Many doctors are specialists. Patients choose a specialist because he or she has been trained extensively and is an expert in a certain medical field. For example, patients see a cancer specialist because the specialist is dedicated to treating cancer patients.
So, why don’t more medical practices choose a professional billing service for help in growing, achieving profitability, and sustaining those margins?
Many medical practices are unaware of how much an outsourced professional billing service can help their business and lower their stress. At ML Medical Billing, we realize that outsourcing this part of the business might seem counter-intuitive. However, just as a doctor’s first priority is the patient, our first priority is making your practice as profitable as possible.
In-House or Outsource It?
It isn’t easy to decide if a medical practice should do its billing in-house, outsource it, or even use a combination of the two. For more efficient physician practice management, however, making a wise choice is of the utmost importance because a sticky web of factors can conspire to drive down profit margins: confusing red tape, increasing regulations, constantly changing allowances, etc.
For doctors and surgeons wrestling with this issue, the following are six reasons that outsourcing your medical billing might be the best business idea for your practice.
More Control by Seeing the Forest (Not the Trees)
A common misconception about outsourced medical billing is that the practice loses control of a crucial part of the business. Quite the contrary, actually.
When the practice frees itself from the daily minutiae of billing by partnering with a team of trusted billing specialists, the business runs better because all the focus and energy are directed at maintaining your patients’ health as well as your professional edge.
Furthermore, you also have more control of the health of the practice. You can keep an overview of the health of the practice by studying weekly, monthly, quarterly, or yearly reports instead of having to micromanage it hourly or daily.
It’s powerful when everyone works together for a mutual goal.
Trust and Transparency
Just as it’s important that patients trust their physicians and medical staff, so, too, is it important for medical practices to trust their medical billing specialists – outsourced or otherwise. Our financial specialists at ML Medical Billing give doctors peace of mind with their transparency.
While you handle patient care, we handle the billing. However, you’re in charge, as we meet with you to determine your goals or needs. What is it you need?
- Increased patient volume?
- Expand the business?
- Collect money?
- Reverse declining revenue?
- Restructure staff?
- Think ahead to retirement?
Once we know your goals, we work with you in physician practice management to reach these goals by finding holes in your business where inefficiency is costing money. If necessary, the process will be streamlined to improve the overall procedure.
More Efficiency, Higher Profitability
Because the ML Medical Billing staff is comprised of medical billing specialists and caters to an extensive client base, our costs are lower. Therefore, outsourcing this aspect of the business is less expensive overall than hiring a less experienced, less skilled billing company.
Our staff has one goal: raise the profitability of your practice. We will make necessary adjustments, too, such as reviewing accounts and working with any in-house staff to increase revenue and profits.
Solid Consistency in an Industry of Constant Change
Doctors, surgeons, and staff have enough to take care of in keeping up with advances in medicine, treatments, technology, services, etc. Medical billing is no different, but you didn’t get into medicine or open your practice to keep up with ever-mutable billing regulations. It’s a full-time job to know the following:
- New billing rules and requirements
- New, deleted, or revised billing codes
- Fee changes
- Carrier requirements
An outsourced billing service can be a strong rock of consistency in a turbulent sea of constant changes.
ReliabilityWhat happens if the in-house billing personnel have unplanned absences? Or what if there’s a change in the staff? In-house billing renders a medical practice vulnerable to such inconsistency and instability.
With outsourced medical billing, there are no such vulnerabilities. There is no training or re-training necessary. No learning of a new system or continuously dealing with the issues of an older one. Because a team of billing specialists handles all billing needs, the practice is freed up to treat patients with the utmost medical care.
Consistent cash flow is the lifeblood of the business. With an outsourced billing service, claims are submitted faster and payment is collected more quickly. Fewer errors in payment posting also result in fewer claim denials. A professional medical billing staff helps the business be more efficient with both time and money. This means the practice has more of both.
Learn more about Medical Billing Services at Wikipedia.org.
For More about Outsourcing Your Billing Services, Contact Us
In the end, the number one priority is patient care. But when stressed over profitability, even the strongest of people are affected. A professional outsourced billing service can help speed up and increase income, resulting in the benefit of less stress. To learn more, contact ML Medical Billing today by calling 888.719.7602 or by contacting us online.