Hiring a Medical Billing Company Increases Profits

19 Oct

There are many reasons for Anesthesiologists, or any other medical practice, to hire a medical billing company. If you are considering a medical billing service for your practice, there are several types (or sizes) of companies to choose from. There are large national firms and small local medical billing companies that may be able to give you a little more of a personalized service. There are even offshore companies that perform medical billing services.

But, the most important thing to know about potentially hiring a medical billing service is, how does it benefit your medical practice? There are many, but possibly the most important is that it will increase your bottom line.

One of the misconceptions of hiring a medical billing company is that it will become an expense. In reality, a quality medical billing service will not only pay for itself, it will increase your profits. If you are performing your billing in-house, when you add the expenses related to hiring a billing staff, hardware and software, and IT support, the costs will often exceed the medical billing company’s fees.

Anesthesiologists in particular can benefit by outsourcing anesthesia billing, as most anesthesiologists spend the majority of their time in a hospital setting separated from the billing and operations side of their business. Hiring a medical billing company that understands the billing & coding processes for anesthesia can greatly increase profit and patient care.

If you outsource your medical billing processes to a company that knows its business intimately, they will find ways to eliminate hidden costs. Your medical practice splits its time and resources between patient care and the billing process, whereas a medical billing company concentrates their entire effort on handling your billing. They can do it more efficiently, which brings costs down and profits up.