Inhouse vs Outsourcing Cost Comparison In Medical Billing Service
Analyze The Cost And Hire Our Medical Billing Services
Consider the below cost analysis of outsourcing vs.in-house medical billing. You will be amazed by the costs saved and revenue generated by outsourcing and all the other benefits of outsourcing. As per a report filed in www.Physiciansnews.com, (https://physiciansnews.com/2010/06/17/should-your-practice-outsource-medical-billing/),outsourcing works cheaper.To arrive at a comparison, industry averages of costs can be taken in a hypothetical situation of a three-physician practice, two medical billing specialists;80 insurance claims filed per day ($20,000 per year); $125 billed per claim on average ($2,500,000 per year); with an assumption of a high collection rate on claims. When worked out, here is the comparison of in-house vs. outsourcing medical billing annual costs:
The above figures speak volumes on the cost-saving, cost-effective measures that outsourcing can give.
You will enjoy our easy-to-use, step-by-step medical billing process: A process that is both tech-savvy and secure in compliance with HIPAA for confidentiality.
1.Upload through FTP : Upload your super bills through a secure and safe FTP or PC anywhere access.
2.Collection of information : The information that you upload will be collected, checked and scanned for completeness and accuracy, especially of the patient demographics.
3.Entry of data : Our medical billing team will enter data pertaining to patient demographics, insurance, super bill, check copies and EOB copies. Charge entry will be updated in our software. Expected TAT of this process is 36 hrs. This data will be entered either through our online or offline route.
4.Submission of claims : This will be done through our hi-end medical claims process software.
5.Explanation of benefits (EOB) : On a daily basis, EOBs wil be updated in to the billing software, including payment information on individual claims.
6.Aged ARs :
A compilation of aged ARs
will be scrutinized for causes and solutions, and sent for your approval periodically. Our specialised team will leave no stone untouched to decode and solve all aged ARs successfully. Our success rate is 100%.
7.Rejected,delayed,denied claims :
A special medical billing team
will work on rejected, delayed and denied claims to identify their causes. Re-submission of these claims will be done with accurate medical coding to achieve maximum.
8.Bad debits :. When you hire MedicalBillingStar, you can be rest assured there will be nil or zero bad debts. No claim will ever be written off as bad debts however complex it may be. Our special team will crack each rejected or denied or written off claims with resounding success.
9.Follow up with insurance companies :
On a daily basis, follow up will be done with insurance companies for both new and aged ARs, and delayed and denied claims
10.Status reports : On a daily, weekly and monthly basis, you shall receive status reports on all claims, new and aged, and delays and denials if any. These reports will keep you informed of all claim settlements.
11.Submission of secondary,teritary claims : Our office will route the submission of all secondary and tertiary claims with attachments, patient bills and other relevant documents to insurance companies for clean claims.
12.Predict your cash flow : Our daily, weekly and monthly status reports will help you to gauge and predict your expected cash flow, revenue status, and manage your finances more effectively.
Avail our free trial,experience our user friendly medical billing process. We are just a call away. Reach us on our toll-free number @1 - 877 - 272 - 1572 or fill out the form here.