Why new jersey physicians choose to outsource medical billing

Why New Jersey Physicians Choose to Outsource Medical Billing?

New Jersey is one of the highest paying states for the IT sector of healthcare industry in the US, and medical record jobs too. However, many practices choose to outsource their billing requirements as they cannot afford to hire skilled coders and billers at an attractive pay package. Cost of hiring skilled professional and efficiency of carrying out the entire billing process are two major factors due to which practices in New Jersey prefer to outsource. Hiring a medical billing company is more affordable compared to maintaining an in-house billing department. It gives the providers more time to focus on performing the core clinical tasks and other related issues. Outsourcing is extremely beneficial for small practices because it enables them to tackle the monetary constraints more effectively and deal with shortage of skilled resources. Healthcare reforms have increased the billing and coding complexities. In order to get paid on time, practices need billers with the much needed expertise. Due to the lack of resources, employees at small practices are forced to balance between billing, patient care and other clerical duties. This creates room for billing errors and affects the revenue cycle in the long run.    

Medical billing outsourcing can increase the revenue of a practice from 5% to 30% According to the AMA, medical practices spend as much as $100,000 per month on underpaid, denied and resubmitted claims Practices can save around $17 billion annually by eliminating medical claims errors Mistakes can be found in every five to ten percent of submitted claims

Common Billing Challenges Faced by New Jersey Physicians   

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Practices face difficulties in collecting full co-pays upfront which affects their revenue cycle Staff is not updated with the latest billing and coding reforms due to which error-free claim filing becomes difficult Many practices fail to perform an auto-check of insurance coverage electronically. This leads to medical billing issues and revenue losses, because patients are not always fully aware of their insurance coverage Hiring and retaining skilled billing staff is also a common challenge faced by many New Jersey practices

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