Benefits of Outsourcing Medical Billing
Specialized Billing Services
The New England Journal of Medicine states that a typical doctor’s overhead and billing expenses account for 43.7% of his/her gross income. This translates into an average of about one and a half clerical workers per doctor at an average annual cost of $51,564. This does not include the hidden costs like vacation time, insurance, etc.
Benefit #1 Speed Up The Payment Process
Next Generation Electronic filing and Medical Billing Outsourcing drastically reduces the amount of time it takes to collect payments from the insurance companies from 60 to 90 days to just 7 to 21 days.
Benefit #2 Lower Claims Rejection Rate
The rejection rate for claims utilizing our service can plummet from over 30% to under 2%.
Benefit #3 Frees Up Your Time
This benefit is not always quite so obvious to doctors, but is very significant nevertheless: Doctors spend as much as one and a half to two hours a day supervising and working on insurance claims.
Benefit #4 Immediate Cost Savings
An office can realize an immediate cost savings when outsourcing its medical billing.