Learn about the many benefits of outsourcing your medical billing services to a trusted third party. It results in increased efficiency and savings on time

1. Benefits of Medical
Billing Services for
Small Businesses
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1- 844-666-4631

2. Learn about the many benefits of outsourcing your medical billing services to a trusted third party. It results in increased
efficiency and savings on time and cost.
Outsourced medical billing services, medical billing services, medical billing outsourcing services, medical billing and
coding services, medical billing software
Health care providers today often struggle with the administrative side of things. After all, health care providers are trained
to help people overcome illness and get back to being healthy — not for dealing with accountancy issues and chasing
money.
Whether you’re running a small practice between 1-5 physicians or are a bigger practice capable of treating a large
number of patients, medical billing outsourcing services are probably of interest for your practice.
Patients don’t always have the resources to pay for their consultations and treatments upfront and often require billing at
a later stage. 73% of health care providers report that it takes longer than one month to collect payment from their
insurance and even more from the patients.
The growing need for external medical billing services is reflected by the pace at which the market has grown over the last
several years. Statistics show that the worldwide medical billing outsourcing market was worth USD 10.2 billion in 2020.
The market is predicted to increase at a compound annual growth rate (CAGR) of 12.66% between 2021 and 2028.

3. What are Medical Billing Services?
Medical billing services are outsourced third party companies that
take care of accountancy and debt collection requirements for health
care providers. Typically, they work alongside practices to implement
a system to track and chase payments from insurance and patients.
The process often involves the use of medical billing software which
streamlines the operation.

4. Most medical billing services these days operate on cloud-based
platforms or medical billing software. This digital advancement
diminishes the need to install or set up any complicated system. It’s
designed to streamline your working process and to help your
practice save the time and energy spent on chasing up bills.
Outsourcing medical billing services for small practices are less of
a “good idea” and more of an immediate necessity. Without them,
your practice’s working process can experience heavy disruptions.
Not having a medical billing service set up can also lead to
significant cash flow problems which threaten the good standing
of your practice. Let’s take a look at some of the benefits of
outsourced medical billing services.
Benefits of Outsourced Medical Billing Services
for Small Practices
How Does it Work?

5. When your patients don’t pay their bills, it results in cashflow mishaps, making it more difficult for your
practice to pay the bills and operating costs. Having this constant threat looming in the background causes
stress to everyone involved in making sure the practice is running smoothly.
Choosing outsourced medical billing services and getting started with medical billing software can eliminate
this issue.
Improved Workflow
When you opt to outsource your medical billing services to a trusted third party, you immediately relieve a
practical and psychological load. Without having to worry about chasing up unpaid bills, your practice will
notice an improvement in workflow and productivity and obviously focus better on treating patients.
Bill Compliance
Non-compliance to bill payments is one of the largest threats to small medical practices. Choosing to
delegate your bill collection to a trusted partner is a strategic and highly recommended move. It eliminates
the threat of patient non-compliance to bills and helps practices get paid on time.
Less Stress

6. Saving Time
Typically, individuals who get into healthcare don’t do it because they love administration and chasing patients
for money. They do it because they like to help other people manage their health.
However, unless your bill collection requirements are being met by someone else, you’ll end up spending more
time chasing down bills than actually practicing.
If your practice caters to several hundred patients in a month and each of them needs to be contacted and
chased for payment, it’s easy to see how that could become extraordinarily time-consuming. It would almost be
worth hiring another full-time employee to take care of it. But is that really the best option?
Saving Money
While hiring another employee solely for the purpose of collecting payment may sound like a good idea at first.
However, you should also consider the extra cost in terms of paying for paid holidays, employee healthcare,
training costs to keep up with ever-changing guidelines, and employee benefits.
Choosing outsourced medical billing services allows you to bypass all of these extra costs while also catering to
possible variability. For example, it might not take always take full-time hours to get the job done, and it may vary
from week to week. Medical billing and coding services from a third party are a great solution for getting the job
done in the most efficient manner possible.

7. Bill Compliance
Non-compliance to bill payments is one of the largest threats to small medical practices. Choosing to
delegate your bill collection to a trusted partner is a strategic and highly recommended move. It
eliminates the threat of patient non-compliance to bills and helps practices get paid on time.
Patient Satisfaction
Not only do outsourced medical billing services help you and your practice run smoothly, but they also
improved patient experience and satisfaction. Medical billing and coding services offer more
streamlined ways to pay bills which contributes to the overall patient experience.
Increased Revenue
Having debt collection taken care of by a third party will increase your work productivity and improve
your practice’s cash flow. All of the benefits mentioned above result in an overall increase in company
revenue.

8. Streamlined System
You shouldn’t have to go through a demanding training session to understand the system and
maximize your medical billing services. Instead, you can expect your system to be up and running in
less than a day, and your personnel to be completely comfortable using it after only a few hours of
training.
The Bottom Line
Poorly organized bill collection systems are one of the greatest threats to small medical practices.
Luckily, you can outsource your medical billing needs to a third party who will take care of
everything so you can do the work you love.
Choosing outsourced medical billing services has many advantages, including saving on time and
costs, increasing revenue by increasing bill compliance and improving efficiency, and reducing
workplace stress.

9. Thank You
www.omnimd.com sales@omnimd.com 1-844-666-4631