A greater part of Medical Practices are spending a lot for their Medical Billing. It is predictable that even your Medical Practice is under the same suffering.
If you have an existing Medical Billing service and you are overpaying, it means your current provider has inadequate expertise in the field. There are chances they don't have sufficient knowledge or they haven't understood your specialty. If the medical billing service doesn't have a thorough knowledge of the process, they charge the facility an amount that they assume to be right.
But that assumed charge might actually be too expensive than what a properly equipped and educated medical billing service would charge. Adding up to this, your existing Medical Billing practice may not offer you a service that is fully-loaded. Due to the leaks in the service you are forced to retain your Medical Billing employees.
Enter the demographic details of the patient,
HUpdate the charge data,
Examine the errors that occur in claims,
Perform claim follow-ups and updates
Handle patient phone calls
It is quite obvious that you need to spend a reasonable amount to perform all these additional tasks. Now sum up these additional costs spent with the Medical Billing service charges, you can notice your treasure box getting emptied.
What is the use if you mess up with all your mind-numbing Medical Billing tasks even after outsourcing? Outsource your needs to only a trusted and experienced Medical Billing service that provides you a complete and compact pack of solutions for all your needs.
Say you have an in-house Medical Billing team, you might be overstaffed. This creates administrative bottlenecks that really bother your expenses. Even your existing old billing software can turn out to be a reason for this cumbersome situation. A hectic and disorganized Medical Billing process, Inexperienced billing staff, unsuitable billing supervision can also hinder your cash flow.
Also depends on how long your employees tend to stay in your office. A high employee turnover is a harmful sign that ultimately increases the number of novice employees simultaneously, the training and management expenses.
forms and other paper works,
clearing house charges,
phone bills generated by follow-ups,
coding and billing reference materials,
necessary training sessions
Last but not least your habitation costs. The infra that you use for your Medical Billing process can be utilized for any other purpose in concern with patient's health care.
The valuable time spent on managing the entire process; this can rather be used for providing proper health care to patients or expanding the practice.
Such additional costs can many a times double your biller salary ,on an average this can equal 20% to 25%of your labor costs.
For instance, you pay $15,000 for your medical billing employee every month; you are likely spending $3000 to $3500 every month on the additional costs highlighted above.
The costs highlighted above are the visible and invisible costs in managing your in-house billing team. We haven't yet taken into consideration the lost revenue that occurs through in-house team.
Claims are denied if not filed on time.
There are chances of even claims getting "vanished or not filed". This can happen by the absent-mindedness or lack of alertness from the staff members and of course during the absence of proper billing supervision.
At times claims are misplaced or lost by payers and this is never traced by the team.
Resistance to analyze the reason for a claim rejection.
Time delay in submitting secondary claims
Revenue loss caused by poor patient and payer follow-ups.
Secondary claims that are forgotten or never submitted.
Rejected claims (caused by errors in coding or inappropriate coding)
Denied claims with incomplete data (missing out supportive documents while processing claims)
Inconsistent fee schedule that can lead to complicated AR status.
The lost revenue can reflect to a 15% to 25% of your would-be revenue. (In many cases, this lost revenue can be any random multiple of your internal Medical billing costs).
Visible and invisible cost of an Internal Medical Billing = $18,000 per month,
Lost revenue of the Medical office is likely at least = $18,000 per month.
The total expense on Medical Billing is at least = $36,000 per month.
BillingParadise offers the most competitive billing rates in the market with utmost quality and incredible TAT options. We assure you that our service cost will be far lower to your overall medical billing costs. We can help you come out of the ditch and have a consistent cash flow. And all this is done at an affordable cost very less to what you pay today and of course, with a more professional and technical approach.
90-95% of claims reimbursements upon 1st submission
Very less claims rejection rate
Significant increase in revenue per claim
Notable reduction in your AR ( Average AR days below 45)
Most of our claims are reimbursed in the primary submission. This ensures a quick and steady cash flow to the Health care facility. We also maintain our claim rejection ratio to the minimum so that our clients unpaid claims are fewer comparatively. This helps us to drive in more revenue and reduce the number of appeals for a claim. This is possible for us with our regular updates in terms of technology and infrastructure and we are convinced that this is one of the key points for a successful player in the market.
If you don't outsource your needs to a reliable and credentialed partner, we guess you are up a creek without a paddle because you can never have a smooth and affordable medical billing service. Well don't worry over it as we are eager to offer our services to help you sustain your grounds.