Why You Should Outsource Your Medical Billing Services
Did you know that many of the chief financial officers (CFOs) involved in the 2018 CFO Outlook Performance Management Trends and Priorities in Healthcare listed cost reduction as their no. 1 priority?
How Outsourcing Your Medical Billing Service Can Help Your Practice
Outsourcing your medical billing services can bring benefits to your medical practice such as Increased Revenues and Reduced Labor Costs.
Approximately, 8% to 10% of medical collections are spent on the medical billing process. However, with an outsourced medical billing, you can:
- Reduce overhead costs
- Increase reimbursements
- Decrease claim denials and rejections
In a physical medicine and rehabilitation billing case study, the group reported an incredible 76% increase with their billing revenue within six to eight months. This was accomplished by outsourcing to a medical billing company and exiting unprofitable procedure lines implemented in their medical billing process.
In most cases, physicians and office medical managers even realize a 96% claim payment upon the first submission in less than 45 days. All because they have moved their medical billing services to a third party provider.
Easy to Read Dashboard Reports and Data Statistics
With the help of an outsourced medical billing provider you can focus more on your patients rather than spending long tedious hours trying to analyze and interpret your medical billing reports.
Third party providers have online medical billing dashboards that can promptly display the issues with your medical account at a glance. Also, the data can be tracked on a weekly, monthly, or annual basis according to:
- Patient volumes
- Procedure mixes
- Days in AR
All of this makes it easier for your staff to handle your patients’ financial matters which results in a more efficient experience for them.
Safe and Secured Data Infrastructure
Last year, DataBreaches.net revealed that 477 healthcare breaches which affected 5.579 million patient records.
Choosing the services of a well established third party medical billing company, such as RevPro Healthcare Solutions can protect your patient records through 100% secure medical billing processes. We are a HIPAA-compliant provider. We offer a secure and transparent billing process that ensures your data remains confidential at all times.
Alleviate any concerns to those cyber hack attacks without having to pay extra for cyber-security protection.
Why Choose RevPro Healthcare Solutions for Your Medical Billing Services?
RevPro Healthcare Solutions has more than 20 years of experience in medical billing. Our team knows how to leverage technology and best practices to run a successful business in healthcare.
If you have any questions, please feel free to contact RevPro Healthcare Solutions below or call us at 561-578-8400.