With an increasingly complex health insurance landscape to contend with, medical practitioners and health services providers across the board are finding it more difficult to keep up with changing rules and cumbersome filing and coding regulations, and to maintain profitability at the same time.
Whether running a dermatology practice or a full service ambulatory surgical center, maintaining a billing department in-house can cost the average practice tens of thousands of dollars each year, through denied and unpaid claims, as well as with the administrative and operational costs associated with undertaking the billing, coding, and collections process in-house.
Top 5 Benefits of Working with ML Medical Billing
Simply put, medical billing and coding specialists have the resources necessary to focus exclusively on your firm’s financial requirements and billing obligations, providing you with the freedom to focus exclusively on patient care, with the added peace of mind of knowing that not a single claim or payment has fallen through the cracks.
How Can ML Medical Billing Earn and Save Your Medical Practice Time and Money?
- Boost Profits – Having a team focused on billing means that the most can be made out of each insurance claim.
- Lower Administrative Costs – Having a full-time employee on your staff means that you can pay far more for internal billing than outsourcing.
- ICD-10 Coding System Updates – Mistakes will cost you! It can take the time to catch up with coding changes, meaning that every mistake means missed billing and possible penalties.
- Full Revenue Cycle Management – Integrating medical billing into all aspects of revenue management means you can have a complete take on what billing means in your practice.
- Dedicated Claims Follow-Up and Management – It can be easy to lose track of billing and claims. Having an outside manager take care of these means that you can get paid on time and for every service you performed.
With the average medical practice spending over $80,000 a year and upwards of 20 hours a week on filing and processing invoices and insurance claims forms, the billing and insurance claims filing process can pose a significant and unnecessary strain on the average practice’s resources.
Learn How ML Medical Billing Can Increase Your Practice’s Profits Today!
Learn more about how ML Medical Billing can help increase your medical practice’s revenue by as much as 10 – 20%. Call (888) 719-7602 today to schedule a custom consultation or contact us online. You can also try our free online profit calculator for an estimate of your practice’s profit earnings and savings potential with ML Medical Billing!