Outsourcing the medical billing function enables physicians to focus on the critical care of their patients. With ever-changing insurance rules and HIPAA regulations, healthcare reimbursement and processing medical claims are too complex to maintain in-house. By outsourcing the medical billing process, physicians are able to "wash their hands" of all administrative details involved in handling relations with insurance companies and government agencies. Medical professionals can then concentrate fully on what they went to school for and what makes them money: treating patients and practicing medicine because when medical billing falls behind, payment is being held-up. For example, you see a tax accountant to do your taxes (why because he/she is the expert, the same theory holds true when deciding whether to outsource medical billing or do it in house.
While in-house billing provides the perception of control, it actually increases the risks of losing business-critical knowledge, raises concerns about data security, impedes accuracy in claims processing, and ultimately limits billing transparency. Also, it doesn’t matter to an in house medical biller how much he/she collects, they are going to get paid regards of what they collect. However, outsourcing works on incentive basis, it’s their job to collect as much money as they can for a practice.
Many healthcare providers have outsourced their medical billing as a tactical approach to have their medical billing completed professionally and efficiently. Outsourcing the reimbursement cycle to HEALTH INFORMATRIX allows physicians to save time and money because every minute that a physician or employee spends on an activity that does not directly add value to the patient's well being, is a cost that can be saved.
When used as a long-term strategic management tool, physicians can reap many rewards from outsourcing the medical billing function.
Access Specialized Expertise and Resources
Using HEALTH INFORMATRIX provides access to specialized medical billing tools, techniques, technologies, and knowledge that can only be maintained by a company that has focused its learning and business on providing top rate medical billing services.
Reduce and Control Operating Costs
The single most important tactical reason for outsourcing the medical billing function is to reduce and control operating costs. Achieving greater economies of scale and advantages based on specialization, is clearly and simply one of the most compelling tactical reasons for outsourcing.
Improve Cash Flow & Promptness of Billing
Eliminate cash flow interruptions that occur when in-house medical biller leaves or goes on vacation. Developing a steady cash flow will only enhance the practice's bottom line.
Free Resources for Other Purposes
Redirect the medical practice´s resources from non-core activities towards activities that have the greater return in providing medical services to patients. By outsourcing a non-core function such as medical billing, staff´s energy is free to focus on greater value-adding activities for the practice.
Share Risks
Government regulations (HIPAA), the marketplace, competition, financial conditions, and technologies all change extremely quickly. Keeping up with these changes, (technology and know-how) is an expensive and time-consuming endeavor.
If you are like most medical providers, you probably never had the time to work out the comparison of outsourcing your billing vs. doing it in-house. Below is a quick analysis of potential savings by outsourcing your billing needs:
In-House Base Pay: $14.50/hour Yearly: $30,000.00 Medicare & Social Security: $2295.00 Retirement: $1040.00 Disability:$720.00 Health Care: $5220.00 Vacation/Sick: $3270.00 Annual Collections: $470,000.00 Annual Total 1 In-House Biller: $42,585.00 | Medical Billing By HEALTH INFORMATRIX Medical Billing at: 5% of collections Annual Collections: $470,000.00 Total Annually: $23,500.00 Savings: $19,085.00 |
*Does not include: Software Paper/Envelopes/Stamps Clearinghouse Fees Reference Materials | Medical Billing at 5% of collections Annual Collections $470,000.00 Total Annually: $23,500.00 |
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