Juggling the operations at your private practice is no easy feat, and your in-house team is essential for keeping things running smoothly. But let’s face it – sometimes, there’s just too much on their plates, and the ever-evolving healthcare landscape doesn’t make it any easier. To top it off, the relentless labor shortage makes assembling the ultimate dream team feel like a pipe dream.
That’s why many organizations are passing the billing baton to third-party specialists. These physical therapy billing pros have the know-how and support muscle to rev up your revenue cycle and keep your practice’s financial health in tip-top shape.
It’s a proven fact that outsourcing physical therapy billing services can significantly improve your practice’s efficiency, patient satisfaction and financial performance. We’ve gathered 10 key statistics supporting the benefits of outsourcing your billing services, along with their sources.
10 Statistics Showing How Outsourcing Physical Therapy Billing Improves Business and Patient Results
- Increased Collection Rates: Outsourced billing services often achieve collection rates of 95% or higher, compared to the industry average of 70% for in-house billing (Source: Kareo).
- Faster Reimbursements: Outsourced billing services can reduce the average days in Accounts Receivable (A/R) by 10-30% (Source: Billing Advantage).
- Error Reduction: Billing errors can be reduced by 50% or more when outsourcing thanks to the specialized expertise and advanced technology of professional billing companies (Source: Physicians Practice).
- Compliance Confidence: A staggering 90% of medical practices are non-compliant with one or more federal regulations. Outsourced billing teams help ensure compliance (Source: Healthcare Business Management Association).
- Cost Savings: Practices can save up to 30-40% in operational costs by outsourcing their billing services, as they no longer need to invest in software, hardware, or dedicated in-house staff (Source: Billing Advantage).
- Higher Patient Satisfaction: After outsourcing their billing processes, 82% of healthcare providers reported improved patient satisfaction (Source: Black Book Market Research).
- Reduced Staff Turnover: Outsourcing can decrease staff turnover by 10-20%, as employees are less burdened by billing responsibilities (Source: Billing Advantage).
- Improved Denial Management: Outsourced billing services can lead to a 5-10% decrease in denial rates due to better claims management (Source: Clinicient).
- Focus on Patient Care: 63% of healthcare providers find that outsourcing their billing services allows them to concentrate more on providing quality patient care (Source: Black Book Market Research).
- Increased Net Revenue: According to a Medical Group Management Association (MGMA) survey, practices that outsource their billing services experience a 5.5% increase in net revenue compared to those that handle billing in-house.
These statistics underscore the substantial benefits of outsourcing physical therapy billing services for both patient care and business results.
If navigating the physical therapy billing maze seems daunting and you’re interested in learning more about if outsourcing is the right call, don’t sweat it! MEG Business Management has your back with a FREE one-on-one billing assessment call, designed to help decision-makers like you gauge whether outsourced PT billing is your golden ticket.
Request your free billing assessment today! Can’t wait to get started? Assess yourself below:
