On average, practice owners who outsource to the experts recover more lost revenue, receive quicker payments, and enjoy steadier cash flow compared to those who perform billing in-house.
(PRWEB) November 11, 2015
Audiologists in private practice face a host of challenges, from attracting new patients to providing expert care to educating the community. But the one thing that makes it all possible is the one thing that is often neglected—actually getting paid.
According to MedPB, most practices will write off 10-20 percent of their annual revenue in unpaid invoices, leaving thousands of dollars on the table. The problem is, of course, in how to collect this substantial source of additional revenue—which the insurance companies will make as difficult as possible.
It’s in the insurance companies best interest to deny claims whenever they can, which means every claim submission creates the potential for a time-consuming battle—which is a battle most people are not prepared to fight.
Navigating the complex insurance bureaucracies requires meticulous attention to detail, persistence, large time commitments, and countless hours on the phone. Simply put, the audiology staff’s time is better spent on the core tasks of patient care and education, while the experts in billing and insurance collection can recover more money in less time—and at a fraction of the cost.
In fact, on average, practice owners who outsource to the experts recover more lost revenue, receive quicker payments, and enjoy steadier cash flow compared to those who perform billing in-house. And by outsourcing, the practice owner can also avoid the cost of hiring additional staff.
MedPB, through its proven systems and targeted approach, in most cases is able to collect 90 percent of payments within 30 days. To discover how much more your practice could be earning, visit How to get paid by the insurance companies.
MedPB provides practice analysis, business consulting, proprietary online and offline marketing, and staff development to help private practice audiologists, hearing specialists, and ENT physicians attract more patients and improve lives.