Physicians Reduce Medical Billing Expenses in Orlando FL

Physicians in Orlando Florida are able to reduce their medical billing expenses and better manage their medical practices by utilizing 5 (five) essential metrics and tools.

1.  Compare Medical Billing CoGraph of Medical Billing Costs for Medical Practices and Physicianssts of Insourcing vs. Outsourcing in Orlando FL

  • Compare the costs of employing medical billers internally (salary, software & overhead) vs. the cost of Outsourcing Medical Billing.  The average medical practice pays a fully loaded cost of employing a medical biller = $67,000.  At Physicians Billing Service, the cost of a fully-loaded medical biller is $48,000.  We are able to pass along our economies of scale and productivity to our Physician Clients to reduce their medical billing costs by +15%.

 

2.  Calculate Your RVUs

  • RVUs or Relative Value Units) correspond to Medicare payments for the services that you provide.  The AAPC (American Academy) of Professional Coders) reports that a “RVU calculator provides a quick analysis of the work relative value units associated with a certain volume of CPT or HCPCS codes.  Medical practices in Orlando FL should understand what they should expect to be paid from Medicare payments for medical services rendered.

Graph of Accounts Receivable for Family Medicine Providers3.  Increase Cash Flow by Measuring Medical Collections to Medical Industry Standards

Medical Collections (Accounts Receivable) are the driver of any medical practice – as cash flow equates to getting paid for the work that you do.  The Median, or industry average, for collecting receivables within 30 days is 42%.  The industry best practice for medical collections is 69%.  Physicians Billing Service, by comparison, collects 75% of medical collections within 0-30 days, resulting in an increase in cash flow by +25% for most medical practices.

4.  Credit Card Authorization Policy Form for Medical Practices in Orlando Florida

As the Affordable Care Act takes affect, it turns out that many patients are paying more for out-of-pocket expenses.  Physicians Practice recommends that you get ahead of medical collections, by having your patients fill-out and sign a credit card authorization policy form.  It is a great suggestion to increase collections and cash flow.

5.  Beware of Empty Promises from New Medical Billing Service Providers

Whether EHR (Electronic Health Medical Record) software companies, companies masquerading as technology companies (that are really glorified group purchasing organizations) or the latest billing and practice management software companies, many ‘new’ businesses have cropped up that are full of unproven promises.  Physicians and Medical Practices in Orlando FL have decades of evidence, often the ‘new, new thing’ is a good deal for the technology company, but a not so good deal for the Medical Practices.

Outsourcing medical billing to a reputable Medical Billing Company can have a vast impact on your medical practices cash flow and profitability.  Physicians Billing Service, since 1989, has proudly earned an excellent reputation.  We do not charge set-up fees, do not chargestart-up fees, nor do we charge ancillary fees for medical billing.  In fact, we only get paid when you get paid.

To speak with Michelle Stahl, Owner of Physicians Billing Service, call 703-978-0757 or use the Physicians Billing Service online contact form.

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