Efficient insurance claim processing is essential for practices to maintain steady cash flow and optimize financial health. Outsourced medical billing and revenue cycle management that is covered by a professional company like Limpid Global Solutions can streamline insurance claims, reducing denials and delays while improving reimbursement rates. 

Speeding Up Claim Submission

Professional medical billing companies use specialized software and expertise to submit claims quickly and accurately. This speed can result in faster reimbursement for practices and reduced time in accounts receivable (AR). Practices that outsource claim submission may see AR days decrease from an average of 45 days to just 15 days, improving cash flow and financial stability【RevCycle Intelligence】.

Ensuring Proper Documentation

Accurate documentation is crucial for successful claim submission. Outsourcing medical billing ensures proper documentation and coding, reducing the risk of denied claims and improving acceptance rates. Practices that outsource billing can see claim acceptance rates increase by up to 10%【AAPC】.

Appeals and Follow-Up

Outsourcing includes managing denied claims efficiently by appealing them and providing follow-up as necessary. This process can lead to higher reimbursement rates and improved cash flow. Practices that utilize outsourced services may experience an increase in claim appeal success rates by up to 25%【HFMA】.

Mitigating Costs and Amplifying Claims Processing

Outsourcing medical billing helps practices mitigate costs associated with in-house billing, including salaries, benefits, and training expenses. Practices may see a reduction in operational costs by up to 30%【HFMA】. Additionally, professional medical billing companies can amplify claims processing speed, enabling practices to receive payments more quickly.

Outsourcing insurance claim processing to a professional company like Limpid Global Solutions streamlines the billing process, leading to faster reimbursement and higher acceptance rates. Trust in our expertise to enhance your practice's financial health and optimize your revenue cycle.

Why Choose Limpid Global Solutions

  • Flexible Agreements: Month-to-month contracts for ease and flexibility.

  • Around-the-Clock Support: 24/7 live support to assist with any needs.

  • Risk-Free Assurance: A 60-day money-back guarantee for peace of mind.

  • Cost-Effective Solutions: Our Full-Time Equivalent (FTE) Medical Billers model allows clients to customize workflows and tasks with no upfront costs.

  • Comprehensive Management: We deliver complete revenue cycle management, from medical billing for hospitals to revenue cycle management for healthcare providers.

Visit www.limpidgs.com or contact us today to learn more.

Sources

  • RevCycle Intelligence data on claim submission: RevCycle Intelligence

  • AAPC information on proper documentation: AAPC

  • HFMA data on appeals and follow-up: HFMA

  • HFMA data on cost mitigation and claims processing: HFMA

Disclaimer

Data statistics such as percentages, rates, costs, and analytics can vary depending on different industry reports, studies, and surveys conducted by healthcare consulting firms, medical billing associations, and market research companies. These sources often analyze data from various healthcare providers and medical practices of different sizes and specialties. Figures mentioned are common estimates in the industry, but actual costs can vary depending on factors such as practice size, specialty/taxonomies, geographic location, technology used, and efficiency of the in-house billing processes and workflows compared to a specialized medical billing company.

Outsourcing medical billing can lead to cost savings due to professional companies' experience and economies of scale. Their ability to process claims efficiently and accurately reduces the risk of errors and denials, leading to lower costs overall.

For the most current and precise data, it is advisable to refer to recent studies from reputable healthcare industry sources, such as the Medical Group Management Association (MGMA), American Medical Association (AMA), Healthcare Financial Management Association (HFMA), and other similar organizations. These sources regularly publish reports and surveys analyzing the costs and benefits of in-house and outsourced medical billing.