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5 Reasons Why You Will Love To Partner With MDSPROUT?

Handling multiple patients at once can bring a lot of paperwork to your table. As a healthcare provider,

you may have no time to rearrange vast data of rendered services with suitable codes in your practice.

On one hand, hiring staff for the job proves a costly affair but your compliance gaps are left

unaddressed. On the other hand, patient visits to your office are on the rise and so is the volume of their

medical records. Over a period, you realise the amount of revenue you lost on countless arrears which

seriously affects your workflow. This eventually limits your practice management and could prove

insufficient to payer requirements causing inevitable payment delays and even unwanted claim

rejections.

In all this, there is a wiser option – to outsource your medical billing to companies that can best

customize their solutions to your billing woes. Lower cost factor is unequivocally the prime motivation

behind opting for outsourcing. Usually, companies charge only a certain percent of the collections you

actually make, which could save your practice up to tens of thousands of dollars each year. But here are

5 quality reasons why providers must hire a medical billing company besides the advantage of

phenomenally low costs.

1. Tech-Savvy team of medical billing experts

Medical billing companies are a treasure-trove of well-trained coders and certified billing professionals

who are employed specifically to cater to their clients with an incredibly high turn-around time. With

their assistance, the scope of billing errors for any practice could stand at an all-time low, which means

drastically lower resubmission costs of insurance claims. Billers are also proficient with legal, medical

and insurance terminologies and healthcare plans, which means they are aware of payer requirements

and billing priorities that lead to more accurate claim submissions and little or no denials.

2. Timely reimbursements and higher cash flow

Medical billers are very good at step-by-step management of work where no arrear is overlooked. They

create and translate superbills to claims most systematically, making sure that charge capture is on

target. All this in just few days from the date of service. Claims are then immediately posted to payers

through most efficient third-party web platforms that ensure timely reimbursements of your rightful

earnings. Such revenue cycle management model brings higher payment velocity earlier than the

average rate and net collections higher than the previous average amount. In fact, the undivided

attention you get from medical billing companies helps you gain upto 200,000 dollars annually in net

collections on average, that would have otherwise been lost in with poorer charge capture and

observation anomalies the in-house scenario.

3. Lower administrative and infrastructure costs

If the practice is fairly new and is looking out to save administrative costs, then outsourcing medical

billing can help save up to 55% of its annual average income that would otherwise have been spent on

staff salary and other human resource-related benefits. Infrastructure costs of setting up an office

space, equipment and maintenance of the same on a daily basis could incur you a sizeable fraction of

your expenditure which you can completely avoid by partnering with a medical billing company.

4. Longer interaction with your patients

Two parameters that have the capacity to single-handedly determine the success of your practice are

greater patient satisfaction and therefore, greater patient inflow. Both are significantly enhanced if

practices opt to outsource their medical billing. It specifically benefits small groups of practices that do

not have the bandwidth to handle the financial side of the practice simultaneously with interacting and

being courteous with patients. Medical billing companies will help save time, increase productivity and

encourage the existent providers and other medical staff to concentrate on their respective specialties

and practices. The uninterrupted nature of professional assistance by doctors and support staff is what

makes a lasting impression on patients and auditors alike. Hence healthcare providers must devote their

time to patient care and core activities by letting medical billing companies responsibly takeover your

accounts.

5. Total compliance, hence better ratings

Medical billing companies take care of your credentialing and compliance requirements as under the

Health Insurance Portability and Accountability Act, 1996, as well as various healthcare plans that have

constantly changing regulations. Monitoring the gaps, eliminating them and achieving successful billing

cycles is a full time job that medical billing companies will be dedicated towards till the very end. This

automatically leaves a good impression on audit reports, brings in higher profits and efficiency and

enhances the overall image of the practice within the medical community. Even CMS takes note of the

multi-dimensional progress and feature the practice as one of the best medical spaces that patients can

opt for.

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