4 Reasons Why Outsourcing Medical Billing is Profitable for Ophthalmology Practices
Jan 4, 2022
Medical billing is an important aspect of running a medical practice. In the United States, there are roughly 20,000 ophthalmologists who all undoubtedly would like to be paid on time for their services.
Ophthalmologists need to focus on patients rather than medical billing when they outsource their billing operations. Outsourcing provides benefits such as increased collections by 15% and decreased days in A/R by 19 days on average – all with a service tailored specifically to ophthalmology providers that will increase profits.
Here are the top 4 reasons why outsourcing medical billing can be profitable for your ophthalmology practice.
More Time to Focus on Your Patients and Their Care
When you outsource your medical billing, you are freeing up time in your day to focus on more important aspects of your practice.
You can spend this extra time with patients or working on new ways to improve your services. Increased Collections – Outsourcing your medical billing to a specialist can result in an increase in collections by 15%.
Avoid Costly Mistakes
Billing mistakes can be costly for any medical practice.
In fact, a study by the Medical Group Management Association showed that billing and coding errors cost practices an average of $383,000 per year.
Outsourcing your medical billing to a specialist who is up-to-date on the latest changes in coding and billing procedures can help you avoid these costly mistakes.
Decrease Days in A/R
On average, outsourcing your medical billing can decrease the number of days in A/R by 19 days.
This is due to the fact that specialists have processes and systems in place that allow them to bill insurance companies quickly and accurately. You Can Focus on What You Do Best – Ophthalmology is a complex field with a lot of specialized knowledge required.
When you outsource your medical billing, you are trusting someone else with this important task. Specialists who work in medical billing have years of experience dealing with all types of insurance companies and claim forms. This means that you can focus on providing quality care to your patients without having to worry about medical billing claims.
Save Your Practice Money
You don’t need to employ a billing department when you outsource your medical billing.
In fact, the average cost of employing a full-time medical biller is $38,000 per year.
That’s a lot of money that can be saved by outsourcing your medical billing. Get More for Your Money – Medical billing specialists work with many different clinics and have access to first-in-class software and services.
This means that you will be getting more for your money when you outsource your medical billing.
When it comes to making decisions about your ophthalmology practice, outsourcing medical billing should be one of the top items on your list. By doing so, you can focus on providing quality care to your patients.
Outsourcing Your Medical Billing
There are many benefits to outsourcing your medical billing.
Some of these benefits include increased collections, decreased days in A/R, and saved money.
Contact us today for more information about our medical billing services tailored specifically for ophthalmology providers!
Outsource Your Ophthalmology Medical Billing
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