Outsourcing – Is Drop in Revenue a Concern?
Over the past few decades, medical billing outsourcing has brought out a great change in the US healthcare space. However even today, several healthcare facilities and Providers fear outsourcing medical billing and continue to perform medical claims management in-house. The most often cited factor that keeps them from outsourcing medical billing and collections is the drop in the revenue. Healthcare Providers and Facilities must clearly understand the fact that any process that is recently started will take some time to stabilize. Medical billing and collections process is no exception in that list! Below is a list of frequently asked questions by Providers and Facilities:
What happens during the initial phase? During the initial stage of outsourcing,medical billing companiestake some time to learn the Provider’s medical billing and collections history and other essentials. Expecting them to hit 100% productivity and process error-free claims right at this stage is a tall order. Several healthcare entities understand the fact that there will be a revenue drop when new medical coding and billing specialists are employed in their in-house billing teams which is attributable to training and the learning phase. Ironically, they are not ready to accept the same revenue drop when it comes to outsourcing medical billing. Therefore, healthcare facilities and Providers must provide some time for the medical billing company to get adapted to the nuances of the new process. Most importantly, they must be well-prepared in advance to face the small revenue drop that happens during the initial learning phase of medical billing outsourcing.
Can I save during the initial phase of outsourcing? As quoted earlier, the first few weeks of outsourcing is the learning time for the medical coding and billing specialists. However, the good news is that Providers can still save a good sum during the initial phase despite experiencing some revenue drops. Guess how? When healthcare entities choose to outsource, then they need not worry about spending money in high-end technology & software, employing new medical coding and billing specialists, providing top-notch training, and incorporating and implementing the recurrent healthcare complaince changes. Medical billing outsourcing saves all these costs while helping Providers render quality care to their patients.
What other benefits can I enjoy through outsourcing?
· Handling the old AR in-house can be a challenging and time-consuming task. However, it can be easily done by medical billing companies that have a vast experience in the domain.
· Once the learning phase ends, medical billing companies kick-off with a bang to offer enormous savings.
· Medical billing companies collect patient payment debts at a lower cost when compared to collection agencies.
· Shorter AR days and processing time in addition to improved cash flow are some great benefits that Providers get to enjoy when they outsource medical billing.
A reputed and a highly-experienced medical billing company like MGSI can assure all the aforementioned benefits.
Based in Florida, MGSI has been providing unsurpassed medical billing solutions to its clients across the US. This 20-year old, experienced, national medical claims management company has a team of highly-skilled medical coding and billing specialists who learn and adapt quickly to minimize that slightest revenue drop in the initial learning phase. For more details, log on to www.mgsionline.com.
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