Improved Mileage Blog

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.

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 survey found that for practices switching from in-house billing to a medical billing company:

- 73 percent saw a reduction in their AR;

- 73 percent also received higher collection rates;

- 59 percent decreased the volume of lost/denied claims;

- 59 percent enjoyed significantly better reporting and practice performance insights; and

- 46 percent achieved higher staff productivity.

The MGMA study found that more than three out of every four practices that employ the services of a good medical billing company enjoy impressive improvements in productivity and performance. This confirms the long-held notion that utilizing a medical billing company improves a medical practice’s performance.

Some of the more obvious benefits of using a medical billing company include the following:

1. Medical billing companies are often better-armed to buy and use technology to submit claims properly, deal with insurance companies, and collect on personal balances.

2. Medical billing companies also attract better and more efficient billing specialists, and keep such professionals on the roster more easily.

3. Billing services have a deeper bench of employees and this provides a layer of protection for your practice by decoupling you from the risk associated with losing a key (if not the key) billing employee.

4. Medical billing companies tend to stay on top of developing industry technology better than in-house billing departments.

5. Medical billing companies deal with different medical practices and professionals, which gives them a much broader view of the industry than any single in-house billing department. This lets medical billing companies see trends in the industry that can help develop even better services in the long run.

The survey and its findings can be viewed at the MGMA website.

Copyright 2009 by Carl Mays II

Before deciding upon a medical billing service be sure to visit 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.