Medical Billing Outsourcing Versus In-house

There are many compelling reasons why medical billing outsourcing to a professional medical billing and coding company makes sense. A major problem with in-house medical billing services is the human one. Management, turnover, retraining and growth. Do you have the time and money for all of that? HRM (Human Resource Management) is the most compelling single reason why physicians and other medical service providers outsource their medical billing to a medical billing company that specializes in providing this service.

HRM problems come about from two areas, employee turnover and practice growth.

Reducing Employee Turnover With Medical Billing Outsourcing:

While your practice may be lucky by having people who have stayed with you through the years, the fact remains that they will, eventually, leave. Others are faced with an on-going turnover problem. In either event, once a medical billing specialist leaves, you are forced to fill the vacant spot right away or your cash-flow may be compromised. That often means hiring someone with lesser …or worse yet very little medical billing experience. Inexperienced medical billing specialist make errors ... errors that can cost your practice money or seriously delay your getting paid in a timely manner. Also, who will take the time to train your new medical billing specialist? Will you spend your time doing this? Or will you pay someone else to do it? Is that a good use of your time? Even if you still have other medical billing specialists, their use in training will take away from their time normally spent in helping to get you paid in a timely manner. Medical billing outsourcing avoids these problems all together.

Many medical practices go through high turnover periods, while others find loyal people who dedicate many years to working for the same Physician. The human resource management cycle can be very difficult for a Physician to maintain. Once the medical billing specialist leaves, the Physician is left with no other option and is usually forced to hire another medical billing specialist who has very little experience. Ask yourself this question, when would you be the most worried; when your receptionist quits or when your medical billing specialist leaves? Do you really have the time to find a medical billing specialist who is experienced and reliable and can do the right job with the amount of attention your medical billing deserves? Medical billing outsourcing is a better solution.

Growing a Professional Practice:

As your business grows, your revenues will grow and so will the medical billing and coding workload. However, your employee costs are fixed costs, while your billings and receivables are not fixed. So, when your business has grown to the point where the workload overtaxes the current medical billing personnel, you will need to add another medical billing specialist … maybe more. That is an abrupt increase in fixed costs, because now you are - in effect - overstaffed, as the volume of the workload has not as yet caught up to your newly-expanded billing capacity.

Use medical billing outsourcing to change your medical billing expenses from a fixed cost to a variable cost and improve your ability to manage your business.

When you choose medical billing outsourcing, your costs vary directly with your medical billings. If your medical billings drop, your costs drop. If your medical billings go up, your costs do not rise disproportionately. This simple fact can make your business planning easier.

Less Paperwork and Lower Employee Costs With Medical Billing Outsourcing

If you do your medical billing internally, salary is typically only about 70-75% of your employee costs when you figure in payroll taxes, FICA and insurance. Not to mention that added paperwork cost of administering them. Plus, when your medical billing specialists are sick or on vacation, you’re still paying them for not working. When you outsource your billing by taking advantage of our professional medical billing specialists, the overhead and paperwork is ours, not yours.

• Medical Billing Specialist's Employee salary

• Medical Billing Specialist's Employee benefits

o Worker’s compensation

o FICA

o Healthcare insurance

o Vacation, sick leave, etc.

o Performance bonus

• Computer hardware purchase & maintenance

• Software purchase & renewal

• Clearinghouse fees

• Postage

• Stationery

• Physical (Office) Space

• Training and re-training

• Recruitment costs

• YOUR time

• YOUR opportunity costs

Reduce Errors and Receive Revenue Faster With Medical Billing Outsourcing:

Medical Insurers are always looking for ways to slow down paying you. It’s how they manage their cash flow. Anything that is miscoded can cause your bill to be rejected or its payment delayed significantly. When you outsource your medical billing to our medical billing specialists, you’ll not only be getting professional medical billing services, you’ll be benefiting from a degree of accuracy that would be difficult to match internally. At Medical Billing, each submission is reviewed by a supervisor to help ensure accuracy. That “extra level of eyes” is a luxury impractical with in-house medical billing.

Our Incentive, Your Control

When you take advantage of medical billing outsourcing, you improve your cash flow and collections and reduce the costs and headaches of employee problems. And we can even offer you a line of credit at Below-Prime through Medical-Finance.com

Call now for a free consultation. Let our Medical Billing Specialists show you how to keep more of the money you make. Outsourcing your medical billing services allows the money you get to grow in direct proportion to the direction your business is going.

