3 Ways Billing Boosts Your Bottom Line
Many providers today view outsourced billing as an overhead expense. Often times we are asked, "Why would I outsource my billing if I could do it myself?". To this question, we provide 3 ways that might change your mind on outsourcing your billing to a professional billing service.
1. Billers Save You Time
The first way that a biller can add to your bottom line is by saving you time. In private practice, time is money. So when you are not in session, you are not getting paid. The amount of time spent and wasted on billing and insurance related activities by providers is incredible. According to BMC Health Services Research the figure is around 471 Billion dollars.
By outsourcing your billing to a trusted biller, you free up that extra time to focus on treatment and not administrative tasks.
2. Billers Follow-Up On Rejections and Denials
After getting a client in the door and going through the paces of treatment, the worst news you could hear is that a claim is denied or rejected. This means that you have to go back through all the patient's information and find out where you went wrong, so now you are doing the work twice!
When a biller is diligently following up on rejections and denials, they are bringing in money that would have fallen through the cracks. This means that you are getting paid even when you don't expect to. This can be invaluable to a practice's bottom line.
3. Billers Should Cost Less Than Personnel
One of the main ways billers add to the bottom line is they should be less expensive than internal staff. When you remove salary, health insurance, 401K, and training time the end result should be several multiples added to your practice.
Instead of paying all of the expenses incurred with staff, you are paying a percentage and the same services are being provided.
Billers can be an invaluable resource that helps bring money to your practice. In short, if your billing service is impacting your business in a positive way it is time to look elsewhere. The point of outsourcing billing is to add value and not detract it.