The document discusses the complexities and challenges faced by healthcare providers in the medical billing process, emphasizing the need for effective billing services. It outlines the advantages of outsourcing medical billing, such as improved revenue generation, compliance with coding changes, cost savings, and enhanced patient care. Additionally, it presents 24/7 Medical Billing Services as a comprehensive solution provider, highlighting their experience and promotional offers for healthcare practitioners.

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Common challenges faced by Physicians and
Practitioners with Medical Billing
What is Medical Billing?
When it comes to settling payments from insurance companies, medical practitioners, hospitals, and healthcare
facilities face a lot of hassles. For the patients, the bill is settled once they provide the details of their insurance at
the front desk of the healthcare facility. However, the hospital or healthcare center receives the reimbursements
only when the claim is settled by the insurance companies.
Medical billing refers to the process of filing and following up on claims with health insurance companies /
providers in order to receive payments for the healthcare services rendered to patients by the practices /
physicians. Medical billing serves as an effective channel between medical service providers and insurance
companies.
Need of Medical Billing Services
With time, as the medical practice scales to new heights and grows, medical practitioners, doctors, and healthcare
providers would need to delegate the medical billing task by hiring an in-house team of experts or outsourcing the
task to a medical billing service provider.
The objectives of medical billing services are as follows:
Boost the profitability of medical practitioners and healthcare centers
Streamline everything from start to end (Patient Appointment Scheduling to Collections)
Leverage on coding expertise and technical knowledge to maximize revenue generation from insurance
payments
Reduce the chances of claim denials
A/R Follow up to reduce the accumulated A/R

2. Common challenges faced by Physicians and Practitioners with Medical Billing
Lack of quality and effective medical billing resources
Lack of appropriate tools and techniques to minimize revenue loss
Staying up-to-date with the latest guidelines
Inaccurate data entry for patient information
Frequently changing medical billing codes increase the chances of claim denials
Old redundant software and the capital investment to upgrade it frequently
Duplicate charges or multiple billing for a patient
Late handling of denied or rejected claims
Delayed claim submissions
Cons of In-house Medical Billing:
In-house billing refers to the process of handling all the medical billing aspects by a medical practitioner’s own
expert in-house team.
However, keeping everything in-house has a lot of disadvantages.
1) Highly Expensive
Having an in-house medical billing practice involves a lot of capital expenditure and investment in getting a medical
billing software and recruiting a team that knows how to operate the software. The cost incurred for recruiting,
training and salaries of the medical billing team would definitely be more than the cost to outsource.
2) Support Issues
A major drawback of having an in-house medical billing team is the ability to provide the required support to the
clients. If a limited number of medical billers are hired, it would be difficult to handle a larger client base. On the
contrary, having a large team for limited number of clients means more expense for the business.
3) Liabilities
Having an in-house medical billing team means that they need to be constantly monitored with regards to the
security protocols and compliance guidelines followed by them. Any violations of PHI security or protocols can
result in huge liabilities for the company. In order to get rid of the liabilities, a lot of cash inflow needs to take place.
Need for Outsourcing Medical Billing Services
Outsourcing medical billing refers to the hiring of an external agency by a healthcare provider who takes care of all
the medical billing aspects.
Outsourcing is an effective way to manage medical billing. According to Verified Market Research, the medical
billing outsourcing market worldwide was valued at 7.4 billion USD in 2018 and is expected to reach 15.6 billion
USD by 2026.
In reality, medical billing can be quite tedious and a time-consuming task for medical practitioners. In order to
overcome this, it makes sense for them to outsource the processing of medical claims. This would allow them to
free up both time and space, thus enabling them to focus on what they do best, i.e. take proper care of the
patients. Choosing the option to outsource limits their liability and helps to save capital in the long term.
Benefits of Medical Billing Outsourcing
1) Boost in revenue generation
Medical billing outsourcing helps healthcare providers, especially small practices to collect more money and
improve cash flow. This is because collection rate improves with timely submission of medical claims. This
increases the inflow of reimbursements from the side of the insurance companies.
2) Compliance with ICD-10

