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5 Ways Outsourcing Your Practice’s Medical Billing Can Increase Profitability

Posted on June 11th, 2019 / Under Uncategorized / With No Comments

5 Ways Outsourcing Your Practice’s Medical Billing Can Increase Profitability

Physician practices nationwide are feeling the burden and frustration of increased regulation, mounting administrative duties, decreased reimbursements, rising costs, and changing payment models. In fact, a recent survey conducted by the Medical Group Management Association found that nearly nine in 10 medical practice leaders said that the overall regulatory burden has increased in the past year. Additionally, 76 percent of physician respondents feel these changes have not improved the quality of care for patients. (1)
Many believe that these increased administrative burdens are a significant contributor to the soaring rates of physician burnout. As physicians and healthcare leaders question the direction of the healthcare landscape, some practices are seeking new ways to reduce their administrative burdens and increase profitability.
More and more practices are looking towards outsourcing their revenue cycle management, medical coding, and medical billing as a way to help improve profitability, reduce administrative duties, and increase reimbursements.
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 the ability to spend more time with patients which results in better quality care and higher patient satisfaction.
If your medical practice is looking for ways to reduce costs, decrease administrative burdens, while improving profitability, please contact the experts at One Source Medical Billing. Let our highly trained specialists work for you!
Contact us at 888-624-5563 or sales@onesourcemedicalbilling.com for a free consultation.
Please check us out https://www.onesourcemedicalbilling.com/marketing.html

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Enough is Enough: It’s time to outsource your medical billing

Posted on May 3rd, 2019 / Under Uncategorized / With No Comments

There is no debate about the value of medical billing services like OneSourceMedicalBilling.com . However many practitioners either haven’t heard of this easy and obvious solution or haven’t bothered to learn anything about it. In these uncertain times, it’s important to be clued up on each and every resource that might increase your revenue and secure your businesses future. There are clear imperatives to outsourcing your medical billing, we’ve included 3 below.

Free Audits can find the holes in your revenue streams

Companies like OneSourceMedicalbilling.com provide a free comprehensive Audit of your practice when you sign up. This will help identify what is past due and where your revenue streams are failing. This initial audit is key to producing a roadmap and strategy that to take the business forward.

Increase revenue

The audit will identify where you could be losing revenue, which allows us to lay the groundwork to increasing your revenue streams. We do this by ensuring the correct billing codes are entered and overdue payments are followed up quickly. Our team of billing and coding experts know how best to classify your work and are aggressive in their pursuit of your hard earned cash.

Weekly reports provide clear and concise updates

If you already outsource your billing solution but are not receiving weekly reports it might be time to find an alternative solution. Some billing firms, such as OneSourceMedicalBilling.com , provide up front and reliable weekly status reports. We provide data driven insights to fine tune your revenue streams. This allows you to see exactly where your money is going and what they’ve done for you recently. Many other solutions take your money and fade off into the background without really showing you what they have done. You need a provider that is clear and communicative.

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Can you lose your license over medical billing?

Posted on April 1st, 2019 / Under Uncategorized / With No Comments

If you read through your copies of First Aid for the USMLE, parcelling through all the information you desperately crammed into your brain for the USMLE Step 1 and Step 2, you probably won’t find any information on medical billing. Correct coding or procedures and diagnoses is a large part of any good physician or surgeons day, yet represents 0% of the United States medical school curriculum. Whilst that’s not surprising (I mean who needs to remember the 70 000 odd billing codes provided in the ICD-10) it does overlook how important the entire process is. In fact, in some cases doing it incorrectly, could land you in hot water.

Medical billing services often tell you the positive changes they bring about in your business – eg the improvement in cash flow and a better more reliable revenue stream that helps you focus on treating patients. After all you trained as a doctor and not an accountant. However, these services often don’t tell you about another important service they can provide to you. The industry can provide excellent defense against fraud charges filed against the practice.

How does this work? Having a poor understanding of how medical billing and coding works could leave you entering incorrect billing codes. This, down the line, may lead to lawsuits. The most recent example of this was a plastic surgeon in New York who found himself in hot water over incorrect billing. The board for Professional Medical Conduct is set to hear the case and decide on the doctors medical licensing status. Misrepresenting the work you have done – even in situations where this was not intentional – is deemed a serious misgrievance by the board and should be taken very seriously.

Can you lose your license over medical billing? The answer, unfortunately, is yes. How can you prevent this? Medical billing services like www.onesourcemedicalbilling.com .

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Are You Sure Your Current Billing Solution Is Maximizing Your Profit?

