Efficient medical billing for internal medicine practices can be challenging which is why many internal medicine physicians outsource their medical billing to MEDbts.
The advantages of outsourced billing solutions are that it saves time, money, and helps minimize the amount of time that medical office staff members are pulled away from making patient care their priority enabling the office staff of our clients to allocate more resource towards quality patient care contributes to creating a stronger and more valuable brand for the practice leading to greater top line revenue numbers.
Here are some of the most common reasons internal medicine physicians make the decision to outsource their medical billing and and accounts receivables recovery:
- Free up more resource to allocate towards higher quality and more complete patient care. Most internal medicine practitioners became doctors to help people. By outsourcing routine administrative functions allows the practice to spend more time with patient care and patient followup. With higher quality patient care, patient satisfaction rises, patient churn percentages drop, and gross revenues rise.
- Lowering the number of rejected claims will also free up physician resources thereby reducing operating costs and increasing revenue. Accounts receivables become less valuable with age so it is imperative to first reduce over all A/R balances and then reduce the age of existing accounts receivables. Again, this all leads to enabling an internal medicine practice to do what it does best which is provide the best patient care possible.
- Error reduction due to more accurate coding will ensure denial rates drop and A/R balances are at minimal levels. Outsource medical billing companies are staffed with highly trained and knowledgeable billing specialists that are up to date on the latest coding changes which helps reduce the number of rejected claims and increased receivable turnover ratios; the practice gets paid sooner so it can utilize or reinvest that captured revenue sooner.
- Reduction of noncompliance related issues also contribute to higher gross revenue numbers. Remember that medical billing companies only receive payment after their internal medicine practitioners receive payment from the insurance companies. Because of the dynamics of the health care industry, changes made to billing codes for Medicaid, Medicare and other third party payers. In order to achieve efficient and effective medical billing, outsource billing companies are required to follow the strictly regulated protocol unique to each payer. Because billing companies stay up-to-date on the latest changes in regulations and requirements, compliance and the timely submission of error free claims can be ensured.
Contact us today to learn more about outsource medical billing companies like MEDbts and inquire as to how MEDbts can help contribute to increased net profits for your internal medicine practice.