A lot has been said about obtaining during recent healthcare reform talks about obtaining efficiencies in the physician practice. Outsourcing medical billing services offers some great efficiency throughout various areas of the practice.
1. Improve profitability with lower rejection rates for claims.
2. Eliminate phone and correspondence with insurance companies on claims.
3. Billing and claim submission hardware, software, and technical support cost can be eliminated.
4. Cost savings of using a medical billing services company can be between 2-6% of net income compared to a physician practice billing department.
5. Moves billing compliance responsibility to the medical billing service company.
6. Eliminates cost for staff and staff training.
7. Free up valuable office space previously used for billing in the practice to be used for revenue producing patient services.
8. Allows the physician to get back to the basics of providing quality patient care,
A medical billing service company frequently provides more services than just billing which can provide additional efficiencies for medical practices.
A medical billing service company can provide assistance and support for the medical practice with the upcoming switch to ICD-10 coding. Practices that have struggled with getting the necessary training and transition steps in place could find medical billing services a valuable service to consider outsourcing.
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About the Author:
PGM Medical Billing Services
At PGM, we believe physicians should focus on practicing medicine, not submitting claims and collecting payments. As insurance carriers and HIPAA requirements change, physicians are dedicating more and more of their time and resources to administrative tasks and red tape. By effectively managing this time-consuming work, PGM gives time back to physicians allowing them to do what they do best.
Our specialized medical billing service is focused on maximizing medical provider reimbursement. For the past 30 years, PGM’s medical billing service has been helping physicians not only get paid more, but get paid faster. Our complete practice management solution includes claim submission and follow-up, payment posting, advanced claim scrubbing to minimize denials, and much more.
PGM medical billing services will maximize your collections, reduce your time to payment and help you lower and better manage your expenses, all dramatically improving your bottom line.
By using PGM, you will liberate your staff of tedious billing and remittance tasks to focus on patient care and growing your practice. We offer our clients a full range of practice management and medical billing solutions. From extending our proprietary software to your practice via the internet, to our full service practice management service, PGM will work with you and your team to tailor a solution that best suits the needs of your individual practice.
Full Service Practice Management
PGM’s full service practice management solution will eliminate all charge entry and patient demographic updates, as well as payment posting. A dedicated team of Account Representatives will enter all charges, perform claims scrubbing, update demographics, post payments, bill patients, and follow-up on all denials. The vast majority of insurance and government payments will be directly deposited in your bank account and all other payments will be sent directly to your office. For more information on our complete service package.
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