Many start-up practices automatically assume it costs less to retain billing functions in-house. Nothing could be further from the truth. Those physicians who decide not to outsource are reliant on a staff that is often overworked and undertrained and who lack the state-of-the-art interactive tools to monitor performance and improve bottom line.
Consider this: a study by America’s Health Insurance Plans (AHIP) revealed that nearly three claims in 10 were received more than 30 days after the date of patient service, with one-third of the paper claims not reaching the insurer for 60 days or more. Take a look at this MGMA chart:
| Claims rejected on first submission |
30% |
| Underpayed claims |
20% |
| Preventable denials |
90% |
| Denials that are recoverable |
67% |
| Average days in A/R |
52d |
| Cost per claim |
$5 - $7 |
| Cost of billing operations |
18% - 22% |
| Cost of billing personnel |
58% - 62% |
| Cost of technology/practice management solution |
18% - 22% |
MedIT is the billing expert at preventing rejected claims. With our full understanding of billing software and processes, combined with our suite of easy-to-use interactive tools, we can help you eliminate denials before they happen and significantly increase your collections. Outsourcing to us pays for itself very quickly and, in fact, builds your earnings.
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