Many physicians find that receiving the correct reimbursement (from the first billing submission for services rendered) to be a challenge, which is why many choose to work with companies that specialize in providing outsourced physician services.
According to the American Medical Association, “the nation’s top three payors adhere to paying contracted payment rates only 68% of the time,” as reported in “MDNews.com.”
Outsourcing partners can increase physicians’ revenues by helping to improve all areas of a practice’s collections, while reducing overhead.
“We understand why many physicians and administrators are initially hesitant to outsource billing and collections,” said John Adams, President and CEO of Global Healthcare Alliance. “They’re afraid that they will lose control over their revenue cycle.”
Because maintaining a strong profitability, without losing control of cash flow, is vital for healthcare facilities, many physicians are finding outsourced physician services to be an excellent resource; the key is to do research and find the right outsourcing vendor to partner with, so that you’re able to retain a strong bottom line.
“Changes in healthcare reimbursements make it a challenge for practices like ours to continue to have their own staff manage the billing and collections,” said an administrator at Southwest Nephrology Associates. “We realized the benefits of partnering with a physician outsourcing company because they solely focus on increasing our revenue.”