Can Outsourcing Help?
- Eligibility verification
- Charge entry for all specialties
- AR management
- Fee schedule review
- Denial management
- Insurance follow-ups
- Paper and electronic claims submission
- Appeal of low paid or denied claims
- Recovery of old AR
- Management of financial reports
Benefits of Outsourcing
Outsourcing can help clinicians witness remarkable improvement in payment collections. They can also reduce AR days, reduce operational costs, bring down denial rates and improve cash flow. Many healthcare organizations prefer to outsource medical billing and RCM tasks to get timely payments and streamline their business functions. It is one of the best ways for providers to cut costs. Some physicians have also started outsourcing the installation and maintenance of EHR systems to a third party as it helps them get the most out of their investment.
The Pros of Outsourced Medical Billing
- Less Expensive: Especially if you’re starting up a new business or transitioning because of an employee’s resignation, outsourcing makes the most financial sense.
- Transparency: A medical billing company should be able to supply you with comprehensive performance reports automatically or upon request. This capability grants you unparalleled visibility into your billing operations without requiring you to micromanage – or even oversee – any staffers.
- Enhanced Consistency: Your outsourcer will be contractually obliged to perform certain services, such as appealing denials, for you with a certain level of success. Plus, you never have to worry about staffing, since it’s their job to support your needs year-round.
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