Why Outsourcing?
Outsourcing medical billing has many advantages, but the prospect of shifting such an important revenue-generating procedure off-site may be scary. This guide explains why outsourcing medical billing may be one of a practice’s finest financial options and why it’s gaining popularity
Our fees are reasonable, and they are calculated as a percentage of net receivables. Expenses associated with in-house invoicing are eliminated. Our organization’s courteous and professional telephone assistance to patients and follow-up with insurance companies relieves your medical office employees of phone traffic and the need to deal with insurance company’s. Service from a dependable, professional business like MFS ensures that you’ll get the support you need now and in the future. You retain complete control of the practice’s finances and receive full regular updates. Med Financial Solutions is fully compliant with HIPAA requirements.
Outsourcing your medical billing practice would result in a demonstrable gain in income as well as a reduction in major operational inefficiencies. Instead of processing claims, collecting account receivables, and worrying about cash flow, our clients spend their time delivering vital medical services. MFS provides complete patient and client confidentiality. Reduced paperwork leads to better productivity, higher morale, and greater job satisfaction among medical office staff. Depending on the payer, electronic claims are reimbursed in an average of 14 days following filing.
In-House Billing vs Outsourced Billing
For example purposes only, numbers are subject to change according to the practice specialty.
| In-House | MFS | ||
|---|---|---|---|
Collections | - | 500,000 | |
Billin Fee | - | 5% | |
Employee Salary (per employee) | $41,600 | $25,000 | |
Benefits 18% | $7,488 | NONE | |
TOTAL COST PER YEAR | $49,088 | $25,000 | |
