Doctors - Ten Reasons Why They Should Outsource Their Billing

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This day in age medical practices are feeling the squeeze from the condition care manufactures and are struggling to contend the same level of profitability. Assurance claim rejection rates are at an all time high and practices are carrying a mammoth number of overhead due to staffing requirements in order to fight this battle. Outsourcing their billing to a billing firm can lower a practice's claim rejection rate and overhead and lead to valuable improvements in profitability. Below are ten reasons, at a minimum, that sustain why doctors should outsource their billing.

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How is Doctors - Ten Reasons Why They Should Outsource Their Billing

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1. No More Dealing With Assurance Companies

With claim rejection rates at an all time high, medical practices that are handling their billing internally are spending a valuable number of time on the phone with Assurance fellowships just to get paid. This is valuable time that could be used to grow the practices inpatient base and to contribute potential healthcare to existing patients.

2. No More Time Spent By The physician Supervising The Process

In small practices it is not uncommon for the physician to supervise billing staff or to even process the claims themselves. Many doctors spend as much as two hours per day on submitting claims. The number of money lost by not finding patients during this time can be far greater than the entire cost of an surface billing service.

3. Billing Hardware and Software Is A Huge Cost

In increasing to the preliminary purchase price, their are often costs involved with software updates and technical support.

4. Reduced Claim Rejection Rates

With claim rejection rates at an all time high, it is imperative that such claims be recovered due to the valuable number of money involved. Rejected claims are often not recovered as a follow of time constraints and minimal staffing.

5. Cost Savings

The median cost of a medical practice's billing group can be as much as 11% of the practice's net income. Billing centers typically fee only 5 to 9% to accomplish the same functions.

6. Compliance Can Be Costly

Compliance issues have come to be more involved and costly. With a billing service, Compliance is their responsibility and the cost linked with it is spread over many clients.

7. Costs linked With Staff Turnover

It is getting more difficult for medical practices to hire and sustain competent staff. Every time a medical convention hires a new staff their are training costs involved, which can be in the thousands of dollars.

8. Increased Office Space

Medical practices often find themselves short of office space while locked into a 5 to 7 year lease. Outsourcing their billing can eliminate staff and free up office space that can be utilized to create added revenue.

9. Relief of menagerial Headaches

Billing can be a very tedious and time curious process that can lead to huge menagerial headaches within a practice. Outsourcing can relax a convention of such problems.

10. Doctors Want To Be Doctors, Not Bill Collectors

Most doctors just want to be doctors and contribute potential condition care.

When choosing whether to outsource their billing, doctors should focus on what they do best and outsource the rest. The bottom line is that outsourcing their billing can prove to be more sufficient and less high-priced for their practice.

Watch a video hosted by Hugh Downs and listen to real word doctors discussing why medical providers should outsource their billing.

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