This article was written by the medical-billing.com staff.
Call to speak with one of our medical billing specialists at:
1-800-966-9270
Or visit us at:
1-800-966-9270
solutions@medical-billing.com
http://medical-billing.com

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Medical Billing Services: How it is Useful to Medical Company

Medical treatment of business has changed significantly in recent years. It presents many administrative difficulties during the preparation of the insurance policy and procedures dealing with complicated claim forms. To avoid these complications, doctors seek help from outside. Hire and advise their representatives, attend seminars insurance company and provide them with periodic financial reports this process is known as medical billing outsourcing.

An efficient and precise medical billing service is of prime importance for the smooth functioning of any medical service provider. A comprehensive medical billing service will in turn secure speedy reimbursements for clients. Medical billing is the process of submitting and following up on claims to insurance companies in order to receive payment. It is useful for medical healthcare providers. Medical billing services also supports on-demand invoicing, batch claims processing and interactive electronic claims submission and remission.

Medical professionals and medical companies, whether they are small companies or big organizations, are benefited from medical billing services. This billing can be considered as a communication between Medicare providers and insurance companies.

One can get following benefits by using medical billing services:

• Medical Data Entry - patient demographics, details like place date type of service, and referring physician, CPT and ICD Codes, and Modifiers are keyed into the billing system
  


• Medical Claims Billing - electronic and paper
  


• Appeals - make appeals for denials and incorrect payments
  


• Payment Posting and Reconciliation
  


• Medical Claims Management
  


• Collections Management
  


• Accessibility - 24 hours a day, 7 days a week
  

Medical billing business involves many other important services such as handling all patient billing inquiries, submitting reports to the doctor, posting payments, mailing patient's statements and following-up all unpaid insurance claims.

Medical billing services assist physicians in saving money through payroll generation, equipment reduction, eliminating shipping costs, and support software. Outsourcing to a professional medical billing company is free from management problems. A number of leading outsourcing medical billing services companies offer medical billing assistance for medical billing needs. The company uses the database free of compensation, and established practice, and other online.

Offshore Medical Billing, a managed outsource solutions company, is a medical billing company and a medical transcription company. Offshore Medical Billing delivers medical billing outsourcing services to a wide range of healthcare. Should you have further comments or questions about our medical transcription services, please feel free to contact us: http://www.offshoremedicalbilling.com

Article Source: http://www.articlesbase.com/

Online Medical Billing Services and Save 60% Medical Billing Cost

Medical billing Outsource is a one of the leading electronic medical billing companies across the world. Medical Billing Outsource offer a wide range of services to medical practitioners, hospitals, healthcare services providers and other medical care services. We specialize in providing medical coding, medical billing and medical claims processing services at affordable rates.

Medical billing is the process of submitting and following up on medical claims to insurance companies in order to receive payment for services rendered by a healthcare provider. Medical billing is a complex process of billing and collecting fees for medical and healthcare services provided to patients. Medical billers usually work away from the claims processing office or in the billing department of a medical office, clinic or hospital.

A medical billing company should increase your reimbursements. In fact, a medical billing service should be more efficient and effective at online medical billing then your own office. Whether you have private practice or you are a primary care physician or a specialty practice; like surgery, cardiology, dermatology or orthopedics your medical billing service can make your practice more profitable.

Outsourcing medical billing services tasks saves considerable amount of time money and other resources. Outsource medical billing services means our clients will not have to spend any more on skilled medical insurance billing service workforce and advanced software to fulfill medical billing services needs. We also provide online medical insurance billing services and electronic medical billing services.

Advantages of our Online Medical Billing services:

• Competitive Pricing


• Highly Skilled Professionals


• 24/7 Customer Support


• Ability to perform Medical billing remotely, using the software of your choice


• Maximum reimbursements and fewer denials


• High Accuracy and Compliance with all Government Regulations
  

We have professional medical insurance billing services specialists with expertise in various online medical billing software applications to perform electronic medical billing and coding tasks with high accuracy and clarity.

Send us your electronic medical billing requirement today and get benefits up to 60% on your medical billing services.

If you would like to get more about our online medical billing, medical coding and medical insurance claim processing services, please visit our sites: http://www.medicalbillingoutsource.com

What Is Medical Billing?

Medical Billing has turned around in a big way nowadays. There was a time when the patient used to go to doctor, get the treatment for any ailment and pay the doctor’s bill. Until few years back, medical insurance was significantly complicated; it was a rare event, the doctor had to raise the paper bill towards his treatment charges and submit it to the private, Medicare or Medicaid insurance provider. We are much aware of the fact that such paper bills could get lost very easily. Anyways, those days are history now, yet there are a few doctors who still believe in the orthodox procedures and use paper bills for their treatment charges. Most of the doctors have today started using the latest technologies and begun raising electronic Medical Bills to their patients for the treatments provided by them.

