A survey recently conducted by the Medical Group Management Association (MGMA) has unearthed information that many have been expecting for a while — medical practices that rely on the services of a medical billing company enjoy several advantages over in-house billing solutions.
The survey found that for practices switching from in-house billing to a medical billing company:
- 73 percent of practices using medical billing companies reduce their AR;
- The same ratio of medical practices experienced higher collection rates;
- 59 percent experienced fewer lost or denied claims;
- 59 percent cited improved reporting and practice performance insights; and
- 46 percent enjoyed better productivity among staff.
These and other findings offer factual evidence that the majority of medical professionals and practices that utilize well-chosen medical billing companies experience broad improvements in performance and productivity.
This is not a surprise since medical billing companies have several advantages over most in-house billing solutions:
1. Medical billing companies are more likely to be able to buy and utilize industry technology, helping practices submit claims, negotiate with insurance companies, and collect personal balances more effectively.
2. The better billing specialists are more likely to work with medical billing companies, and said companies are more likely to retain these specialists.
3. Billing services keep a deep employee roster, giving medical practices the security that an in-house billing system can’t. For instance, practices using a medical billing company won’t face the risk of losing a key employee in the billing department.
4. Medical billing companies tend to stay on top of developing industry technology better than in-house billing departments.
5. Medical billing companies deal with different medical practices and professionals, which gives them a much broader view of the industry than any single in-house billing department. This lets medical billing companies see trends in the industry that can help develop even better services in the long run.
If you’d like to see the survey for yourself, check the MGMA website.
Copyright 2009 by Carl Mays II
Before making your decision regarding a medical billing service be certain to visit ClaimCare’s Website. It provides in depth information about outsourcing medical billing. Carl Mays is a national renowned expert on medical billing operations and revenue cycle management.
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