Reduce Overhead Expenses: Outsource Medical Billing & Coding Services

1. Understanding In-house billing Setup and Running Costs There is a lot of overhead charge involved in setting up an in-house billing team. For instance, hiring of experienced staff takes a considerable amount of time and resources. Providers also need to spend on employee salaries and benefits such as  bonuses, sick pays, vacations, insurances and training costs. Purchase and maintenance of latest billing software and cost of office equipments and supplies also demand significant investment. It is evident from the aforementioned points that maintaining an efficient billing team is not only cumbersome but also expensive. From salaries of medical billing staff to the overall setup and running costs, there are various additional costs that need to be considered. Regular monitoring and supervision of billing staff also takes a considerable amount of time that could have been used to provide medical care instead.  Reduce Overhead Expenses: Outsource Medical Billing & Coding Services http://www.247medicalbillingservices.com

2. Rise in Medical Billing Outsourcing Trend According to the Market Research Engine, by 2024, the global medical billing service industry will eclipse $16 billion in total value. Reason behind this growth is the need to reduce labor in-house and boost revenue streams.  Also, the shift from ICD-10 to ICD-11 will push more providers to outsource billing services to a third party. Not only overhead expenses will reduce but the need to invest in infrastructure and technology will also get eliminated.  By hiring reliable medical billing companies, a growing number of practices are saving time and money. These companies are offering them better billing and claim collection rate due to which claim rejections have reduced to a great extent. Whereas, billing service providers charge somewhere between 4-8% of the net collection. It means, outsourcing is not only cost-effective, but also efficient in streamlining your revenue cycle management.  Reduce Overhead Expenses: Outsource Medical Billing & Coding Services http://www.247medicalbillingservices.com

3. About 247 Medical Billing Services:We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses. Contact: 247 Medical Billing ServicesTel: +1 888-502-0537Email: info@247medicalbillingservices.com Reduce Overhead Expenses: Outsource Medical Billing & Coding Services http://www.247medicalbillingservices.com