As medical practitioners continue to be challenged to improve service outcomes and deliverables in the face of rising costs and shrinking budgets, many clinicians are realizing the financial benefits of online medical billing software.
Practice Management Costs Outpace Revenues Over Past Decade
According to a recent article published by the American Medical Association, the average cost of operating a multi-specialty medical practice has risen by 52.6 percent between 2001 and 2012, far outpacing the revenue gains realized during that same time period [http://www.ama-assn.org/amednews/2012/01/09/bisa0109.htm]. One of the most effective ways to combat massive increases in practice management costs is to use online medical billing software.
Medical Billing Software Helps To Cut Costs, Grow Revenues
One of the most obvious benefits to practices which adopt medical billing software from a medical software company are the elimination of overhead costs related to human resources, training and facilities management. With online medical billing software, your staff will no longer need to spend hours completing and submitting invoices, processing claims and re-submitting rejected remissions. Electronic health records are fully integrated with billing systems, eliminating data entry duplication for patient information like demographics, scheduling and insurance records.
In addition to the resources your practice can save by using medical billing software, you can also receive valuable information on how to improve your service delivery and increase your revenues. Integrated data analysis tools help practitioners identify strengths and weaknesses in their revenue streams, providing the information you need to grow your business.
Key Takeaways:
- Online medical billing software eliminates the need for specialized on-site billing specialists, reducing practice management costs related to human resources.
- When purchased from a reputable medical software company, medical billing software includes regular updates to ensure up-to-date compliance with HIPAA.
- Online medical billing software eliminates lengthy manual claims processing times and dramatically improves reimbursement delivery, helping to improve the cash flow of your practice and eliminate costly interest carrying fees.
- By using online medical billing software, you will enjoy a notable reduction in your overhead practice management costs. You will also receive valuable data to help you become more efficient in your service delivery, further improving the bottom line of your medical business.
References:
HealthIT.gov: http://www.healthit.gov/providers-professionals/medical-practice-efficiencies-cost-savings
American Medical Association: http://www.ama-assn.org/amednews/2012/01/09/bisa0109.htm
MTBC.com: http://www.mtbc.com/