Warning Bells in the Financials of Your Practice? It Is Time To Outsource!
The modernization of the US healthcare space with the introduction of various revolutionary changes has taken it to a whole new level. Evidently, medical billing outsourcing has earned great credibility in recent times. Despite these changes, we still see Providers, who perceive that outsourcing medical billing and collections might cost a great deal or make them lose control of their finances. However, the simple fact is that outsourcing medical billing only saves time and money. Certain factors might ring the warning bells for their practice, but these Providers overlook them bringing revenue loss onto themselves. If the following factors affect one’s practice, then it is time for the Provider to consider outsourcing.
Warning Bells in the Financials of your Practice:
· Less Time for Patient Care: When Providers do not find enough time for patient care and are completely engrossed in medical billing and collections, then it is high time they choose to outsource medical billing. With the help of medical billing companies, they can devote more time on their primary objective, which is patient care and earn a good reputation.
· Inexperienced Staffing: With the introduction of healthcare changes like HIPAA 5010 adoption, ICD-10 medical coding transition, etc., the necessity for learning new techniques has become mandatory. A practice with untrained employees can never help it grow, but only aggravate the AR pile-up. Recruiting skilled professionals will also be time-consuming. Therefore, the best solution would be to outsource medical billing.
· Hit in the Collections: When a Provider runs a practice with improperly trained billing staff, then there would be an increase in errors leading to claim denials and AR pile-up. As a result, the reimbursement gets affected, causing revenue loss. It is one of the major warning signs that signify the need for outsourcing medical billing and collections.
· AR Days in Bad Shape: It is yet another warning bell that Providers should never ignore. Providers who fail to submit claims before the Payers’ predetermined TFL (Timely Filing Limit) will have a hard time getting their payments. To keep their AR days in good shape, they must have top-notch reporting structures, including ATB (Aged Trial Balance) report and DRO (Days in Receivables Outstanding). An experienced outsourced medical billing company can perform all these tasks exceptionally well.
· Fail to Adapt to New Healthcare Changes: Keeping up with the new changes happening in the healthcare space is highly crucial. With the introduction of healthcare exchanges, there has been a huge increase in the patients. Similarly, the ICD-10 medical coding transition, which is about to take effect on Oct’15, will call for an inclusion of 200,000 new codes. The introduction of new payment models has imposed the responsibility of focusing more on the quality of service. Therefore, it would be a prudent decision if Providers choose to outsource medical billing to a reputed company like MGSI.
To save your practice from the aforementioned warning signs, get help from MGSI. A reputed outsourced medical billing company based in Florida, MGSI has 21 years of experience in the national healthcare medical billing and collections space. From end-to-end medical claims management to healthcare denial management services, MGSI can take care of all your practice’s needs. To learn more details, log on to www.mgsionline.com
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