22 Jun Increase Cash Flow with Medical Billing Services
Your cash flow has a great deal of impact on your practice’s bottom line. If your cash flow and revenue is falling short, here are a few things you can do to revive your bottom line.
Cut unnecessary expenses
Your in-house billing staff may have trouble keeping up with new coding and billing regulations. Bills may be inaccurate or late and denials overlooked. Another drain on the revenue is the expensive billing and practice management software upgrades.
Outsourced medical billing can save your money on in-house staff as well as software and lost billing time if an employee takes a day off. Professional coders and billers ensure fewer errors, follow up denied claims and help you get a grip over your revenue cycle.
Improve reimbursement rates
Delayed or inaccurate submissions mean lost money and time, payroll costs, and less productivity. If your in-house billing’s claims resolution is less than 90 percent, it may mean trouble for your bottom line.
Experienced billers at an outsourced medical billing service can help you improve your numbers and reimbursements.
Reduce Unpaid Claims or Accounts Receivables
Is your office writing off too many claims just because they were not submitted on time? A medical billing service can not only help you send out claims faster but also with fewer errors. They can audit your revenue cycle to check where you are losing money.