How Much Does it Cost of Outsourcing Medical billing?

There are numerous advantages to outsource medical billing service to a 3rd party medical billing firm. It usually results in exceptional cost savings and outcomes due to state of the art technologies, streamlined processes, economies of scale, superior systems and skilled labor that has specialized knowledge and experience. To figure out how much outsourcing medical billing costs, you must take into account administrative fees, set-up fees and billing fees. These charges will differ conditional on the types and volume of claims. This is also subject to the scope and size of your medical practice.

Costs of outsourcing medical billing

Let’s take a look at the different costs of Outsourcing Medical Billing:

Set-up fees

Most billing firms charge a start-up fee from a new client, while others require no fees. Broadly, an average of $300 is charged per physician.

Administrative fees

All billing companies charge an administrative fee that covers the costs involved in the services offered and the cost of software upkeep. These fees range from $3,000 to $6,000 depending on the size of your practice.

Billing fees

After you have cleared your set-up and administrative fees, you will be billed in different ways according to the size of your company. This includes Percentage-based fees, Flat fees, Hourly fees and maybe a combination of either one of them.

Key benefits of outsourcing medical billing

In today’s evolving and complex healthcare industry, successful administration of medical coding and billing are ascertaining to be a strategic beneficial point for healthcare experts. Outsourcing medical billing has not simply turned out to be a cost-cutting savior. In fact, clients are gradually considering it as an instrument that has far-reaching benefits for their business.
Let’s take a look at the 5 key benefits of Outsourcing Medical Billing:

Better savings

A skilled medical billing outsourcing firm has the distinctive capability to allocate their financial expenses over the entire client base, which basically results in economy of sales. Furthermore, they also function at a reasonable cost when matched to a single and multi-practice.

Better profits

The experienced and trained staff of the medical billing company has a single purpose, which is to upsurge the revenue of your business. They keep track of all your financial specifics and analyze the payments so they can stop the unfitting corrections and to guarantee that the carriers are remunerating the correct amount.

Improve cash flow

Medical Billing Outsourcing keeps billing flowing in an efficient way, getting bills out quicker, getting payments back sooner and with less expense. Patients from time to time delay in paying their bills, which results in additional staff overhead just to get the payment your company deserves. One great route when using outsourced medical billing is that the firm can issue reminders for timely payment to your patients. Now that your team no longer has to take care of this routine, they can turn more of their attention to taking care of patients.

Make fixed expenses variable

If you want to employ your own billing department, the highest expenditure will be the salaries of your personnel. You would have to pay these salaries whether business is booming or slow. Simply put, they are a fixed cost. Billing firms, alternatively, charge a percentage of the cost of the bill, which means when you file less claims, you pay a lesser amount of money.

Ensures billing compliance

Factual Medical Billing will help you stay informed on regulation and compliance. The health care industry is ever-changing, and a 3rd party medical billing firm can assist with that.

Medical billing calculator

When it comes to Medical Billing Services, there is no shortage of options. MedsIT Nexus is an industry leader in making saving easier for Healthcare Professionals and Organizations such as yourself. Clients who chose MedsIT Nexus saved up-to 30% on Medical Billing Services. Whether you are transitioning from in-house billing or a third party billing company, see for yourself how much you could save.
Click here to calculate medical billing

Benefits

• Average Savings of up-to 30% when you choose MedsIT Nexus
• Free Billing Software
• Free Cloud Server Access
• Comprehensive Practice Analysis

Conclusion

MedsIT Nexus has all that you require to grow your revenue and modernize your workflow. By selecting the correct medical billing firm, you can allot your financial and human resources more successfully.
Our team of expert billers and certified coders have the understanding and knowledge to serve your facility with comprehensive and precise work. We major in managing medical coding and billing, MRA/HCC coding, insurance verifications and authorizations, HEDIS coding, claims submission, denials, and assignment related to the A/R reporting.