Benefits of Outsourcing Your Practice Management Functions
Benefits of Outsourcing Your Medical Billing and Revenue Functions
Many providers of healthcare have begun to explore the outsourcing of their office procedures that has been traditionally done within the office, whether that is outsourcing their payroll, administration of employee benefits and maintenance, or medical billing. This new era has come at a time for healthcare providers when they are faced with cuts in reimbursement from insurance companies, more and more procedures being bundled, and time restraints on getting claims filed.
Similar to trends experienced by most economies, the healthcare industry has become highly competitive and fast paced. Those who do not keep up, will definitely be left behind. Nearly every provider and their medical practice can be more efficient and cost effective by utilizing the services of a medical billing firm.
Below, we have outlined some of the benefits that we believe to be most advantageous to the overall efficiency and financial well-being of your practice.
Outsourcing of your claims billing processes is solely designed to speed the process, reduce your business expenses, and increase the efficiency of your medical billing.
Many providers are reluctant to let a third party assume responsibility for their billing. They think that they will lose control over their account receivables. That is not the case with Outsource Management Group, LLC. In retrospect, you actually gain more control by having a more thorough checks and balances system in place. Whether Outsource Management Group uses your practice management system or ours, you have 24/7 control to view your accounts receivable.
With the reduction of overhead costs, timely submission of correct medical claims, and the increased reimbursements, a higher profit is another advantage. Our medical billing process is to also ensure that you are charging for everything that you should be charging for. We look for lost revenue by working closely with the provider and staff to better understand their medical practices. The healthcare industry is rapidly changing and providers have the opportunity to increase their revenue with the multiple CMS incentive programs. At Outsource Management Group, we assist providers and staff in participating in these programs to take advantage of the additional reimbursement that is offered.
- Improved claims accuracy resulting in increased reimbursements
- Improved claims follow-up resulting in increased reimbursements
- Elimination of in-house billing staff salaries
- Elimination of vacations, sick days, health insurance
- Elimination of workers comp insurance
- Elimination of employee business taxes
Healthcare is a very critical service industry and one of the main benefits of outsourced medical billing services is to relieve medical professionals from the administrative tasks and allow them to concentrate more on providing quality healthcare services for their patients. Reducing operational costs for additional labor, computer, practice management systems, supplies, postage, etc… is the first noticeable difference you will see. You will also notice that your practice will be running day to day in a smoother capacity once your office staff does not have to deal with patient billing and related matters, thus allowing them more time to concentrate on patient care.
- Promotion & marketing to new patients
- Providing superior health care to your patients
- Developing new marketing strategies for your practice
- Maintaining superior patient relations
Experienced, professional medical claims specialists can ensure that your claims are accurately submitted in a timely manner. Not only will this reduce the number of denied and rejected claims due to billing errors but will provide feedback to assist in maximizing reimbursements on future claims. Miscoding and errors cause rejected claims and delayed reimbursements. Our medical billing process implements strategies to reduce denials. While appealing denials is part of our process, we actually help solve problems rather than just addressing them.
- All claims are audited for accuracy prior to submission
- Claims are then submitted electronically
- This results in less claim delays and non-payment
Insurance rules and HIPAA regulations are constantly changing and medical staff can only do so much to keep up and handle healthcare reimbursement and processing. When your staff is out of the office for seminars, no billing goes out. The time allocated to medical professionals in keeping abreast with all the ever changing laws, rules, and other regulations pertaining to insurance, medical and other billing records can be challenging and overwhelming.
Medical billing companies are updated with these regulations and have special relationships with medical insurers which can help speed up the processing of medical claim reimbursements even more than before. Billing interruptions ultimately affects the timeliness of reimbursements and your cash flow. Using a medical billing service allows a continuous, steady flow of claims going out and cash coming in. No more worries of decreased cash flow when staff is sick or on vacation!
Medical billing companies benefit from the knowledge of working for multiple practices and when errors are discovered in one practice, the knowledge from that error can be applied across the client base as a whole.
- Expanded knowledge of the ever changing rules and regulations
- Increased experience derivative of having numerous clients
- Decreased claims denials and billing process interruptions
- Improved follow-up and subsequent payment on any denied claims
The day to day management of your revenue cycle is a tedious and time consuming task to say the least. By outsourcing these functions to billing specialists, you will immediately notice that your practice will be running smoother and more efficiently. Once your office staff does not have to deal with billing inquiries, claims, paperwork and other related matters that most medical staff are not comfortable in dealing with, they will be able to spend more time concentrating on functions they specialize in.
- Increased office staff productivity
- Reduced paperwork
- Increased morale and job satisfaction
- Improved patient relations
We have yet to meet a provider that did not see the benefits to an increase in their revenue. We also have yet to meet a provider that has not seen that increase by outsourcing their billing functions to Outsource Management Group, LLC.
When you outsource to Outsource Management Group, LLC., you are essentially adding a team of billing and coding experts to your staff without all the expenses. Outsource Management Group, LLC., does all follow-up and does not take NO for an answer, so if a claim is denied it is appealed until it is paid.
Properly billing insurance for your practice is much more than just submitting claims. It requires a detailed financial understanding of your practice and all the operations that accompany it. We are here to do one thing, get you paid for everything that you deserve.
This is why we have developed revenue management solutions that can be custom tailored to meet the financial needs of any provider and their practice.
Partner with the leading medical billing firm & increase your revenue now!
By utilizing any or all of our practice management services you are taking the first step to increasing your revenue. As your business partner, OMG becomes a seamless part of the daily function and overall financial health of your practice. We take great pride in continually striving to verify that you’re being reimbursed for everything that you deserve. Contact us today if you’re working long, hard hours and tired of needing more revenue. We will become your partner and guide you to a better bottom line!