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Find Out More Info About Medicare Supplemental Insurance inside this Blog Publication

16th September, 2009 - Posted by health news - No Comments

While people are becoming more unconfident on the economy the demand for health care in this country is increasing. In 2008 the USA spent about 17% of its GDP on health care costs. In 2017 this figure is expected to skyrocket to 20%.

Doctor’s offices will be soon overwhelmed by 78 million baby boomers when they become entitled to retirement. To manage this overflow, doctors will have little time for every day business operations and will have to focus on patient care. As a result services of medical billing companies are becoming very popular.

Doctors start sourcing services to subcontractors and such companies get all the benefits. It takes some time for doctors to get payment and it takes even more time for them to pay their vendors, in particular medical billing companies. American Medical Billing Association states that it takes 90 days to pay paper claims. Due to electronic claims system it is become more convenient and it lowered the reimbursement time. But the problems exist with companies to be waiting to get payment.

For instant an insured patient wants to see a doctor. The visit costs $100. Since the patient is covered for this visit, the doctor should make a claim to the insurance company and wait for approval of this claim. The doctor will have to send more details of the visit if the claim is not approved. This delay creates a problem for the doctors. There is no doubt that it is better to spend time with patients than to follow up claims. That is why doctors ask assistance from experts and subcontract medical billing companies to mange these issues.

No matter if they are beginners who try to get a market share or an experienced company a reasonable and flexible option exists for medical billing factoring.

Medical billing factoring is transforming the accounts receivable of a business into cash by selling unpaid invoices to a factor with a discount. Accounts receivable factoring allow medical billing business to access immediately cash in order to manage its operations more effectively.

Medical billing companies may use factoring services to receive cash now to for their employees and ongoing business expenses, instead of waiting months to be paid by doctors. They can also invest money to expand their businesses to develop their businesses, for instance, hiring and training new employees, buying new equipment in the period of time when the health care industry needs these companies very much.

Doctors always need their increased number of patients to be provided with decent care. When the amount of work increased very much and the payments stay slow, sourcing medical billing duties gives doctors a possibility to pay more attention to their patients.

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