5 Ways Outsourcing Your Practice’s Medical Billing Can Increase Profitability
Challenges in Modern Physician Practices
Physician practices nationwide feel the burden and frustration of increased regulation, mounting administrative duties, decreased reimbursements, rising costs, and changing payment models.
A survey conducted by the MGMA (Medical Group Management Association) in 2019 found that nearly nine in 10 medical practice leaders said that the overall regulatory burden had increased in the past year. Additionally, 76% of physician respondents feel these changes had not improved the quality of care for patients.
MGMA Annual Regulatory Burden Report 2023 shows that healthcare practices are still confronted with an overwhelming number of regulatory hurdles. According to this report, 89% of medical providers find Prior Authorization extremely burdensome because it delays patient care and increases providers’ cost and burden. Submitting documentation manually through fax or a health plan’s proprietary web portal is one of the significant challenges practices face with Prior Authorization.
Impact of Administrative Burdens on Physician Well-being
Many believe that these increased administrative burdens significantly contribute to the soaring rates of physician burnout. As physicians and healthcare leaders question the healthcare landscape’s direction, some practices seek new ways to reduce their administrative burdens and increase profitability.
Impact of Medical Billing Outsourcing on Patient-Centric Care
More and more practices are looking towards outsourcing their medical coding and medical billing as a way to help improve profitability, reduce administrative duties, increase reimbursements, and improve revenue cycle management.
There are a multitude of benefits that outsourcing can bring to a practice, including:
1) Allows for more time spent on patient care – Medical practices that outsource these services are able to spend more time focusing on providing excellent quality care to their patients.
2) Reduces administrative duties – Practices that outsource spend less time handling phone calls regarding claims, pre-authorizations, and communicating with insurance carriers and third-party payers. This time is better spent responding to patients and managing other day-to-day operations.
3) Reduces overhead costs – Practices that outsource their medical billing save on salaries, office supplies, office space, software, and computer equipment.
4) Increases profitability – Medical Practices that outsource revenue services experience a decrease in overhead costs, an increase in more timely submission of medical claims, reduced coding errors, reduced denials, and increased reimbursements.
5) Improves patient satisfaction – One of the most important benefits of outsourcing medical billing is spending more time with patients, which results in better quality care and higher patient satisfaction.
Partnering for Success
If your medical practice is looking for ways to reduce costs and decrease administrative burdens while improving profitability, please get in touch with the experts at One Source Medical Billing. Let our highly trained specialists work for you!
Contact us at 888-624-5563 or [email protected] for a free consultation.