Electronic Medical Billing is a paperless billing process; wherein the bill is printed out after making the entries related to the patient’s treatment in the computer system and handed over to the patient by his doctor. Such electronic Medical Billing incorporates all the related information like, the insurance provider’s data, your detailed treatment charges, medicines and other incidental expenses incurred by the clinic while extending your treatments. All these information are essential for claiming the medical expenses incurred by the clinic, from the patient’s medical insurance providers.

The electronic Medical Billing is usually prepared by entering all the necessary data in the computer system with the help of the specialized Medical Billing software program and the fed information is then electronically submitted to the carrier by means of a device called a modem. The modem is such an electronic device that uses the telephone line for transmitting the received information just like that of a fax machine. In the fax machine, a piece of prepared document or the Medical Bill is inserted in the unit. Its copy is electronically prepared and transmitted through the connected telephone line to the remote fax machine held by the insurance provider and prints out the identical copy of the document at that end. But in case of the electronic Medical Billing, there is no requirement of paper at all. The particular information is typed out into the computer system and thereafter the installed software takes those data itself for transmitting them over to the carrier via modem.

Such data are mostly sent in some specific format so that the carrier is able to read the data properly. This sort of typical format is known as NSF format that has been standardized by all such carriers. However, specific computer program is required to be made for each individual carrier as in spite of the standards formats, its not necessary that every carrier uses every field in the format. Due to this when specific fields are transmitted which the carrier is not using, the claim may get rejected by the carrier.

Medical Billing Services: In reality, the Medical Billing Service has to be far more competent and effectual when compared with your own office system. The Medical Billing Services providers should let you and your people highlight on practicing medicines. In Medical Billing Service providing companies like Preferred Health Resources, account executives have the average of 8 years experience in Medical Billing sectors. Due to their knowledge, ability as well as the devoted follow-up, the company has resulted in their adjustment ratios every time as low as merely 12% with the Medicare.

Medical Billing System: There are very few genuinely organized companies providing Medical Billing System service in the United States; like the American Billing Systems. This company in particular is said to have spent hundreds of thousands of dollars for developing and building the latest technology which permits you to process all your medical claims online over the internet through any computers at any time literally 24x7. this is the company holding national license and offers the complete business system to the entrepreneurs. With the help of such license one can really operate his business literally from home offering professional Medical Billing Systems and automated cash-flow management services to the medical providers and general businessmen.

Medical Billing Education: In the common definition, it could be defined that the Medical Billing is the process of sending detailed accounts to the customers or clients for the goods consumed and the medical services provided to him. The document having all such data is better known as the Invoice. The invoices in general describes the accounted amount is receivable or already received by the drawer. Proper education for preparing the Medical Billing is necessary for getting the insurance claim processed well in time.

Medical Billing Companies: There are many companies having specialization in the fields of Medical Billings. Such companies usually offer their valued services for getting you the detailed Medical Billing towards the medical services taken by you during your ailment at a particular clinic or with the doctor. There are some companies like Vision Healthcare who have been serving as much as 38 medical specialties in 40 different states and having expertise in over 15 hospitals as well as Medical Billing systems.

Medical Electronic Billing: The Medical Electronic Billing is widely prepared by entering all the required information to the computer system that has the software program for preparing such Electronic Medical Billings. The latest software developed for such Electronic Medical Billing generally incorporates various features of functions like: tracking the demographics, doctor’s visits and diagnoses of the patients; collecting – transmitting as well as tracking all the billing information and insurance payments; managing the appointment schedules and generating the varieties of detailed reports.

Medical Electronic Specialists: We may find many Medical Electronic Specialists for providing different medical services. The various services offered by such specialists usually include: the fastest reimbursements of your medical claims, billing to the government carriers and inquire for its details, the claims edited for better quality, quality customer services, reduction of the current internal billing costing, complete insurance follow-up, specialty report for doctor’s practice and follow through collection for them who want such services.

There are some more features worth considering in the Medical Billing features like: the Medical Billing Codes, Medical Billing Business and Medical Billing Processes.

The author is webmaster of http://www.medibil.com which is an information portal. medibil.com offers quality information on topics like medical billing, medical coding, medical claims, medical transcription and Insurance.

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