Financial pressures have been increasing on small and medium sized medical practices – several factors such as changing reimbursement paradigms, increased legal regulation needs, and even the present trend of high-deductible health policies – these pass the responsibility of payment on to the patient toward a portion of care received by them
How to Improve Bottom line of Practices by Reducing Expenses
While it is hard to increase revenue in practices, diligently handling the expense side helps in accomplishing better bottom line. Although the primary focus of health care facilities must be managing patient care as best as possible, business side also needs attention – running a practice involves meeting staffing challenges as well. Here’s where outsourcing certain processes makes sense by helping cut costs while improving business performance of the practice.
No Need to Recruit More Full Time Employees (FTEs) with Increased Billing Needs
Despite the fact that their revenue lines remain static or sometimes even decreased, more than half the medical practices surveyed in a recent study disclosed they have increased their FTEs for handling medical billing and collection. This may not prove practical on a long-term basis. It is good business sense to outsource medical billing process – it lets practices to contract only for the resources that they require at prices based on performance. This way, your practice need not absorb ancillary costs such as employees’ benefits, taxes, and workspace.
Access to most modern RCM Technology
Numinatrans has been providing Medical Billing Service to global health care facilities since over a decade. We have a team of medical billing professionals and certified specialty coders. With experience and skill, they assure complete compliance with payer and government regulations.
Contracting with Numinatrans gives medical practices access to best in class technology and leading edge that helps eliminating several medical billing issues which hinder timely reimbursement. Real time in depth reports help you understand the financial standing of your practice and its performance. All this, and software and equipment maintenance and updates at no additional cost, for managing the medical billing component effectively.
It has been proven that most medical practices that outsource their billing tasks have experienced better reimbursement, fewer compliance and regulatory issues, and quicker collections. Overall financial health of health care facilities has been seen to be robust when outsourcing their medical billing process.