Quick list of Benefits of Outsourcing

Claims Only:

• File claims on time with near zero rejection rate.
• Those claims that are rejected-we will know about rejections the same day we send claim
• Decrease payment time from 30-90 to 14-18 days or less
• Increase cash flow
• Time value of money- you get interest instead of insurance co.
• Decrease supply costs such as postage, envelopes, and forms
• Decrease personnel time to prepare paper claim ( up to 15 min. per claim)
• Satisfy mandates of HIPAA ( Health Insurance Portability and Accountability Act) for electronic filing in Oct 2003
• Procedure Code audit and Billing Cost analysis
• Keep current in federal and state regulations and stay educated on health care industry
• Average cost for filing paper claim is 7-12

Practice Management:

Above plus:

• Time it takes to follow up with insurance company on rejected claims
• Supplies for patient statements
• Time to prepare statement and associated supplies
• Technical Support, Software upgrades
• Employee turn over and new employee orientation
• Utilize third party for soft collections- pts. Take bills more seriously and are prompted to pay on time
• Management reports such as ins and pt. aging, etc allow effective management of pt , insurance, and procedures
• Space and other overhead such as benefits,
• No lost time for sick days and vacations
• No more time spent on hold dealing with insurance co.
• Claims follow up and appeals
• MedOffice software, training, and tech support
• Billing specialist with over 20 years experience
• Pt. hotline