Outsourced Medical Billing
As physicians continue to face an increase in costly regulations and reduced reimbursement rates, many medical practices are looking more closely at the advantages of outsourcing billing and collections to reduce expenses, maximize revenues and increase profitability.
As a decision-maker in your practice, finding new ways to improve profitability is one of your top priorities. You may have considered investing in new technology, streamlining operations, cross-training employees, or outsourcing certain practice functions to reduce costs.
Outsourcing your medical billing and collections is one way to leverage technology, integrate processes and address staffing to improve your practice's financial health. In addition to the financial benefits, outsourcing also delivers operational rewards — such as greater efficiencies and more time spent on patient care. To determine if outsourcing is right for your practice, begin by putting together a cost analysis of your internal billing and collection functions as a percent of collections. This way, you'll be equipped to conduct a more comparable analysis when you receive a proposal from an outsourcing vendor. Try to quantify the necessary items and keep in mind where opportunities exist to improve. For instance, are you overstaffed or understaffed? Do you need to rein in expenses? Are you able to effectively manage denials and billing errors? Consider where you want to be and factor that into your analysis. If you want to determine this quickly and are not sure where to begin, please give us a call or learn more by clicking this whitepaper.
“At Global Healthcare Alliance, we understand why many physicians and administrators are initially hesitant to outsource billing and collections. They’re afraid that they will lose control over their revenue cycle,” says John Adams, President and CEO of Global Healthcare Alliance. “We eliminate those concerns by having a core commitment to full transparency and an unwavering attention to customer service. Our clients benefit from our years of experience in increasing collections. They come to understand that when we partner with our clients, we can achieve great results. We’re busy increasing their collections while they focus on delivering the best possible medical care.”
The right solution is to partner with an outsourcing organization that offers the best in both service and technology and maximizes your reimbursements, decreases denials and increases profitability.
Contact Global today to see if we are the right outsourced medical billing solution for your practice.