Should you outsource your medical billing? What are the benefits? This is what many medical professionals want to know. This can be a difficult question to answer for most. Skyline Medical Billing Management explores a few of the reasons you might outsource the billing for your Prescott medical practice.
According to the 2018 CFO Outlook Performance Management Trends and Priorities in Healthcare report, the top priority for chief financial officers was cost reduction. Out of these CFOs, half of them wanted easier reporting capabilities, better dashboards, and improved abilities to analyze data. These might seem obvious, but it goes to show that you are not alone. Internal medical billing has many shortcomings that are difficult to overcome. These are just a couple of the areas that medical billing services like Skyline Medical Billing Management work hard to improve.
Increased Revenue and Reduced Cost
Outsourcing helps maintain a low overhead, increased reimbursements, and lower claim denials and rejections. In one case study, the group showed a billing revenue increase of 73% within six to eight months using a third-party company.
Improved Transparency
By outsourcing your medical billing, you are able to spend more time with patients and less time deciphering reports. A third-party provider provides an easy-to-read dashboard showing important statistics and figures such as patient volumes, collections, time in accounts receivable, and procedure mixes.
When it comes to outsourcing, one area of concern is security. Last year alone, there were over 400 healthcare data breaches reported to the US Department of Health and Human Services. Because of this, it is important to use an established provider with 100% secure billing practices. These security procedures make certain your data stays safe at all times.
If you want to lower costs for your Prescott medical practice or service, it may be time to consider outsourcing. Skyline Medical Billing Management gives you the tools you need to cut costs and scale growth. If you have questions about outsourcing your medical billing, call us today at 928-227-1167.
