The Hidden Costs of In-House Medical/Dental Billing in South Florida
Medical and dental practices are in the business of providing high-quality services to their patients. However, the realities of in-house billing can often detract from this primary focus, leading to significant financial losses. The Reality of In-House Billing Recent industry facts state that nearly 25-30% of all medical practice income is lost as a result of improper billing. Approximately 59% of in-house billers do not receive Explanation of Benefits (EOBs), and around 55% have never appealed a denied claim. These statistics highlight the challenges that medical practices face when managing billing in-house.
The Impact on Practices
For a practice seeing around 20 patients a day, this translates to a doctor seeing around 400 patients in a month. For each patient, the physician must ensure that the patient’s data is entered correctly, their documentation is accurate, file claims, and other details are maintained. This workload can overwhelm the practice, keeping physicians away from what they do best, and leading to financial losses.
The Solution: Outsourcing
Outsourcing medical billing services to third-party companies can be a more profitable prospect. These companies can take care of all the medical billing and coding needs, bundling everything into one comprehensive package. This allows physicians to manage their claims more effectively and focus on providing services to their patients.
How BHF Integrated Can Help!
BHF Integrated Business Solutions, based in South Florida, specializes in medical/dental billing and practice management. We understand the unique challenges faced by practices in the region and offer tailored solutions to meet these needs. By outsourcing your billing to us, you can reduce the burden of in-house billing and focus on providing high-quality medical services to your patients. Our team of experts ensures that your claims are processed accurately and promptly, reducing the chances of denied or delayed payments. With our services, you can improve your practice’s financial health and patient satisfaction.
Conclusion
While the decision to outsource medical billing operations or keep the process in-house depends on a multitude of factors, it’s clear that the challenges of in-house billing can lead to significant financial losses for medical and dental practices. By considering outsourcing, practices in South Florida can focus on their primary goal - providing high-quality medical services to their patients. Our company is here to help you make that transition as smooth as possible.
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