{"id":200,"date":"2024-11-03T08:25:43","date_gmt":"2024-11-03T08:25:43","guid":{"rendered":"http:\/\/www.mgsionline.com\/blog\/?p=200"},"modified":"2025-02-19T07:36:33","modified_gmt":"2025-02-19T07:36:33","slug":"why-outsource-medical-billing-revenue-cycle-management","status":"publish","type":"post","link":"https:\/\/www.mgsionline.com\/blog\/why-outsource-medical-billing-revenue-cycle-management\/","title":{"rendered":"Revenue Cycle Management (Medical Billing and Collections) – Why Outsource?"},"content":{"rendered":"

\"medical<\/a>Correct, detailed physician documentation, coding and billing is and continues to be of the upmost importance as we continue to see healthcare and reimbursement changes. As an example, the Centers of Medicare and Medicaid Services (CMS) in 2017 will say \u201cbye-bye\u201d to PQRS, Meaningful Use, and the Value based Modifier- (kind of). There is a constant need to keep the industry aware of mandated deadlines, education and the work effort and time effort not to mention the cost involved. Industry changes are causing cash flow challenges for many of today\u2019s medical practices.<\/p>\n

Having a billing partner, an extension of your practice is of the topmost significance. Sharing of information, findings, trends, education and providing guidance in revenue resolution, how to increase profitability and stay in compliance is a role of a billing company.<\/p>\n

Medical billing companies<\/a> are able to save operational time and cost by leveraging the economy of scale and the efficiency of task specialization.\u00a0 Additionally, since third party billers receive a fee based on collected receivables, they have an incentive to collect as much money as possible, as fast as possible.\u00a0 The swiftness, accuracy and efficiency in which you turn progress notes to be coded and clean claims into payer reimbursed dollars will determine whether your practice will be healthy financially.<\/p>\n

When evaluating the option of outsourcing your medical coding & billing the related cost of each option should be taken under consideration.\u00a0 A proper analysis can exemplify a significant price difference between in house and outsourced billing services.\u00a0 Some of the cost removed from the practice when outsourcing is:<\/p>\n

Billing & Coding Staff Salary\/Wages <\/u><\/strong><\/p>\n

Benefits to Staff<\/strong> \u2013 may be as much as 20% – 30% of salary \u2013 Need to consider health insurance, Social Security, Unemployment, retirement plans, vacation.\u00a0 Peace of mind that the work does not stop even if a staff member is out sick, extended leave or on vacation.<\/p>\n

Training Costs<\/strong> \u2013 it is of highest importance for medical billing staff and certified coders to stay current on healthcare industry changes, not only for compliance issues, but also to shield your bottom line. Continued education on governmental changes is of overriding significance. .<\/p>\n

Billing Office Space<\/strong> \u2013 space could be used as revenue producing such as a procedure room or additional examination room.<\/p>\n

Software\/Technology Cost<\/strong> \u2013 practice management systems<\/a> and EMR\u2019s have monthly\/annual fees for use software use, support, annual maintenance, mandatory upgrades, interfaces, professional IT personnel.<\/p>\n

Electronic Data Interchange (EDI) Cost<\/strong> \u2013 the providers charge is normally based on the volume of data transmission.\u00a0 Some subscription models may be:\u00a0 pay as you go, monthly or annual subscription. These costs can be substantial.<\/p>\n

Some may assume that the cost of having an internal medical billing department will be less than the cost of outsourcing medical coding and billing<\/a>.\u00a0 Full service Revenue Cycle Management companies<\/a> typically have rates from 4% to 8% of net collections.\u00a0\u00a0 Utilizing a medical billing & coding partner who employs certified coders, uses quality software to assist in the management of \u00a0accounts receivables<\/a>, claims management, has a compliance plan, will not only reduce the cost to collect an invoice, but will provide consistent cash flow while increasing the performance of collections.\u00a0 Often execution of effective revenue cycle management is a challenge to the average practice. It is critical for practices to be in the know on their financial health and how to improve payer reimbursements and collections.<\/p>\n

MGSI, LLC (MGSI),<\/strong> is rated among the top 10% of RCM\u00a0companies nationwide. We offer unique integrated solutions combining practice management software, electronic health records<\/a>, mobile charge capture<\/a> and document management<\/a>.\u00a0 Operating since the early 1990\u2019s, MGSI has consistently been able to accelerate the claims process and dramatically reduce the time it takes to bill and collect a practice\u2019s receivables. Contact us today @ 877-896-6474 or http:\/\/www.mgsionline.com\/business-enquiry.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Correct, detailed physician documentation, coding and billing is and continues to be of the upmost importance as we continue to see healthcare and reimbursement changes. As an example, the Centers of Medicare and Medicaid Services (CMS) in 2017 will say \u201cbye-bye\u201d to PQRS, Meaningful Use, and the Value based Modifier- (kind of). There is a constant need to keep the… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,28],"tags":[11,31,30,29],"class_list":["post-200","post","type-post","status-publish","format-standard","hentry","category-medical-billing-outsourcing","category-revenue-cycle-management","tag-medical-billing-and-collections","tag-medical-billing-companies","tag-medical-billing-outsourcing","tag-rcm"],"yoast_head":"\nRevenue Cycle Management (Medical Billing and Collections) - Why Outsource?<\/title>\n<meta name=\"description\" content=\"Outsourcing your medical billing and collections to mgsi will help you in increasing your companies revenue cycle and management in a long run click to know\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mgsionline.com\/blog\/why-outsource-medical-billing-revenue-cycle-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revenue Cycle Management (Medical Billing and Collections) - Why Outsource?\" \/>\n<meta property=\"og:description\" content=\"Outsourcing your medical billing and collections to mgsi will help you in increasing your companies revenue cycle and management in a long run click to know\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mgsionline.com\/blog\/why-outsource-medical-billing-revenue-cycle-management\/\" \/>\n<meta property=\"og:site_name\" content=\"MGSI-Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-03T08:25:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-19T07:36:33+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.mgsionline.com\/blog\/wp-content\/uploads\/2017\/02\/why-outsource-medical-billing-revenue-cycle-1024x656.jpg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.mgsionline.com\/blog\/why-outsource-medical-billing-revenue-cycle-management\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.mgsionline.com\/blog\/why-outsource-medical-billing-revenue-cycle-management\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/www.mgsionline.com\/blog\/#\/schema\/person\/9a5bc2264ed37d6da9d14706571c33b1\"},\"headline\":\"Revenue Cycle Management (Medical Billing and Collections) – Why Outsource?\",\"datePublished\":\"2024-11-03T08:25:43+00:00\",\"dateModified\":\"2025-02-19T07:36:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.mgsionline.com\/blog\/why-outsource-medical-billing-revenue-cycle-management\/\"},\"wordCount\":641,\"image\":{\"@id\":\"https:\/\/www.mgsionline.com\/blog\/why-outsource-medical-billing-revenue-cycle-management\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.mgsionline.com\/blog\/wp-content\/uploads\/2017\/02\/why-outsource-medical-billing-revenue-cycle-1024x656.jpg\",\"keywords\":[\"Medical Billing and Collections\",\"medical billing companies\",\"medical billing outsourcing\",\"rcm\"],\"articleSection\":[\"medical billing outsourcing\",\"revenue cycle management\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.mgsionline.com\/blog\/why-outsource-medical-billing-revenue-cycle-management\/\",\"url\":\"https:\/\/www.mgsionline.com\/blog\/why-outsource-medical-billing-revenue-cycle-management\/\",\"name\":\"Revenue Cycle Management (Medical Billing and Collections) - 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