Medical billing services and revenue cycle management can help practices increase collections through managing claims, determining electronic eligibility, and increasing overall revenue but there must be more ways that billing services can benefit a practice. What are the other ways a medical billing service can help a practice’s efficiency and bottom line?
So much of a practice’s time and money is spent on billing and administrative duties so why not let a medical billing services company help relieve some of the headache and decrease costs. Some of the hidden benefits of medical billing services include reducing days in A/R, improving ROI, and negotiating with large insurance companies on your behalf.
Decrease Practice Overhead
Any savings in support staff and billing costs will go straight to the bottom line.
Increase Practice Efficiency
Without the stress of managing your practice’s billing, your staff can focus on other areas and improve workflow.
A transparent process makes it easier for the practice manager to confirm that all claims are processed in a timely manner.
Achieve Positive ROI
Return on investment is critical in any business, but as billing costs continue to increase, keeping costs down and revenue up has never been more important.
Includes Best Practice Training
Medical billing service companies typically provide training for basic practice operations and best practices for using your software.
Avoid Negotiating with Payers and Credentialing Bodies
Negotiating with large insurance companies can be time-consuming and add unnecessary costs to your practice.
How Billing Services Can Prepare Your Practice for the Future
Easier and Successful ICD-10 Transition
If you’re experiencing any issues or rejections, using a medical billing service can immediately solve some of your issues without the need to hire additional coders or make costly software upgrades.
Ready for Affordable Care Act
The ACA added many new rules and regulations to processing medical billing claims, and with that, came confusion for billers.
Connect Reimbursement to Quality Care
The switch to value-based reimbursement has turned the traditional model of healthcare reimbursement on its head.