Posted on February 4th, 2019 / Under Uncategorized / With No Comments

If you’re a physician or a health provider who has worked so hard to attain a certain level in your career and you are still having serious issues with your Medical Billing Provider, then you must have skipped some of my blog posts. The joy of every physician is to enjoy every penny you’ve worked for but after you’ve carefully looked before you leaped into the wrong billing hands. Nobody is above mistakes, but a mistake can be corrected.

How will you know if you’re on the right track? How can you tell if your biller is actively working on your claims? It’s simple…
1. The billing method is fast-tracked from both ends. As silly as it may sound, but to be honest, sometimes, insurance companies and patients don’t always follow through on payments. This is where the medical biller comes in to ensure smooth flow of claims charged to generate revenue to the physician in question.

2. The medical biller won’t just take up only the billing part, but also maximize profits for you.

3. The medical biller will do a comprehensive audit of your practice.

4. From the audit, the medical biller will develop a roadmap and strategy to work with you to help your practice.
It’s basically simple, challenging and daring to contact a reliable and dependable biller amidst many billers for your business. One Source Medical Billing is one of the most recognized Medical billing agencies with reliable, hardworking and skilled employees handling heavy-duty tasks for physicians across the states. Our mission is to expedite our clients’ reimbursement while delivering excellent service with great communication, so they can be free of financial worries and focus on serving their patients.

You could be losing hundreds of thousands of dollars a year if you entrust in the wrong biller. Let One Source Medical Billing help by doing a FREE comprehensive audit and show you the reality like in our ad https://www.onesourcemedicalbilling.com/marketing.html

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Medical Billing Profitability in 2019

Posted on January 3rd, 2019 / Under Uncategorized / With No Comments

Medical billing is profitable when a Medical Practice uses the services of an experienced medical billing company, which has over-time continuously trained its people, to oversee the processes of submitting and following up on claims with health insurance companies.
There’s a high tendency that revenue being generated would never be as high as it would be, with in house billing. As a matter of fact, which is statistically proven, over 40% of a physician’s revenue ends up becoming lost due to loopholes and mistakes people make in the medical billing processes.
In times past, we’ve had complaints from various health providers and have come up with the best strategical ways of improving your medical billing profits in 2019. I’m going to be listing few of these tips below:
1. Coding and Billing: Medical billing is not the same as Medical coding. They are two different things entirely, even though they work hand in hand towards achieving same goals. A medical coder reviews clinical statements and assigns codes while a medical biller processes and follow up on claims. If an office should make the mistake of employing an inexperienced coder or an amateur biller, such medical practice stands a very high risk of losing valuable profits.

2. Insurance Verification: As simple as it may look, insurance verifications can be so confusing which is why is so paramount to acquire all the identifying information from the patients before a claim is initialized. Prior to this, the billing department will be able to bill the exact payer the first time, thereby preventing delays in compensation.

3. Rapid & Aggressive Follow Up: Despite the daunting tasks the billing department faces on a daily basis, they still create time to follow up on all the enquiries they receive. Failure to do so might lead to a slight delay in the physician’s income.

4. Verify Real & Exact Payments: It is important to always cross-check for payments that hasn’t been made yet in order to maintain a 100% efficiency ratio.

5. Dispute Denied Claims: There’s a possibility that a claim can be voided or unattended to, however, to fast-track these payments, a medical billing department has to follow up on all denials.

You could be losing hundreds of thousands of dollars a year if you entrust in the wrong biller.
Let One Source Medical Billing help by doing a FREE comprehensive audit and show you the reality

Marketing

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In House Medical Billing vs Outsourcing Medical Billing

Posted on May 16th, 2017 / Under Uncategorized / With No Comments

In House Medical Billing vs Outsourcing Medical Billing

Many healthcare providers are now turning to outsourced medical billing. But what are the pros and cons of in house medical billing and outsourcing? Is there really any difference?

Control

Healthcare providers like to have control over every aspect of their business. In house billing can provide providers with this control. It allows you to pick your own staff and run every part of the billing process. This could be a disadvantage to outsourcing medical billing. However, many providers do not completely understand the billing process and hiring their own staff can actually be a disadvantage! These staff may not be the best at what they do, and this can lead to a number of issues including getting caught up in red tape and decreased revenues.

Time

When it comes to your time, outsourced medical billing is the clear winner. Outsourced medical biller like One Source Medical Billing will take control of every aspect of the billing process. Outsourced providers like One Source Medical Billing hire the most experienced staff who are fast and efficient at what they do. In house staff are a lottery pick at best. If you don’t understand the myriad of red tape around the system, it is incredibly difficult to know how well a member of staff will perform.

