Bill MD - Medical Billing solutions for Physician Groups
How does it all work?
Physicians nationwide often struggle to find professionals who can handle their administrative tasks, allowing them to focus on delivering quality healthcare. Most physicians prefer to rely on specialists for managing the reimbursement process and maximizing revenue, but they continue to seek comprehensive solutions for managing their entire revenue cycle.
Physician groups are increasingly opting for centralized medical billing services. These solutions enable cost-sharing and efficient resource utilization, resulting in time savings, improved patient care, and a more profitable practice.
Common challenges faced by physician groups with in-house billing systems include:
- Shortage of experienced staff and medical billing resources
- Management and retention of billing staff
- Ensuring seamless claim processing
- High costs associated with renting space for billing activities and storage
- Administrative and processing service expenses, along with managing various vendors
- Time constraints, as staff must balance day-to-day operations with revenue recovery
- Need for dedicated supervision and a team to stay updated on the latest changes
- Handling claims processing, accounts receivable (A/R), and cash flow management
The BillMD Solution
We offer proactive, end-to-end medical billing outsourcing services that address the common challenges faced by physician groups. Our services manage your entire revenue cycle, from the initial patient encounter to the reimbursement of claims. We prioritize accuracy and adhere to the latest guidelines to ensure error-free medical insurance claims. By processing claims through our experienced team and using the appropriate billing software, we ensure timely revenue flow and effective follow-up on submitted claims.
Why Physician Groups Outsource Medical Billing Services to BillMD:
- HIPAA Compliance: Managed by a specialized team
- Increased Revenue: Reduce office expenses such as administrative and operational costs
- Enhanced Patient Care: More time to provide quality care and grow your practice
- Expertise and Resources: Access to experienced staff, powerful systems, and aggregated resources
- Workload Management: Alleviate backlogs and heavy workloads
- Implementation of New Platforms: Support for changes like ICD-10
- Cost Efficiency: Lower costs associated with additional employees and office infrastructure
- Staffing Flexibility: Avoid downtime due to staff illness or vacation
- Focus on Core Functions: Greater control over your business and decreased A/R and financial delays
- Fewer Rejected Claims: Improved accuracy in claim submissions
A key benefit of outsourcing is the significant improvement in revenue collection. Physician groups have seen a 40% increase in net revenue by partnering with a reliable outsourcing service like BillMD. Outsourcing medical billing and collections can potentially boost your bottom line by approximately $254,000, or 20%.
