Maximizing Operational Efficiency for your Medical Practice
One of the key areas that can impact a medical practice’s operational efficiency is the process in which they process their medical billing claims.
According to pirg.org, insurance companies denied on average 17% of in-network claims filed in 2021. Claim denials leave people, who pay insurance companies thousands of dollars in premiums to cover their health care costs, with hefty medical bills and medical debt.
The rationale behind outsourcing medical billing claims:
Specialized Expertise - medical billing is complex and requires keeping up with the changing rules and regulations. Outsourcing can provide access to skilled and proficient professionals that are equipped to handle these claims.
Reduced Errors and Denials - outsourced practices employ the highest standards of quality control to ensure accuracy of the claims.
Cost Savings - in-house billing departments, especially for smaller practices can be very expensive. Outsourcing providers often operate on a performance-based fee structure, while maintaining up-to-date trainings for their staff.
Focus on Patient Care - outsourcing allows physicians and employees of a practice to ensure that patient care is top of mind, leading to a greater customer experience.
Outsourcing can be a strategic choice made by many practices that are looking to increase their operational efficiency and focus on patient care. By choosing the right partner, maintaining clear communication, and implementing streamlined workflows, a medical practice can maximize its revenue and operational efficiency by focusing on core tasks.
