How to save money and time, strengthen your practice, and improve cash flow with Golden Lion Medical Billing & Claims
The uncomfortable truth is, most hard-working and successful practitioners have already lost control of receivables, and find themselves rendering so many services with only a fraction of them being reimbursed. Call 754-300-8210 for your free consultation today, and start collecting more receivables right away!
THE IN-HOUSE BILLING REALITY
Practitioners used to think that using a billing and claims specialist is more costly than doing the work in-house… did you? This depends on what you included in the term “cost”. While the hourly rate for in-house billing seems lower, have you considered the hidden costs incurred when in-house people do the work.
REAL DOLLAR$, THE MO$T IMPORTANT METRIC:
Assuming, as is calculated by MIT’s Sloan School of Management, that each employee costing you $25,000 annually in base wages, actually represents an annual expense of $67,500 (base salary * 2.7), not including the cost of supervisory time provided by managers or practitioners. There is also the very real expense of recruiting/retraining new employees as the previous ones move on or are replaced. It makes financial sense to consider lower cost solutions, especially if they come packaged with stronger controls and continuity.
Additional Expenses most practitioners pay employees – do you?
What other expenses? In-house billing clerks need space to work. Assume the billing clerks occupy an area that is 150 square feet of space. If you are renting a space for $15 per square foot, you are paying an additional rent of $2,250 just for those employees. This is just the base cost. Usually there are add-ons for increase in property taxes and maintenance services. Additional costs include utilities and office supplies. These expenses increase the cost of doing business and reduce your bottom line. Finally, when you have someone performing an in-house function, that person needs supervision. If you hire an office manager to supervise billing staff you must still pay and monitor the office manager. This will take away from the time you have to see patients.
Outsourcing the billing and claims functions allow the practitioner and clinic staff to be more focused on the core business, providing patient care. Read more at MIT.edu.
What if you could get the top-trained experts in the industry, with over 30 years success in providing the best software and support, for less than the cost of in-house processing, and get MORE cash back SOONER? You can! Call 754-300-8210 for your free consultation today, and start collecting more receivables right away!
THE SIMPLE, INSTANT IMPLEMENTATION, SET-IT-AND-FORGET-IT SOLUTION:
If you already have outstanding control of your receivables, you are not likely to be spending the time to read this. With the bureaucratic intricacies of co-pays, disallowances, charge backs, deductibles, insurance company holdbacks and duplicate payments, who really has control? The truth is, most practitioners have already lost control, rendering so many services with only a fraction of them being reimbursed.
CASH FLOW IMPROVEMENT
Timely Services: Golden Lion Medical Billing & Claims will speed up your billing process, decrease time to collections, and reduce your cash flow problem, effective immediately. GLM invoices within 24-48 hours of receiving the documents from the practitioner. Therefore, cash flow should not be impaired. Gross billing increase and accounts receivable time is shortened because the billing service is focused on one aspect of your business, only.
Focused Expertise: Golden Lion Medical Billing & Claims focuses on staying current with coding changes and billing requirements. Relying on office staff to be well versed in the latest coding techniques, in some cases, is unrealistic, and can adversely affect profit. GLM’s sophisticated hardware and software is designed and updated to handle the volume of transactions they process. The practitioner no longer must pay for all the hardware and software updates as well as the expensive “learning curve” while the employees struggle to master the new techniques and programs.
Customized Reporting: Customized Reporting allows you to visualize how your practice is performing. Our customized reports will give you all the KPIs that you will need to make informed decisions about you practice and day-to-day operations.
Call 754-300-8210 for your free consultation today, and start collecting more receivables right away!