By: Renee Subaran
Most physicians choose to do all their billing under one umbrella or “In-House” with the facility their practice is associated with. This usually provides a level of comfort for the physician to have one data base. Insurance is billed and the statement goes out to patient for the services rendered. Sounds pretty simple. However, during this simple process, millions of dollars are slipping through the cracks due to unprocessed claims or lack of follow ups such as collections. Without a more thorough system for billing, physicians are losing money. Facilities get paid regardless but unfortunately physicians do not. Physicians are relying on co-payments until billers are processed.
“According to the latest Black Book Survey, 50 to 60 % of practices are already considering outsourcing billing to a third party. This page is your guide for selecting the best medical billing company for your practice.”
Not only can physicians keep a closer eye on their revenue by outsourcing, but doing so also cuts the price or percentage they pay in half as well to serving as the cost efficient alternative.
It is only logical then to look for a partner that will relieve you from managing the revenue stream of your practice. It also makes financial sense, as a professional in-house biller costs you around $ 50,000 per annum while a third party team of billers comes at a fraction of this cost.
In my personal experience, speaking with physicians I notice that the main reason they use their current billing platform is because of loyalty. Although, loyalty is an honorable characteristic, physicians must become more business minded when considering the numbers.
Health Revenue Services provides free forensic screening so physicians can assess what areas are necessary for improvement.
For example, a screening can detect unprocessed payments and missed opportunities.
Moving forward, physicians are now developing the resources to make the best outsourcing decision.
Within the next 5 years I predict that 80% of physician offices will outsource their billing. Especially due to the Health Care Reform Act, now that less patients are paying their facility statements.
Now is the best time to outsource ! Visit our website to view our Healthcare Revenue Services.