3. The latest version of the International Classification of Diseases (ICD), i.e. ICD-10 is a growing concern in the
healthcare and medical industry. The new coding changes as per ICD-10 has resulted in a severe impact on the
reimbursements of healthcare providers. Outsourcing medical billing means that compliance regulations and
coding changes of ICD-10 will be taken care of by the service provider.
3) Saves money
One major benefit of outsourcing medical billing is that it is cost effective and helps healthcare providers and
medical practitioners save money. The infrastructure, expertise and procedures, everything comes at a lesser price
when outsourced. Thus, outsourcing medical billing is a profitable decision.
4) Improved focus on patients
By outsourcing billing, medical practitioners can spend more time with their patients and offer better services to
them. This is because they do not have to look into the medical billing work. More focus and attention to patients
means more satisfaction and quality patient care.
5) A/R follow-up
The accounts receivable (A/R) follow-up by the outsourced medical billing company ensures easy recovery of
overdue payments from the insurance companies. The A/R follow-up team takes care of the denied claims and
reopens them to get the maximum compensation from the insurance companies.
6) Denial management
The main aim of the denial management process in outsourcing medical billing is that it focuses on minimizing the
lost reimbursements and denials with highly efficient systems and solutions. The denial management team of the
outsourced company works on resolving the problems that lead to denials and strives to cut-short the accounts
receivables cycle.
7) HIPPA Compliance
While choosing to partner with a medical billing service provider, it is necessary to ensure that the company is
HIPPA (Health Insurance Portability and Accountability Act) compliant. An HIPPA compliant medical billing service
provider needs to ensure that all the patient’s records and personal information is kept completely secure and
confidential. HIPPA compliance requires healthcare entities to ensure complete privacy of patients’ sensitive
information.
8) Reduced Billing Errors
Outsourcing medical billing services helps medical practitioners to minimize billing errors. The medical billing
service provider leverages on various technologies to reduce billing errors. Any medical billing mistake results in
loss of reimbursements, thereby affecting the revenue. Medical billing errors can be reduced by ensuring and
verifying that all the patient details are correct, investing in training and avoiding duplicate claims.
Why choose 24/7 Medical Billing Services?
One stop shop solution for all your medical billing needs
Customized services depending on the nature of your challenge
Improved cash flow and collection rate of your healthcare center
Multi-level authentication and security system in place for data security
Reduced operational costs of your medical center
Fixed cost for all services with no hidden charges
Strict deadlines for reimbursements from insurance companies
CPT and ICD-10 coding compliance eliminates hassles in filing a claim
Skilled expertise in different domains
Competitive pricing for all medical billing related services
Flexible plans depending on your requirements
Complete transparency for all procedures
Detailed reporting of your account’s receivables

4. 24/ Medical Billing Services has been in the industry for more than 12 years now & We have been offering end-to-
end Revenue Cycle Management services for huge practices & multi-specialty clinics. We specialize in Durable
Medical Equipment (DME) Medical Billing, Chiropractic Medical Billing, Tele-Health Billing & close to 40 other
specialties.
Free Credentialing
Credentialing is a key step of becoming a trusted medical practitioner and healthcare provider in the list of medical
insurance companies in the market. It is essential for healthcare service providers to be a part of the insurance
company’s network. If they are not a part of the list, many patients may refuse to take treatment.
At 24/7 Medical Billing Services, as a part of an on-going promotional offer, we are providing free insurance
credentialing to doctors, hospitals, and small practices who partner with u as a part of the medical billing services.
We verify and update the credentials of healthcare providers with insurance companies at regular time intervals.
Credentialing serves as an effective medium to be recognized by insurance companies and get paid by them for
the services rendered to patients.
About 24/7 Medical Billing Services
24/7 Medical Billing Services is the nation’s leading medical billing service provider catering services to more
than 43 specialties across the entire 50 states. You can rely on us for end-to-end revenue cycle management. We
guarantee up to 10-20% increase in the revenue with cost reduction of your practice for up to 50%. Call us today
at 888-502-0537 to know more on how we can help boost profitability for your practice.
Media Contact –
Hari Sudan, Media Relations,
24/7 Medical Billing Services,
16192 Coastal Hwy,
Lewes, DE – 19958
Tel: + 1 -888-502-0537
Email - info@247medicalbillingservices.com
Website – www.247medicalbillingservices.com