The Medical Group Management Association recently conducted a nationwide survey of medical practices utilizing medical billing companies versus those completing similar work in-house. The survey found that practices see measurably improved performance when they outsource billing functions. Specifically, practices that switched from in-house billing to a reputable medical billing company had these outstanding results:
- 73% realized a reduction in their accounts receivable;
- 73% achieved higher collections;
- 59% decreased their denied claims;
- 59% had access to better reporting and analytical tools.
With more than 75% of practices showing a marked financial improvement in their practice, there is little argument that partnering with a top-tier medical billing and revenue cycle management company pays dividends and better prepares practices for the changes yet to come in healthcare.