Hiring a third-party to manage revenue cycle tasks may improve a healthcare provider's bottom line, according to Physicians Practice.
The average multispecialty practice has almost 17 percent of all accounts receivable active over 120 days, according to the Medical Group Management Association. The American Academy of Family Physicians recommends keeping that number below 12 percent as lengthier wait times usually harm a provider's ability to collect.
Technology upgrades and changing billing regulations further complicate the billing process. Many practices look to third-party billing providers to help them stay up-to-date with EHR changes as well as changes in practice management systems and coding regulations, Physician Practice reported.
"Outsourcing billing processes should ultimately reduce the cost of collections and maximize revenue, allowing a practice to invest in clinical resources and get better quality results," John Boland, managing director of physician business process management for Chicago-based Navigant Healthcare Cymetrix, told Physician's Practice.