It is simply a case of using the most appropriate tools for the job. In this case, it’s the expertise, the knowledge and experience that a medical billing service can offer you. It’s cost effective and spares you or your secretary the hassle of doing it.
You have spent many years training in order to practice medicine, why would you waste your own expertise and time on processing invoices?
Here are some of the main concerns we hear from consultants regarding their billing and collection and how a billing service will help:
I’m working all hours but my revenue doesn’t reflect this:
- Our expert knowledge will ensure invoices are billed correctly, leading to a reduction in claim rejections by insurers and maximising your billing revenue
- We can significantly improve your cash flow by submitting your invoices electronically resulting in a faster collection rate
- We can help reduce your bad debts by ensuring billing is carried out promptly and chased in a timely fashion
- By using a billing service, you can focus on growing your practice
I’m never sure what state my finances are in
- We will send you weekly and monthly reports so you have complete visibility over your billing and payments received
- We can provide annual reports to assist you in submitting your own accounts to HMRC
It takes up too much of my secretary’s time
- Outsourcing your billing allows your secretary to focus on supporting your clinical needs
I don’t like discussing money with patients
- We will manage the commercial side of the relationship, leaving you free to focus on patient care and the clinical side of the relationship
I don’t have the time to keep up with the insurer rules or CCSD code changes
- We will keep you informed of any changes that may affect your practice and discuss the implications before agreeing any changes to your billing
Are there any other financial benefits?
- Our services are tax deductible
I think using a medical billing company is expensive
- Even after you’ve paid our fees, it is almost certain that you will still be better off financially, as a result of the often faster and higher rate of collections we are able to obtain
- By analysing your billing, we can potentially identify areas where your revenue stream can be improved
- You are already incurring the cost of you or your secretary doing the billing