If you could increase revenue for your anesthesiology practice, would you? And how would you do it?
Anesthesiology practices across the country have all dealt with the issue of increasing funds in an increasingly-competitive market – primarily by keeping more of the revenue they already generate. By cutting costs and reducing wasteful practices, an anesthesiology practice can effectively increase revenue and improve efficiency.
The key solution for accomplishing this result is through outsourcing anesthesia billing. By outsourcing this critical – but time-consuming – part of your practice, you can actually boost revenue and keep more of what you earn by avoiding pitfalls that many practices stumble into.
Here’s more information on how outsourcing anesthesia billing can help.
Avoiding Coding Mistakes and Delays
Anesthesia billing can be complex. It can also be very time-consuming. This creates vast potential for mistakes and delays that only result in payments made after they’re due – if the claim isn’t outright denied.
Outsourcing anesthesia billing can help avoid mistakes and claim delays by working with professionals who specialize in anesthesia billing. These specialists know the codes, the nuances, the tricks, and the protocol for properly submitting claims. The more you work with experts, the more your claim delay and denial rate goes down – which means you’re effectively making more money.
Minimizing Payroll and Operational Expenses
Another reason why outsourced billing works is because it is virtually always less expensive to hire a specialty agency than to have a fully-operational billing and coding department on staff and on payroll.
Here, the cost savings can be immense. It is expensive to find, train, and hire billing and coding specialists on staff as a part of the team. This creates a substantial operational expense in the form of payroll that eats into profits. Most of our clients notice a significant difference in current costs through outsourcing and potential (or former) costs for having a fully-staffed team in house.
Reducing Overall Time for Revenue Cycle
Finally, outsourcing anesthesia billing can dramatically decrease the overall time for each individual patient’s revenue cycle, from the moment services are performed to the time when the patient’s account balance is zero thanks to a payment.
The lower the average cycle time, the faster a practice can get paid.
Outsourcing Anesthesia Billing Today
If your anesthesia practice hasn’t yet gotten into the world of outsourcing billings and coding, you could be missing out on substantial opportunities to improve practice revenue.
Contact Medical Business Management for more information on getting started and improving a practice’s revenue cycle management.
