Medical Billing Outsourcing Benefits
What are the Benefits of Outsourcing Billing?
5 Star Billing Services exists to help medical providers and clinics improve their financial performance. We provide the tools and insights to achieve your business objectives. 5 Star Billing Services are geared to do just that – help you improve your business. Statistically medical billing outsourcing improves your cash flow and collections and reduces the costs and headaches of employee problems. What you can expect
- Cash flow increase
- Save on the high cost of equipment and software as rapidly changing technology translates into extra expenses
- Reduce staff size and employees expenses
- Eliminate sick pay, vacation pay, insurance benefits, workers compensation, etc.
- Eliminate training costs
- Reduce call volume
- Focus on patient care instead of billing
- No cash-flow interruptions due to staff turnover
- Reduce costs
- Eliminate “non-medical” business office space
- Reduce record storage space
- Receive detailed reports
- Eliminate provider/patient payment discussion
Get Paid Faster
The struggle between payers and providers over insurance compensation continues to escalate as payers apply more resources toward reducing their reimbursements. Medical insurers benefit from not paying you promptly. It is how they manage their cash flow. Miscoding and errors cause rejected claims and delayed payments. Our expert medical billing process ensures accuracy and thus insurance payment. The Five Star Billing process, from data entry to claims submission ensures your checks come in faster. We do the job right from start to finish.
Reduce Payer Denials
Our collection system includes aggressive, effective denied claims appeal. This not only increases cash flow but also lets the insurance industry know your facility is unwilling to accept denials as a routine cost of doing business.
The Managed Care trend in the health care industry has resulted in a staggering increase in the number of payer denials. The estimated number of denied claims has increased to 18% over the last ten years. Discounting this impact is not a luxury most practices can afford given cost-constrained healthcare management.
We use our vast experience in the medical billing industry to implement strategies that reduce denials. While appealing denials is part of our process, we actually help solve denial problems rather than just addressing them.
Eliminate Expenses and Hassles
- Medical biller’s salary
- Medical biller’s benefits including
- Worker’s compensation
- Healthcare insurance
- Vacation and sick leave
- Bonus, raises and gifts
- Computer hardware purchase & maintenance
- Software purchase & renewal
- Clearinghouse fees
- Office Space
- Training costs
Solve Human Resource Problems
Medical billing outsourcing resolves multiple staffing problems. A major problem with in-house medical billing services is management, turnover, retention and practice growth.
Reducing Employee Turnover with Medical Billing Outsourcing
On-going employee turnover is a common problem for many practices. When a medical biller leaves, your cash flow is compromised. In experienced medical biller’s make errors. Even experienced medical billers new to a practice make errors - errors that at the minimum delay payment. Training medical billers to learn your practice particulars is an inefficient use of your time and is resource draining for other staff members. Medical billing outsourcing avoids these problems all together. When your receptionist quits it is a problem. When your medical billing person leaves, your entire practice cash flow is affected. An experienced and reliable medical billing service is a much better solution.
Medical Billing Outsourcing Provides a Cheaper Fixed Cost in the End
Medical billing outsourcing is a variable cost percent that varies directly with your medical billings. With outsourcing, this cost goes up and down with your collections.
As your business and revenues grow, so does the medical billing and coding workload. However, your employee costs are fixed, while billings and receivables are not a fixed benefit. Therefore, when you need to add another biller you drastically increase your fixed costs, and now you are usually overstaffed, as the workload volume catches up to your expanded billing capacity.
Lower Employee Costs
Besides salary, there are payroll taxes, FICA and insurance, and the cost of administering and accounting for these. Plus, when your medical billing specialist is sick or on vacation, you still have to pay them. Instead take advantage of our experienced medical billing services leaving you to focus on what is important - your patients!
Timely, Flexible Information Reporting
The Five Star Billing process includes targeted data gathering to provide you exactly the data required to strategize and plan for growth.
Leave the Technology to Us
Our clients do not need to invest in expensive technology that only obsolesces over time. We emphasize leveraging our expanding expertise and technologies rather than risking your capital. We provide a secure and HIPAA-compliant system for your vital data. Avoid technology headaches, the risk of obsolescence, and the heavy costs of servers, storage, networks, upgrades, service and support. 5 Star Billing Services will manage all of this for you, as we stay abreast of the latest technologies to ensure you get the best solutions. We offer front-office software for scheduling, patient registration or we interface with most major practice management systems. If you are interested in a clinical solution, we also offer an EMR system that is completely integrated and seamless with our practice management and billing software.
5 Star Billing Services May be Your Solution
More money, fewer headaches; more strategy, less administration results in more billable clinical time. You get to do what you are best at and use our critical insights to take greater control of your business. Interested in learning more about how 5 Star can help your practice be more successful? Please contact us for more information.