SHOULD A MASSACHUSETTS MEDICAL PRACTICE OUTSOURCE ITS BILLING
Many practice managers and medical providers do not like to hear the work “outsource” when it comes to their medical billing. One of the main concerns with outsourcing is about losing control and having to let practice staff go. However, many medical practices find themselves overwhelmed with their day to day operations and experience issues with their billing and patient collections. In cases where the medical practices is not receiving the reimbursements they should be receiving from the insurance companies and are falling behind with their collections, outsourcing their medical billing may be the way to go.
With today’s advances in technology, outsourcing does not mean losing any control over the practice billing. Medical billing companies can offer medical practices real time access to their practice management systems providing a practice managers and medical providers instant access to their data. Medical billing companies can also use the medical practice’s EMR billing module to do the billing for the practice.
At Vitruvian MedPro, a Massachusetts medical billing company and practice management consulting company, we offer a cloud based solution that allows medical practices real time access to their data from any computer with internet access. At the same time, we partner with our clients and maintain constant communication with the daily activities related to medical claim submission and patient collection.
Medical practices that outsource their billing can focus their time on providing top notch patient care and on growing the practice. Also, by outsourcing practices do not have to worry about costs associated with maintain a practice management system and dealing with the technology issues associated with running a billing department.
A recent Medical Group Management Association survey showed that medical practices that outsource their billing to medical billing companies typically see improved performance across multiple dimensions. The survey focused on practices that outsource their medical billing functions. The survey reported the following results for practices that switched from doing their medical billing in-house billing to outsourcing to a medical billing company:
– 73% saw a reduction in their A/R
– 73% realized higher collections
– 59% decreased the volume of lost/denied claims
– 59% enjoyed significantly better reporting and practice performance insights
– 46% achieved higher staff productivity
The breadth of the performance improvements uncovered by the MGMA survey (with three-quarters of all practices seeing sizable performance improvements) adds fact-based credibility to the notion that a well-selected and highly-qualified medical billing company provides substantial performance improvement for medical practices. Our average clients enjoy a 15 to 25 percent increase in collections while noticing that their A/R time drops below 35 days.
A copy of this survey is available from the MGMA’s website at www.mgma.com
At Vitruvian MedPro Consulting, we are more than medical billers. We are certified medical reimbursement specialists by the American Medical Billing Association. We can help medical practices at any stage of the revenue cycle management process. Our goal is to help medical practices improve cash flow and focus on patient care.
Please visit our medical billing page to learn more about our services at: Medical Billing Services
We are currently offering a free practice analysis to help medical practitioners determine whether it makes sense to outsource their billing. Gives us a call at 781-454-7406 and schedule your free demo.
At Vitruvian MedPro, a Brookline, Massachusetts medical billing and practice management company, we work with independently owned medical practices on any aspect of their revenue cycle management. Besides medical billing, we help medical practices with their coding, account receivables and HIPAA compliance. We make sure that practices receive the highest reimbursements from the insurance companies.