As a healthcare provider, you wear a lot of hats. Medical billing might be one of them. Let’s discuss why it will be beneficial for your healthcare practice to consider outsourcing billing practices to a professional medical billing company.
The cost savings associated with using a medical billing company as opposed to completing billing in house is significant. A study completed by Physician’s New found that the typical cost to process medical billing procedures in house is approximately $118,000 per year. The cost of billing department costs per year when the practice of medical billing is outsourced? $4,000.
That’s less than 1/30 of what your healthcare practice would pay if you continued to process medical billing in house. In addition to significant billing department costs, your practice will also be able to collect up to 5-15% more of billings processed. While that might not seem like much now, it can add up into a significant profit over the course of a fiscal year.
Another reason to use a medical billing company is the consistency you will experience. Consistency in the form of denied claims appeals, staffing requirements, and various other processing practices for medical claims and billing procedures.
The professionals who are employed by the medical billing company you choose to outsource your billing procedures to are experts in their field. They know exactly what needs to be completed in order to process claims quickly and efficiently. Not only will they be able to uphold industry standards, the medical billing company will be able to efficiently adhere to changing standards and legislation in the field.
Apex EDI is a great method of streamlining your process with medical billing. In order to ensure that medical claims are billed properly and efficiently, consider utilizing the software integration behind Apex EDI. Apex OneTouch, the desktop app, integrates seamlessly with over 30 practice management softwares to ensure fast, efficient, and accurate billing for you and your medical billing provider.
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