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Choosing the Wrong Medical Billing Partner Can Cost You

Choosing the Wrong Medical Billing Partner Can Cost You

If you feel you’re finally ready to make the choice to outsource your medical billing, be aware the best choice may not be just around the corner from you. With the security of Internet transmissions, you can use a company across the country and be just as secure as if you were handing your documentation directly to someone across the hall from you.

Making the choice to use a medical billing company for your practice can save plenty of money. However, choosing the wrong medical billing firm can cost millions and in some cases, your practice.

There are numerous benefits to using a medical billing company. One of the biggest is that dedicated individuals will work on your client’s medical bills on a day-to-day basis. Average error rate in self-compiled claims is around 30%. That number will drop to less than 1% when you make the choice to outsource your medical billing to a reputable firm.

Another benefit of using a medical billing company is that they lower amount of man-hours needed to run a successful practice. This cuts down on salary costs, vacation pay, and sick days because fewer employees are needed in the office.

After discussing the various benefits of hiring a medical billing consulting firm, it is very important to talk about choosing the right firm. Medical billing companies handle exceptionally sensitive materials and information about your patients. They have access to names, social security numbers, diagnoses, and procedures that were done to these patients. Your practice must be able to trust in the confidentiality of the medical billing firm.

Steer clear of companies that don’t spell out what they do for you and the credentials of their employees. Outsourcing your medical billing responsibilities to a consulting firm has several benefits, however, choosing the wrong firm can be devastating to your business – cheaper doesn’t always equal better and in the case of medical billing firms, ask for referrals – if a firm refuses to release them to you, that’s a red flag.

Outsourcing your medical billing can jumpstart your revenue for your practice if you choose a medical billing partner that is competent, experienced and working for you!

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