Our dedicated team works tirelessly to deliver exceptional customer support throughout the billing process. We discover ways to optimize the invoice processing process and improve your overall experience through routine monitoring, analysis of key performance indicators, and stakeholder input. Count on us to keep a close eye on the details and provide insights that other invoicing services would ignore.

Medical practices rely on a healthy revenue cycle management to remain profitable and financially viable. Without an established medical billing process in place, payments from insurance companies and patients may lag. For example, imagine you run a small e-commerce business that has recently gained popularity. With the increase in orders, you find yourself spending hours manually entering customer information into your billing system. This not only takes time away from focusing on growing your business but also increases the likelihood of errors.

Invoicing Management Services That Keep Your Business Efficient and Profitable

As we manage your bookkeeping, we’ll identify opportunities to help your business grow. Our outsource invoice accounting experts provide corporate-level invoicing management at a fraction of the cost of competitors and in-house solutions. The average cost of processing a single invoice in the U.S. is currently estimated to be between $12 to $30. The labor costs can also increase based on how many invoices are processed in a day.

By reviewing and updating the contract or SLA, you can ensure that the outsourcing invoicing project remains relevant, efficient, and beneficial for both parties. Of course, there are also some challenges to consider when outsourcing medical billing. It is important to choose a reputable company with a proven track record and to make sure that there is a clear communication plan in place.

Outsource Accounts Receivable Services to the Expert

However, when done correctly, It can be a valuable asset for any medical practice. Outsourcing gives practices access to top-tier talent and may only pay for the work once reimbursement is complete. Outsourced teams also bring top software platforms, training, and billing processes to optimize efficiency. That reimbursement delay creates unexpected cash flow dips that negatively impact a healthcare organization’s bottom line.

With the ARDEM Invoice Manager, you can mail or forward all of your physical invoices directly to ARDEM where we sort, scan, and upload the images to our cloud network. You can also directly email your invoices to ARDEM, where outsource invoicing they will be processed in real-time. Invoice management is defined as a backend business process that deals with the management of all financial and delivery transactions between a business and its vendors or suppliers.

Guide to Outsourcing Medical Billing Services

Remember to assess your specific needs, evaluate potential service providers thoroughly, and establish a strong working relationship to maximize the benefits of outsourcing invoicing. As your business grows, invoicing processes often become more complex and time-consuming. Managing higher invoice volumes, handling international transactions, or adapting to new billing requirements can strain your internal resources.

• According to Salary.com, an accounts receivable manager makes more than $97,000 per year on average.
• Typically, an outsourced accounting service can provide full coverage of all accounting and financial services for a company.
• Look for a third-party company with advanced encryption that protects your clients’ invoices and payment information.
• Outsourcing medical billing is giving the trust over to a company with all the billing department experience.
• Outsourcing can be highly beneficial to organizations because of the complexity of the billing process, especially in the medical world.

This is when you may lose things; you want to avoid doing so in the medical field. In addition to asking for references, you can also do some of your own research for the medical companies. This way, you can read online reviews to see what others are saying (others being those not referred to you by the company).

Nothing can kill the trust of your customers more than a hacking incident that exposes their payment information. One of the main areas where a business can’t afford to make careless mistakes is its invoicing and collection services. Customers need to feel comfortable giving you their money, and the first time that trust breaks, it’s nearly impossible to get back.

• However, if you can find accounting or bookkeeping services that can save you time, stress, and overall resources, it could be a perfect fit.
• For the most part, it is a known thing that medical billing workloads are tough to manage in-house, which is why many organizations outsource the function to a third-party company.
• You usually need an accountant for less time than a bookkeeper, but when you do need one, they’re invaluable.
• Now that you know about the increase in outsourced medical billing practices, you may wonder what the difference between in-house and outsourced medical billing is.
• It’s usually best to only allow treasury access to trusted individuals.