Despite what doctors learn in medical school about patient billing practices (i.e., keep it in-house), times are changing. Billing is now as complicated as anything else about the business of running a medical practice.
Unless a medical practice is big enough to comfortably have its own in-house patient billing staff, it should consider the advantageous impact that an outsourced professional billing service could have on its bottom line. At ML Medical Billing, our specialty includes improving cash flow and increasing profitability.
Advantages of Outsourced Billing
The business is a medical practice run by and staffed with medical personnel to provide patients with medical advice, therapy, and remedies for their ailments. An outsourced billing team takes non-medical personnel out of the office and allows for more space dedicated to healing patients.
Reduced Barrage of Calls
It’s not unexpected that a doctor’s office receives calls nearly non-stop all day long, but what if patient billing calls were reduced? By outsourcing, billing inquiries go directly to the medical billing team while the medical office personnel can now focus on calls from patients and other doctors. This frees up time and helps put the focus fully back on the needs of the patients and, subsequently, lowers stress.
Know More about the Marketplace as a Whole
With a team of outsourced medical billing specialists who dedicate their time to knowing every aspect of the industry and marketplace, medical practices actually get a better, wider perspective. Having and correctly implementing all of this knowledge is a full-time job, one an in-house biller would not be able to have time for.
By outsourcing, the business decision-makers have anytime, anywhere access to statistics and information about what other medical specialists are doing and what results they are getting.
Prepared for the Unexpected
By keeping up with the constantly changing industry, such as updated payer rules or carrier regulations, an outsourced team is not caught off guard–and neither is the practice. Furthermore, it makes the business more prepared for those unsettling audits that pop up on occasion.
Win the Numbers Game
A good patient billing team will identify where revenue potential is not being exploited and publish actionable reports identifying which areas to maximize and which ones with holes to minimize. This improves efficiency.
Constantly Updated on Where Business Stands
With an outsourced patient billing staff working on behalf of the practice, decision makers can access the status of account receivables up to the minute. They always know the percentage of claims that are up-to-date as well as those that are outstanding for 30, 60 or 90 days. This helps identify which payers are consistent and, thus, crucial to cash flow.
What Advantages Set ML Medical Billing Apart?
Experienced Staff Focused on Increasing Your Profits
ML Medical Billing is family-owned and has serviced physicians and medical practices nationwide for more than 30 years. Each member of our staff has an average of more than five years of experience in the outsourcing industry and is dedicated to increasing collections more quickly and easily.
Lower Costs, Increased Revenue
Our knowledge and experience help clients solve their medical billing and profitability problems. Our patient billing specialists make claims processing and bill collection less time-consuming and complicated, which helps save money for our clients by lowering costs and increasing income.
Better Focus, More Control
When clients work with ML Medical Billing, many of the key financial responsibilities fall to us:
- Collecting payments
- Pursuing claims
- Managing and updating documents
- Analyzing industry requirements
- Keeping up with carrier guidelines
By not having to micromanage those duties, our clients get to turn their focus to their patients—and maintain better control of the business overall.
Transparency and Peace of Mind
We operate as partners with physicians and medical practices. Thus, there is peace of mind from the following services provided with no hidden fees:
- Cloud-based software that can be accessed anytime, anywhere
- Top-grade security
- Consulting on efficient practices
- Specialists in handling unique cases (e.g., out of network)
Knowledge to Keep Up with Industry Changes
Knowing all the various coding and patient billing regulations need constant awareness of the industry. ML Medical Billing has the resources and network affiliations so that it always has its finger on the pulse of the industry. Even a competent in-house staff is unable to reliably keep up with such frequent and detailed changes as billing codes, which are frequently established, revised, or even deleted.
Not only are regular patient billing inaccuracies a death knell for a physician’s practice but slow claims turnarounds or late incoming payments are also. Our state-of-the-art technology, along with experience and old-world service, ensures faster payment recovery and claims collection. Our system simplifies revenue and billing cycles for more efficiency, more time, and more profitability.
For more information on outsourced Billing Cycle Management, visit Wikipedia.org.
Versatility Catering to an Increasingly Diverse Market
Because we serve physicians from all corners of the country, our team caters to various and diverse markets with fluency in Spanish, Polish, and Russian.
To Learn If Our Advantages Can Work for You, Contact ML Medical Billing
ML Medical Billing makes patient billing less taxing and helps many medical practices improve their profitability. Contact ML Medical Billing today to learn more. We have offices in Illinois, California, and Florida, but serve practices throughout the United States. Call 888.719.7602 or contact us online.
Next, read Outsourcing Your Medical Billing