Jumping the Legal Hoops

In house medical billing is at a significant disadvantage to outsourcing when it comes to mediating the mountains of red tape associated with the billing process. In the past year alone codes have increased more than 3x. That massive increase in complexity is unrelenting and looks set to continue. In house medical billers often find it difficult to keep on top of all this paperwork. However outsourcing medical billing does not always have this problem. Our experienced staff work with multiple clients and bring experience from different healthcare providers.

Patients First

A massive upside to outsourcing medical billing is that you get to focus on the most important thing to your business, the patients. Not having to deal with the hassle of hiring in house staff or chase up non payers means you have more time to do focus on the patient’s. This is the bottom line of any business, and more time spent with patients always equals a better business.

In conclusion, whilst outsourcing your medical billing may relinquish some control, the benefits significantly outweigh the the small downsides. As a health care providers, outsourcing means you get more time to focus on the patients and less time spent dealing with irritating legal hoops. You are likely to find your revenue stream is faster and more constant. Overall, outsourcing to medical billers like One Source Medical Billing is the clear answer.

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ICD-10 and how it impacts YOUR medical billing process !

Posted on March 11th, 2017 / Under Uncategorized / With No Comments

ICD-10 and how it impacts YOUR medical billing
if youre not an expert on it, it could delay your payments and require painful re-submissions

The medical billing industry has changed drastically in the past few years. In October 2015, the updated ICD-10 came into effect. The ICD-10 is also used to code and classify mortality data from death certificates. Whilst many improvements in the codification of mortality was made in the ICD-10 over the ICD-9, it also comes with a massive increase in complexity. The update includes a further 50 000 medical DX codes (up to 70 000 from less than 20 000). Doctors and billers need to be far more precise with their diagnostic codes in the update. On top of this, estimated time to code 1 patient has increased 69% with ICD-10 (because of this increased complexity). This means that in house billers need to work faster to achieve the same results.

The issue is that this increased in complexity makes the process far harder to follow. The ICD-10 is draped in fresh red tape and unless you are an expert, it could delay payments and require painful resubmissions. Outsourcing your medical billing to OneSourceMedicalbilling can alleviate you from this stress. With us, you know you are getting experienced staff with years of experience and multiple clients. They are experts at mediating the highly complex ICD-10 to decrease resubmissions and delayed payments.

ICD-10 has profoundly impacted the medical billing community by increasing complexity. This has caused in house billing to suffer a number of issues. Errors in coding have gone up and time to code has also increased. Overall this has caused decreased revenues and increased payment times for many healthcare providers. Switching to an outsourced solution can fix these issues. Our team of experts are fast and make fewer mistakes. Contact OneSourceMedicalBilling for a quote now.

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Our expertise and knowledge of constantly changing guidelines

Posted on February 6th, 2017 / Under Uncategorized / With No Comments

Our expertise and knowledge of constantly changing guidelines and insurance submission, help you get paid faster, minimize re-submissions, boost revenues and decrease labor costs.

In the past few years, the red tape and guidelines surrounding the medical billing industry has increased exponentially. In 2015, the ICD-10 was updated to including a further 50 000 medical DX codes. This complexity makes in-house medical billing increasingly difficult. Many of our clients complain that when they were using an in-house solution, resubmissions were common and insurance submission mistakes plentiful. All of this influences one thing – your revenue stream. Mistakes and resubmissions equal longer payment times and a troubling cash flow.

Outsourcing your medical billing can provide a quick and easy solution to this issue. Our experts work with multiple different clients and have a wealth of experience on the changing guidelines. This means they are excellent at payment submission and follow up with non-payers aggressively. Their mistake free, hard work can drastically improve payment times for you. This results in improved revenue, allowing you to spend more time on the important parts of your business and stop worrying about medical billing.

On top of this, outsourcing means you don’t have to worry about hiring and firing in-house medical billers. Knowing which staff are experienced enough to understand the guidelines when you yourself do not. It is not an easy job and many healthcare providers find that their in-house billing department is slow and inefficient. At OneSourceMedicalBilling.com all we do is medical billing and our employees are experts at navigating the red tape. On top of this, Labor costs are significantly reduced with an outsourced solution. You need not worry about pay raises, insurance and benefits for staff. Instead, you get an expert team of billers whose only goal is to improve your revenue stream.

If you find the changing guidelines troubling, or simply want to decrease payment times and increased revenue get in contact with OneSourceMedicalBilling.com now to speak with an advisor. Our team knows the red tape inside out, and could drastically improve your payment times. An outsourced solution can also save you a ton of money in labor costs.

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