Outsourcing Medical Billing.
There are some essential questions to ask when deciding to outsource your medical billing department. All of which can be determining factors for independent practices to make when outsourcing the medical billing department. Below are a few you should consider when assessing your needs:
- Is your medical practice new? New medical practices have their hands’ full managing patient care, making it tough to manage the billing. Outsourcing medical billing can give you the much-needed solution from the day-to-day stress of launching and managing a new practice.
- Are you tech-savvy? Keeping your billing in-house will require investing in practice management software. You also need to train your staff, which adds to the costs frequently. Not dealing with software upgrades and frequent technical issues can make outsourcing your billing the right move.
- Is staff turnover high? High staff turnover is frequent in small or independent medical practice, especially in the billing department. Claims processing is the lifeblood of any professional practice. Having numerous additions or replacements in the billing team will inevitably slow down claims processing.
- Are your collections dropping? Having an inefficient billing process can negatively impact your in-house billing department. Outsourcing to a third-party provider may be the best answer significantly reducing the time taken to receive payments and the number of rejected claims.
- Do you have different priorities? Many solo physicians and small medical practices aren’t too savvy with the business side of things. Some want to help patients and not undertake administrative tasks. Outsourcing the billing process eliminates this daily hassle and allows you to focus on providing patient care.
Outsourcing Medical Billing Benefits
The convenience factor is a big reason to outsource medical billing.
A typical medical billing service provider charges a specific percentage of the collected claim amount, with the industry average being approximately 7 percent for processing claims.
An experienced billing provider handles all the data entries and claims submissions on behalf of the medical practice. Outsourcing your billing process to a third-party medical billing service provider can provide efficiency and accuracy. Outsourcing models typically have higher net collections than in-house models.
Which Approach Should You Choose?
Independent practices must consider all the reasons to outsource medical billing, including budget and preferences, when deciding whether or not to outsource their billing process.
IOSoft provides proprietary software for medical billing, healthcare claims adjudication and electronic payments between healthcare Payers and Providers, along with payment software platforms for corporations, government & institutional organizations.
IOSoft provides targeted product offerings for healthcare providers, provider networks, physicians and hospitals; and clearinghouse companies.
IOSoft’s UPC™ platform is focused on improving the plans’ security, management, and control over their payments process.
The IOSoft team has pioneered the development of automated health care payment systems since 2006. IOSoft understands and has addressed many of the industry challenges and created the industry’s most comprehensive problem solving, the cost-effective medical payment system in today’s market.
Building on its extensive experience, IOSoft is pleased to present its latest Unified Payment System™ (UPS). UPS begins with a Cloud-Based system interface that connects with all claim system technology and can be implemented in 30 days or less with no or minimal workflow changes.
The Cloud-Based System provides a common portal, giving the Provider and Payor a universal Gateway that allows for more exceptional communication and a standard decision matrix.
UPS offers every type of available payment on the portal with enhancements to traditional payment types and patent-pending new technology with significant cost savings.
IOSoft Inc. also has several other platform developments such as automotive warranty payments.
Since formation, IOSoft has been a third-party developer of software and provides IT support for the platforms developed. IOSoft was chosen to provide “best in class” payment technology to include its industry-leading Virtual Check.
IOSoft Inc. was formed in 1998 and acquired by RJD Green Inc. on April 18, 2016.