What are the benefits of outsourcing medical billing and coding?

Answer 1

Mentioned are the benefits of outsourcing. 1. A minimum of 30% outstanding A/R will be collected 2. Increase reimbursements by a minimum of 30% 3. Accelerate cash flow - most claims are paid within 14 days. 4. Claims are virtually pre-approved for payment - rejection rates less than 3% 5. HIPAA and OIG compliant 6. Target 100% collection- Review of EOB and immediate follow-up on unpaid claims & appeals 7. Reduce Management time for Doctors 8. Fewer staff problems because fewer staff is required 9. No maintenance of hardware/software/technical issues or dealing with backups 10. 100% of claims are submitted electronically every day which accelerates cash flow 11. Reduce processing cost by up to 60% 12. Elimination of patient calls for billing issues 13. Elimination of missed charges through daily tally schedule 14. Negotiation of better rates with Insurance Companies on behalf of Doctors & Analysis of insurance companies allowable amounts 15. Full time professional attention to the billing process 16. Increased patient satisfaction (prompt, accurate) 17. Easy to understand invoices means response rate goes up by 400% 18. Reduces burden on staff so it enhances patient care 19. No upfront fees to start 20. No hidden costs and 21. It eliminates backlog.