Benefits of Medical Billing Services for Small Businesses - PowerPoint PPT Presentation

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Benefits of Medical Billing Services for Small Businesses

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Learn about the many benefits of outsourcing your medical billing services to a trusted third party. It results in increased efficiency and savings on time – PowerPoint PPT presentation

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Title: Benefits of Medical Billing Services for Small Businesses


1
Benefits of Medical Billing Services for Small
Businesses 
sales_at_omnimd.com
www.omnimd.com
1- 844-666-4631
2
Learn about the many benefits of outsourcing your
medical billing services to a trusted third
party. It results in increased efficiency and
savings on time and cost.  Outsourced medical
billing services, medical billing services,
medical billing outsourcing services, medical
billing and coding services, medical billing
software  Health care providers today often
struggle with the administrative side of things.
After all, health care providers are trained to
help people overcome illness and get back to
being healthy not for dealing with accountancy
issues and chasing money.  Whether youre
running a small practice between 1-5 physicians
or are a bigger practice capable of treating a
large number of patients, medical billing
outsourcing services are probably of interest for
your practice.  Patients dont always have the
resources to pay for their consultations and
treatments upfront and often require billing at a
later stage. 73 of health care providers report
that it takes longer than one month to collect
payment from their insurance and even more from
the patients.  The growing need for external
medical billing services is reflected by the pace
at which the market has grown over the last
several years. Statistics show that the worldwide
medical billing outsourcing market was worth USD
10.2 billion in 2020. The market is predicted to
increase at a compound annual growth rate (CAGR)
of 12.66 between 2021 and 2028. 
3
What are Medical Billing Services? 
Medical billing services are outsourced third
party companies that take care of accountancy and
debt collection requirements for health care
providers. Typically, they work alongside
practices to implement a system to track and
chase payments from insurance and patients. The
process often involves the use of medical billing
software which streamlines the operation.
4
How Does it Work? 
Most medical billing services these days operate
on cloud-based platforms or medical billing
software. This digital advancement diminishes the
need to install or set up any complicated system.
Its designed to streamline your working process
and to help your practice save the time and
energy spent on chasing up bills. 
Benefits of Outsourced Medical Billing Services
for Small Practices 
Outsourcing medical billing services for small
practices are less of a good idea and more of
an immediate necessity. Without them, your
practices working process can experience heavy
disruptions.   Not having a medical billing
service set up can also lead to significant cash
flow problems which threaten the good standing of
your practice. Lets take a look at some of the
benefits of outsourced medical billing services. 
5
Less Stress 
When your patients dont pay their bills, it
results in cashflow mishaps, making it more
difficult for your practice to pay the bills and
operating costs. Having this constant threat
looming in the background causes stress to
everyone involved in making sure the practice is
running smoothly.  Choosing outsourced medical
billing services and getting started with medical
billing software can eliminate this issue. 
Improved Workflow 
When you opt to outsource your medical billing
services to a trusted third party, you
immediately relieve a practical and psychological
load. Without having to worry about chasing up
unpaid bills, your practice will notice an
improvement in workflow and productivity and
obviously focus better on treating patients. 
Bill Compliance 
Non-compliance to bill payments is one of the
largest threats to small medical practices.
Choosing to delegate your bill collection to a
trusted partner is a strategic and highly
recommended move. It eliminates the threat of
patient non-compliance to bills and helps
practices get paid on time. 
6
Saving Time 
Typically, individuals who get into healthcare
dont do it because they love administration and
chasing patients for money. They do it because
they like to help other people manage their
health.  However, unless your bill collection
requirements are being met by someone else,
youll end up spending more time chasing down
bills than actually practicing.  If your
practice caters to several hundred patients in a
month and each of them needs to be contacted and
chased for payment, its easy to see how that
could become extraordinarily time-consuming. It
would almost be worth hiring another full-time
employee to take care of it. But is that really
the best option? 
Saving Money 
While hiring another employee solely for the
purpose of collecting payment may sound like a
good idea at first. However, you should also
consider the extra cost in terms of paying for
paid holidays, employee healthcare, training
costs to keep up with ever-changing guidelines,
and employee benefits.  Choosing outsourced
medical billing services allows you to bypass all
of these extra costs while also catering to
possible variability. For example, it might not
take always take full-time hours to get the job
done, and it may vary from week to week. Medical
billing and coding services from a third party
are a great solution for getting the job done in
the most efficient manner possible. 
7
Bill Compliance 
Non-compliance to bill payments is one of the
largest threats to small medical practices.
Choosing to delegate your bill collection to a
trusted partner is a strategic and highly
recommended move. It eliminates the threat of
patient non-compliance to bills and helps
practices get paid on time. 
Patient Satisfaction 
Not only do outsourced medical billing services
help you and your practice run smoothly, but they
also improved patient experience and
satisfaction. Medical billing and coding services
offer more streamlined ways to pay bills which
contributes to the overall patient experience. 
Increased Revenue 
Having debt collection taken care of by a third
party will increase your work productivity and
improve your practices cash flow. All of the
benefits mentioned above result in an overall
increase in company revenue. 
8
Streamlined System 
You shouldnt have to go through a demanding
training session to understand the system and
maximize your medical billing services. Instead,
you can expect your system to be up and running
in less than a day, and your personnel to be
completely comfortable using it after only a few
hours of training. 
The Bottom Line 
Poorly organized bill collection systems are one
of the greatest threats to small medical
practices. Luckily, you can outsource your
medical billing needs to a third party who will
take care of everything so you can do the work
you love.  Choosing outsourced medical billing
services has many advantages, including saving on
time and costs, increasing revenue by increasing
bill compliance and improving efficiency, and
reducing workplace stress.
9
Thank You
1-844-666-4631
www.omnimd.com
sales_at_omnimd.com
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