It’s official — a recent study made by the Medical Group Management Association (MGMA) has shown that medical practices and facilities that use medical billing companies experience improved billing performance over those that use in-house billing systems.
The survey found that for practices switching from in-house billing to a medical billing company:
- 73 percent saw a reduction in their AR;
- The same ratio of medical practices experienced higher collection rates;
- 59 percent decreased the volume of lost/denied claims;
- 59 percent cited improved reporting and practice performance insights; and
- 46 percent enjoyed better productivity among staff.
The MGMA study found that more than three out of every four practices that employ the services of a good medical billing company enjoy impressive improvements in productivity and performance. This confirms the long-held notion that utilizing a medical billing company improves a medical practice’s performance.
Some of the more obvious benefits of using a medical billing company include the following:
1. Medical billing companies have more scale to purchase and deploy the technologies required to properly submit claims, battle with insurance companies and collect personal balances.
2. Medical billing companies also attract better and more efficient billing specialists, and keep such professionals on the roster more easily.
3. Medical billing companies keep a deep bench of employees, so their clients don’t have to deal with the risk of losing a key billing employee from an in-house billing solution.
4. Medical billing companies also utilize industry technology better and more efficiently.
5. Finally, medical billing companies have a broader scope than any single medical practice or facility. This allows them to see patterns across practices, specialties, states and payers that can add money to your medical practice’s bottom line.
If you’d like to see the survey for yourself, check the MGMA website.
Copyright 2009 by Carl Mays II
Before deciding upon a medical billing service be sure 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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