Some Healthcare Costs Are Going Down. Are yours?
By Joe Laden, Vice President of Client Management
Overall healthcare costs have been rising over the years, due to factors such as the aging population and increased use of medical technology.
The administration of healthcare reimbursement to providers accounts for a significant portion of healthcare costs, and some of these administrative costs have been decreasing –specifically in the area of billing and collections for medical practices.
Top tier medical billing companies have been effective in reducing overall costs to clients in several areas, including:
- Efficiencies in acquiring patient billing information from electronic medical records systems.
- Reduction in automation expenses via cloud computation and storage.
- Efficiencies in the logistics of sharing information across physical boundaries.
- Consolidation of high-cost knowledge workers such as professional medical coding and billing compliance workers.
- Use of highly-trained and skilled workers from global English-speaking countries
- The increased ability to communicate with third-party payers electronically to adjudicate claims and remediate payer claim rejections.
- Reduction in the expense to provide medical practices with sophisticated online and custom on-demand reporting.
- Some larger billing companies have been able to apply economies of scale to the billing and collection processes, thereby reducing costs to their clients.
If you are handling billing and collections processes internally, now is the time to examine your costs and see if they can be reduced by partnering with a company that can reduce cost while providing a better experience for you and your patients.
Joe Laden is the Vice President of Client Management, AdvantEdge Healthcare Solutions, and a nationally recognized anesthesia expert and speaker, working with anesthesia practices across the country to improve their billing and coding operations.
AdvantEdge Healthcare Solutions is a national top 10 medical billing company that provides billing, coding, and revenue cycle management solutions for anesthesia practices since 1989. If you have questions about how AdvantEdge can improve your anesthesia billing and coding so that you are collecting every dollar that you’re legally and ethically entitled, please call us at 877-501-1611 or email [email protected]