A survey recently conducted by the Medical Group Management Association (MGMA) has unearthed information that many have been expecting for a while — medical practices that rely on the services of a medical billing company enjoy several advantages over in-house billing solutions.
The study found the following advantages in employing the services of a medical billing company.
- Almost three in four practices that use medical billing companies reduce their AR;
- The same ratio of medical practices experienced higher collection rates;
- 59 percent experienced fewer lost or denied claims;
- Three in every five also reported better practice performance insights; and
- 46 percent achieved higher staff productivity.
These and other findings offer factual evidence that the majority of medical professionals and practices that utilize well-chosen medical billing companies experience broad improvements in performance and productivity.
Some of the more obvious benefits of using a medical billing company include the following:
1. Medical billing companies are more likely to be able to buy and utilize industry technology, helping practices submit claims, negotiate with insurance companies, and collect personal balances more effectively.
2. A medical billing company can attract a higher caliber of billing specialists and retain these individuals.
3. Billing services keep a deep employee roster, giving medical practices the security that an in-house billing system can’t. For instance, practices using a medical billing company won’t face the risk of losing a key employee in the billing department.
4. Billing companies are better positioned to properly utilize the technology they have.
5. Medical billing companies have a broader view of the medical industry as a whole because they deal with many different medical professionals at the same time. This knowledge helps them deliver better services to their clients.
The survey and its findings can be viewed at the MGMA website.
Copyright 2009 by Carl Mays II
Before making your decision regarding a medical billing service be sure to review ClaimCare’s Website. It provides in depth information about outsourcing medical billing. Carl Mays is a national renowned expert on medical billing operations and revenue cycle management.
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