Medical Billing – The Top 5 Advantages of Outsourcing
The top 5 advantages of Outsourcing Medical Billing are shown below.
If you don’t send patients their bills in a timely manner, your account receivables will suffer and your collection rates will be very low. It may be time to outsource your medical billing.
Should medical billing be done in-house or outsourced to a direct billing company? There are advantages and disadvantages to both.
The Top 5 Advantages of Outsourcing Medical Billing
Outsourcing medical billing comes with many advantages. Medical organizations and businesses need cost-effective and efficient ways to collect their hard-earned revenue. Businesses can either outsource medical billing or hire qualified employees to do it in-house.
Here are the top five advantages of outsourcing medical billing:
1. Outsourcing Medical Billing Can Save a Company Money.
When medical billing is outsourced, a company saves money on monthly salaries and benefits for those who would do in-house billing. Flat rates charged by billing companies are generally less than what it would cost to staff an employee to do the same job. Companies who outsource also do not have to purchase or maintain medical billing software and computer equipment.
2. Outsourcing Medical Billing Helps a Company Collect More Money and Improves Cash Flow.
Medical billing can be slowed and lost in the shuffle of running a business, but billing companies keep billing moving in an efficient way to get money to the medical organization faster. Ultimately, the timely submission of bills increases the influx of cash.
3. Billing Professionals Are Less Likely to Make Errors.
Because billing companies have the sole purpose of getting billing correct, they are less likely to make errors. Billing companies are equipped with the knowledge and equipment to ensure that claims and bills are submitted in a thorough, speedy process. This reduces the amount of denied or rejected claims.
4. Companies/Organizations Can Focus More on Their Patients Leading to Higher Customer Satisfaction.
Especially for small medical businesses who cannot hire people to specifically do billing, using front office staff to split their time and efforts between medical billing and other duties can detract from other areas of their job. Outsourcing medical billing improves the office staff’s productivity and can ultimately lead to better customer satisfaction.
5. Adding Advertising Messages to Your Bills Can Encourage Patients to Return and Increase Revenue.
When advertising messages are added to bills, using variable data, it is called transpromo marketing. Transpromo marketing is effective because unlike junk mail, people open bills and read them. Medical businesses and organizations can advertise events, vaccines, reminders for preventative treatments or any other relevant messages on bills. Is it flu season? A practice may want to promote coming in for flu shots. Is there a health fair? Advertising on a bill is a good way to get existing customers to be in the knowhow and return to the business.
Whether a company should outsource medical billing or not depends on multiple factors. Businesses should look at the number of employees, finances, the age of the business and the local labor market. Outsourcing medical billing can save medical businesses and organizations time and money, giving the organization the ability to focus on primary tasks.
Preferred Direct provides direct billing including medical billing services. At Preferred Direct, a project manager works with you to guarantee fast, efficient, accurate and confidential processing of information for direct billing. From medical billing services, statement generation, e-billing and transpromo marketing, a company’s direct billing is completed in a timely and professional manner.
Call Preferred Direct toll-free today. 1-844-719-1848
Preferred Direct provides high-quality, high-quantity, fast and personalized direct marketing services including: printing services, fulfillment services, fundraising services, direct mail marketing, direct billing and emergency on demand printing services. From design to finishing and mailing, Preferred Direct takes care to make sure they deliver high-quality products that can help increase your company’s ROI.
Call or click for a quote. (757) 461-2730 or Toll-Free 1-844-719-1848
Sources: medicaloffice.about.com, poweryourpractice.com, itservicereviews.com
Photos courtesy of FreeDigitalPhotos.net by PANPOTE (bill with glasses) and Stuart Miles (cash flow)