourcing is that it can save money. This is not necessarily the most important consideration. Often, companies are stretched for resources and are forced to make strategic decisions about where to best deploy human capital. The opportunity cost of doing tasks that consume time can take focus away from core business activities. Outsourcing can be used effectively to take charge of tasks that detract from business performance.
Outsourcing can also be used effectively in instances where a company is forced to consider hiring and training additional staff. The downtime in selecting a candidate, grooming them for businesses processes and turning them into productive workers is both time intensive and costly. This is amplified in situations that require the additional purchase of equipment such as computer workstations or expensive software. Outsourcing to a competent company that can immediately commence producing the desired solution can be a superior alternative.
In some markets, lead time to market can mean the difference between establishing a competitive advantage or becoming a market laggard. This is particularly evident in technology companies that require fast turn around time on application development. Many fortune 500 companies in the US have discovered that outsourcing programming services to companies in India can produce a superior business outcome. This eliminates the need to establish infrastructure, maintain staff and operate ongoing training and development programs. This also frees up resources that can be deployed for growing other important areas of the companies business.
Medical companies have also discovered the benefits of outsourcing coding and billing work to offshore companies. With highly trained staff conversant in US guidelines and standards, medical companies can dispatch records and have the information turned around by next business day. This can be particularly advantageous to companies that are experiencing growth and need a scalable solution. Established outsourcing companies have existing systems and staff that can be allocated according to the demands of the company. This is a superior solution for companies that would otherwise be forced to source the necessary infrastructure and labor.
Outsourcing has many benefits. Companies that are considering outsourcing should conduct a comprehensive analysis of existing business activities and outsource when it makes strategic sense to do so.
Less Paperwork and Lower Employee Costs With Medical Billing Outsourcing
If you do your medical billing internally, salary is typically only about 70-75% of your employee costs when you figure in payroll taxes, FICA and insurance. Not to mention that added paperwork cost of administering them. Plus, when your medical billing specialists are sick or on vacation, you’re still paying them for not working. When you outsource your billing by taking advantage of our professional medical billing specialists, the overhead and paperwork is ours, not yours.
• Medical Billing Specialist's Employee salary
• Medical Billing Specialist's Employee benefits
o Worker’s compensation
o FICA
o Healthcare insurance
o Vacation, sick leave, etc.
o Performance bonus
• Computer hardware purchase & maintenance
• Software purchase & renewal
• Clearinghouse fees
• Postage
• Stationery
• Physical (Office) Space
• Training and re-training
• Recruitment costs
• YOUR time
• YOUR opportunity costs
Learn Medical Billing Process, Tips to best AR Specialist. Medical Insurance Billing codes, Denial, procedure code and ICD 10, coverage guidelines. Demographic, charge, payment entry, AR process and eligibility and follow up. How to Guide.
Pages
- Home
- Medical Billing Question and Answer - Terms
- Insurance Denial Claim Appeal Guidelines.
- Medical Billing Downloads
- Understand Medical Billing
- Medical Billing Outsource
- Medicare Coverage and Plan Overview
- Advertise with us
- EVALUATION AND MANAGEMENT CPT code [99201-99499] - Full List
- Overall Medical billing process
- CPT Code 99201, 99202, 99203, 99204, 99205 - Which code to USE
- Internal Medical Billing Audit - how to do

Subscribe to:
Post Comments (Atom)
Medical Billing Popular Articles
-
CPT CODE AND Description 99391 - Periodic comprehensive preventive medicine reevaluation and management of an individual including an age...
-
Procedure CODES and Descriptions 99401 - Preventive medicine counseling and/or risk factor reduction intervention(s) provided to an indi...
-
CPT Code and description 99381 - Initial comprehensive preventive medicine evaluation and management of an individual including an age an...
-
Procedure code and Description 99251 Inpatient consultation for a new or established patient, which requires these 3 key components: A pro...
-
CPT code and description 80050 - General health panel This panel must include the following: Comprehensive metabolic panel (80053), ...
-
Billed amount: It is the Amount charged for each service performed by the provider. In other words it is the total charge value of the cla...
-
93000-93010: Hone Your ECG Coding Skills With 3 Essential Pointers Whether you call them ECGs or EKGs, chances are you see a lot of elec...
-
When an ERA is received, providers may: •Post decision and payment information automatically, for individual claims included in an R...
-
Medicare denial code and Descripiton 1 Deductible Amount 2 Coinsurance Amount 3 Co-payment Amount 4 The procedure code is inconsistent ...
-
Background: Type of Service (TOS) is an indicator that the contractor places on the Form CMS-1500 paper form or electronic format. The indic...

No comments:
Post a Comment