Stop revenue leaks now: help your client reclaim their profit
Medical billing errors cost the healthcare industry billions of dollars each year. In fact, nearly 20% of claims are denied, leading to significant revenue losses for practices. Managing these claims in-house can overwhelm medical staff, diverting their focus from patient care. Outsourcing billing offers a practical solution that brings numerous benefits to practices struggling with these issues.
The costs of handling medical billing in-house can be prohibitive for medical practices. Due to the intricacies of billing, many doctors struggle to keep up with revenue, which can drain valuable resources and affect patient care.
The Burden of Medical Billing on Practice Revenue Profitability
Medical practices, regardless of size, face revenue challenges with billing. Hence, a staggering 60% of medical practices report struggling with the billing process. Common issues include:
These challenges can cause significant stress and hinder the practice’s overall profitability.
The Allure of Outsourcing: Time, Money, and Efficiency
Furthermore, outsourcing medical billing can transform a practice’s financial health. Moreover, among the many benefits are:
- Cost Savings: Reduce overhead costs related to in-house staff.
- Focused Care: The Staff can prioritize patient care over administrative tasks.
- Expert Handling: Professionals who specialize in billing manage the complexities.
Identifying Current Billing Challenges
Additionally, to understand a client’s specific needs, consider asking:
First, what billing software are you using?
Second, how much time does your staff spend on billing each week?
Third, have you seen an increase in claim rejections lately?
These questions help pinpoint inefficiencies that ebix, Inc. can improve through outsourcing.
Quantifying the Cost of Inefficient Billing
Furthermore, inefficient billing practices can lead to lost revenue. For instance, practices could lose up to 30% of their expected income due to denied claims.
Case Study: A small clinic in Texas outsourced its billing. Before outsourcing, its denial rate was 15%. After outsourcing, it dropped to 3%, significantly improving its cash flow.
Conclusion: Unlocking Growth Through Outsourced Medical Billing
In conclusion, outsourcing medical billing can unlock significant benefits for practices. Key takeaways include:
- Improved efficiency
- Increased profitability
- Greater focus on patient care
Likewise, medical professionals should be encouraged to explore outsourcing as a viable solution. Contact experts like ebix, Inc., in the field to discuss the next steps toward enhancing their practice.
Finally, STOP THE REVENUE LEAKS by convincing your medical clients to outsource their medical billing. Encourage medical professionals to explore outsourcing with ebix, Inc. as a viable solution. Schedule a consultation with ebix Inc. We help maximize revenue, minimize risk, maintain compliance, enhance enrollment, and more. Contact us today at sales@ebixinc.com / 877-991-6300 for a complimentary consultation.
Read for additional information:
- Revenue Cycle Management: The Best Value is Outsourced
- Consulting Medical Billing Expert – What You Need to Know
