Medical Billing Service Insights-Reduce Expenses in Tampa FL

As a leading Medical Billing Service in Florida, we are glad to share with Medical Practices & Physicians, 5 (five insights) to reduce medical billing expenses in Tampa Fl.

5 Tips to Reduce Medical Billing Expenses in Tampa FL

1.  Track Your Practice’s Vital Signs for Medical BillingCollections and Physician Productivity in Tampa

As the wise saying conveys, “if you do not know where you are going, all roads will lead you there”.  Its essential that you track your practices metrics for the following:  Accounts Receivable Targets = 0-30 days for collecting medical receivables should be 75%; Medical Biller Costs = fully loaded cost of a medical biller (including software & overhead) should be $48,000 or less; Physician Productivity = benchmark to industry averages and best practices (for example, the best practice for family medicine physicians is $600,000 per year.)

Graph of Physicians Revenue Productivity for Family Practioners

2.  Patient Payment Plan Agreement for Tampa Medical Practics

As a result of the Affordable Care Act, patients are increasingly responsible for a larger portion of medical services (co-pay).  As Physician Practice recommends, get ahead of this potential accounts receivable problem, by asking patients to sign a payment plan agreement.

3.  Reduce Your Medical Practice’s Liability by Doing a Risk and Compliance Analysis.

HIPAA and other regulations have significant financial penalties if you do not comply with regulations and laws.  It is essential that your practice conduct a quarterly audit, in order to avoid any surprises.  Hire a reputable medical billing company’s Consulting Services, to assist you in reviewing your compliance processes, and ask them to perform an audit.

4.  Use CMS.gov’s “Physician Fee Schedule Look-up tool” for Fee Schedules in Florida

The CMS’s web site tool, enables Medical Practices, Physicians and Medical Billers to “search pricing amounts, various payment policy indicators, RVUs, and GPCIs by Healthcare”.  Click here to visit the CMS.gov’s web site and to utile this helpful tool.

5.  Beware of Empty Provides from Medical Software Vendors and Hybrid Group Purchasing Organizations

The advent of ObamaCare and Training for ICD-10 have caused considerable noise and fears with medical practices and physicians. Right now, the pendulum has swung to far, and Physicians are the ‘focus’ of legislation for improving efficiency in the healthcare system.  Accordingly, a host of ‘new’ companies have sprung up with large promises, and shallow track-records.  Beware of empty promises.  To consider an alternative, review the No Hassle Medical Billing Company guarantee, offered by Physicians Billing Service.  Simplicity, and proven track-records are the key to success.  By example, our Medical Billing Company does not charge set-up fees, does not charge start-up fees, and we only get paid when you get paid.  Physicians Billing Service has a long track-records of premier medical practices who have relied on us for years and years.

Physicians Billing Service, owned by Michelle Stahl, is a leading Medical Billing Company that since 1989, has been proudly assisted Medical Practices and Physicians from coast-to-coast with Outsourcing Medical Billing.  Call 703-978-0756 for a confidential conversation with Michelle Stahl, or use the Physicians Billing Service online contact form for a complimentary quote.

By Michelle Stahl, Owner, Physicians Billing Service.

You can Find Michelle Stahl, Owner of Physicians Billing Service on Google+

About Us

We are proud to support leading Physicians & Medical Practices through-out Florida, Maryland, Washington DC, Virginia, Pennsylvania, New Jersey & New York. Your commitment to excellence inspires us! Since 1989, Physicians Billing Service has been committed to excellence in Medical Billing & Collections.

Contact Us

6035 Burke Center Parkway, Suite 390, Burke VA, 22015. Call (703) 978-0756. Fax: (703) 978-7762.
Contact Michelle Stahl, Owner