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11 Solid Reasons Why You Need to Outsource Your Medical Bills

1. Claims are not filed on time

Professional medical billing outsourcing experts understand the system and have a knack for submitting claims as accurately and quickly as possible. This ensures that you will receive your payments on schedule and you will not have to wait for months to receive what is yours.

2. Coding problems cause waste

Coding problems are one of the main causes of claim rejections and, consequently, the loss of claims. Outsource medical billing services have first-hand knowledge of the codes and filing procedures to ensure that all medical claims are not only submitted on time, but submitted correctly.

3. Outsourcing helps overcome common obstacles associated with claims

A plethora of challenges often arise when considering medical billing and claims submission. Common issues that can cause unpaid claims or losses include:

4. Patient information inaccurate or not updated.

5. Claims are filed and processed in the wrong place.

6. Patients either cannot afford to pay or do not pay, thus leaving the business to inherit its liabilities.

7. Patients may be responsible for paying for services covered by their insurance. This leaves you, the doctor, who performs a lot of financial logistics, issuing invoices and follow-up.

8. Collection agencies can give your business a bad image and PR

While some organizations and medical facilities may choose to use collection agencies to recover their money from patients, it is imperative to note that these agencies can be bad for patient relations, the image of the company and can cost up to 50 percent more than the money raised. Outsourcing medical billing and claims can help you effectively manage cases like these and ensure that your business is not lost.

9. Curtail unnecessary financial implications on the part of your business

Depending on the resources gathered, properly prepared claims can take anywhere between 30 and 120 days to receive attention from insurance companies, Medicare or Medicaid. Sometimes doctors have no choice but to borrow money to cover immediate business expenses while waiting for payments that may arrive in weeks, months or even never come.

10. Slump rejection of claims

As mentioned above, the rate of rejected claims is 30 percent. Outsourced medical services have shown tremendous turnaround with claims and have demonstrated the ability to reduce rejected claims to an enviable 2 percent.

11. Reduce financial losses

With professionally managed medical bills, claims and payments, your business can ensure that you receive your patients’ monthly payments as they are due for their outstanding balances and liabilities owed to your business as at the time that the services were provided.

You can also collect on old accounts receivable rather than total confiscation without spending legal costs or using a collection agency.

If you’ve practiced and billed third parties for patient visits, consultations, treatments, and any other medical services or products, chances are you’re already familiar with these obstacles. Sometimes, doctors do not recognize the enormous cash crunch that the cost of medical billing, forfeitures and the rejection of claims accumulate on their business. Outsourcing on the other hand offers doctors a way to use professional billing and medical claims services for their business to counter discrepancies that can delay, reduce or prevent payments altogether.

As of today, waste is limited to about 30 percent in the industry. Due to the volume of claims submitted and processed, even the smallest errors can trigger rejections, and therefore, it is imperative to use outsourcing services to ensure perfection in medical billing and claims management. According to Keith Borglum, owner of Management and Marketing, Santa Rosa, CA, a single medical practice recorded a 71 percent error rate in a year that saw the business rack up $185k in losses.

Outsourcing presents a plethora of opportunities to handle leaks in your practice arising from both medical claims, filing errors, evasive patients or those who simply don’t have a clear way of paying you money to ensure you stay afloat in your medical practice and remove it. unnecessary costs that can let you run the loss.

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