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Inhouse Medical Billing Vs Outsourcing Medical Billing Process – A Comparison for Medical Practices

Isn't Medical billing one of the most time and effort consuming task, exhausting your resources, compelling you into performing frustrating tasks and diverting your attention from your main purpose i.e., patient’s wellbeing?

More so because you need to focus on your practice, for smooth operations you need:

  • An accountant taking care of your financials,
  • A lawyer or team of lawyers keeping you up with the legal implications of the healthcare industry laws,
  • An industrial expert keeping you up to date with all the ever-changing medical billing procedures,
  • An IT technician keeping your infrastructure in topnotch working condition (laptops etc)
  • An assistant entering all the patient’s data/demographics as well as updating and completing required incomplete insurance information, required to submit patients billables/claims,
  • An expert who can communicate with the insurance and help you fix the denials and reduce AR days - on the same page with you regarding their requirements.

You get the idea? Think about the expenses this will incur on your practice. More so ever wondered why your denial rate doesn't decrease or why a huge chunk of your revenue gets stuck and lost in the whole reimbursement process?

Opting for Outsourcing your Medical Billing Process enables:

AltuMed along with providing a real time, integrated and data driven solution to all your medical billing needs, works on improving your practice by helping you focus on care quality and the one thing that matters most — making patients healthier. We are HIPPA Compliant and a certified MIPS registry. Our expert makes your practice growth their priority by working with you in building your brand score, training and coaching you regarding your service gaps and advising you on practicing quality service. We understand the current health care codes and standards and are here to assist your practice accordingly. AltuMed strives with keeping you in compliance!

Fast Revenue Recovery:

On average, a dedicated billing company will send claims more thoroughly, reliably, and quickly than an in-house billing team. This means a higher percentage will be paid at a higher amount.

Easy and Efficient Recordkeeping:

Another significant and concrete benefit to outsourcing is the ease of record keeping and filing. Many practices experience difficulties when it comes to organizing all of their files, whether it is financial records or requisition forms. Throw more complex things like file digitization in, and you can start to have more serious problems.

Reduced Office Operational and Management Costs:

Another general benefit that can expect you when you outsource is that your office management becomes much easier. With outsourced medical billing, you reap the following benefits:

  • Fewer people need to be accounted for
  • Less payroll data has to be process
  • Less space and technology has to be taken care of
  • Few individual personalities need to be accounted for during interdepartmental proceedings

Here is how we at AltuMed can help!

AltuMed is here to make all this go away. AltuMed takes you onboard, optimizing your billing and administrative processes as per the latest CMS standards, more over you need not worry about compliance issues. Our services and software’s are all HIPPA complaint.

AltuMed allows you a hassle free digital medical billing service which caters to not just your billables but the whole revenue process starting from patient appointment scheduling to claim processing, payments and follow-up. Moreover, our other support services e.g. MIPS consulting, credentialing, billing audit, medical coding etc makes us a comprehensive package having a complete hold on the changing industry with a proactive approach.

Our Quality control parameters strive to maintain service gaps analyzing and improving workflow on the go. Our experts conduct random billing audits, keeping a track on your claim’s submission, denial and reversal data. AltuMed builds its stake on data driven parameters. Our KPIs include clean claim submission tactics. We believe in continuous improvement making sure that we aid your billing and managerial processes in an applaud worthy way. Our struggle to lower your AR days to 120 or below, in itself is a reflection of how we operate as a business. Let us share our RCM expertise and assist you in making your practice an outstanding one!

AltuMed helps in making your practice cost effective, efficient, transparent with a constant effort to reduce denials to 2.4% leaving your attention 100% to what matter the most - Your patients!

Here is the list of Services AltuMed offers:

AltuMed is a Medical Billing and Software Company that understands the importance of Value Based Care Model. Have a look at our Medical Billing Services or contact us to find out more

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