Outsourcing has become a very common practice when it comes to medical billing, in today's society.
Many practices will find there are many advantages to this industry shift. The concept is not new; outsourcing has been a popular way of conducting business for quite some time. Consider it an economic advantage. In medical billing, outsourcing allows for reduction in computer and software costs that would be present if a company were to retain this task. The average computer needed to run these types of programs would be close to $1000, if not more. The software, though not costly in itself, often requires licenses for each user at about $100 for each user, sometimes more. Add in the cost of electricity for running the equipment, salary or wages (plus benefits and vacation time) for the worker, a space to have them work in, etc. All these factors add up to money that can be better spent on other needs of the business and time that can be better spent with patients rather than paperwork. Outsourcing your medical billing can provide the freedom to do this.
Medical billing has many regulatory restrictions that are applied due to HIPAA laws, the Fair Credit Reporting Act, and several other agency restrictions. By outsourcing your medical billing, the burden is shifted from the hospital or medical office to medical billing company. Again, this is an economic advantage, as there is no cost for the medical office to train a professional to learn and keep up with all the regulatory requirements of medical billing and collections. Another advantage to outsourcing medical billing is that by sending the work elsewhere to be done, postage and phone costs are reduced significantly. For every dollar saved in administrative costs, that much more can be placed to things that will improve the business. It could be the purchase of new or advanced technologies, or perhaps the hiring of a specialized doctor.
In conclusion, outsourcing your medical billing saves more energy and effort by medical staff that can be spent on servicing the patient and providing an elevated level of care and concern. This will provide a better image of the medical facility and in turn, help to increase revenue and return business to that facility. It is a win for the medical offices and a win for the patients they serve. The possibilities are endless.
For more information on how Shore Physician Solutions, LLC can assist your practice in this economic advantage, please contact us at (732) 678-5884 or [email protected].