31 Jan Outsourcing Medical Billing for Better Cash Flow
Cash flow can be a big challenge for a small practice. Several factors, such as escalating operational costs, delayed claim submission, claim errors and bad patient debt can contribute to a cash flow problem.
If you are wondering how you can reduce cash flow problem, the perfect solution is to outsource your medical billing to a medical practice consulting services company.
Faster Billing; Fewer Errors
The later your claims are submitted, the longer your payments will take. But when you outsource your billing to a professional medical billing team, it can speed up the process. Your in-house staff is busy with many things. Rather than burdening it with medical billing and follow ups, it is better to have it done by experienced medical billers at a professional billing service. They are experts in billing because this is what they do. This also means fewer errors and hence, quicker payments.
Improved Rate of Paid Claims
The sooner you can bill, the better is the chance of payment. Patients are more likely to pay for a medical service that’s still fresh in their mind. Later, they might forget all about it. That means you now need to spend more resources tracking the payment.
An outsourced billing company ensure patient bills are sent out on time and also follow up on non-payments, reducing bad debt.
Faster Payments from Insurance Companies
Insurance companies have longer time to pay your claims, when you submit them late. As with patient bills, a professional billing service will ensure that your claims are submitted to the insurance companies in a timely manner. Coupled with lower error rates, this translates into fewer denials and improved cash flow.
Outsourcing medical billing and revenue management to an experience medical practice consulting services company can help you improve your cash flow and focus on patient care and growing your practice.