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  Liliana Suarez June 18, 2020 at 6:33pm

  How can you save around $59,900 in overhead costs?
  
  In this difficult time every penny count. LSI Medical Billing & Financial Consultants LLC (hereafter referred to as LSI Med Billing) mission is to help medical, dental providers, and clinics improve their financial performance. We provide the tools and insights to achieve your business objectives. LSI Med Billing is geared to do just that – help you improve your business. Statistically dental and medical billing outsourcing improves your cash flow and collections and reduces the costs and headaches of employee problems which can save you around $59,900 per year. What you can expect:
  
  • Increase Cashflow
  • Save on the high cost of equipment and software as rapidly changing technology translates into extra expenses
  • Reduce staff size and employees expenses
  • Eliminate sick pay, vacation pay, insurance benefits, workers' compensation, etc.
  • Eliminate training costs
  • Eliminate labor legal issues
  • Reduce call volume
  • Focus on patient care instead of billing
  • No cash-flow interruptions due to staff turnover
  • Reduce costs
  • Eliminate “non-medical/dental” business office space
  • Reduce record storage space
  • Receive detailed reports
  • Eliminate provider/patient payment discussion
  • Embezzlement Mitigation
  
  LOWER EMPLOYEE COSTS
  Besides salary, there are payroll taxes, FICA and insurance, and the cost of administering and accounting for these. Plus, when your dental and medical billing specialist is sick or on vacation, you still have to pay them. Instead take advantage of our experienced dental and medical billing services leaving you to focus on what is important - your patients!
  GET PAID FASTER
  The struggle between payers and providers over insurance compensation continues to escalate as payers apply more resources toward reducing their reimbursements. Insurances benefit from not paying you promptly. It is how they manage their cash flow. Miscoding and errors cause rejected claims and delayed payments. Our expert dental and medical billing processes ensure accuracy and thus insurance reimbursement. The LSI Med Billing process, from data entry to claims submission, ensures your checks come in faster. We do the job right from start to finish.
  ELIMINATE EXPENSES AND HASSLES
  • Dental and medical billerer’s salary
  • Dental and medical billerer’s benefits including
  o Worker’s compensation
  o FICA
  o Healthcare insurance
  o Vacation and sick leave
  o Bonus, raises and gifts
  • Computer hardware purchase & maintenance
  • Software purchase & renewal
  • Postage
  • Stationery
  • Office Space
  • Training costs
  
  SOLVE HUMAN RESOURCE PROBLEMS
  Dental and medical billing outsourcing resolve multiple staffing problems. A major problem with in-house billing services is management, turnover, retention, and practice growth.
  
  REDUCE PAYER DENIALS
  Our collection system includes aggressive, effective denied claims appeal. This not only increases cash flow but also lets the insurance industry know your facility is unwilling to accept denials as a routine cost of doing business.
  The Managed Care trend in the health care industry has resulted in a staggering increase in the number of payer denials. The estimated number of denied claims has increased to 28% over the years. Discounting this impact is not a luxury most practices can afford given cost-constrained healthcare management.
  We use our vast experience in the dental and medical billing industry to implement strategies that reduce denials. While appealing denials is part of our process, we actually help solve denial problems rather than just addressing them.
  
  REDUCING EMPLOYEE TURNOVER WITH DENTAL AND MEDICAL BILLING OUTSOURCING
  On-going employee turnover is a common problem for many practices. When a dental and medical billing leaves, your cash flow is compromised. Inexperienced dental and medical biller’s make errors. Even experienced dental and medical billers new to practice make errors - errors that at the minimum delay payment. Training dental and medical billers to learn your practice particulars is an inefficient use of your time and is resource training for other staff members. Dental and medical billing outsourcing avoid these problems altogether. When your receptionist quits it is a problem. When your dental and medical billing person leaves, your entire practice cash flow is affected. An experienced and reliable dental and medical billing service is a much better solution.
  
  DENTAL AND MEDICAL BILLING OUTSOURCING PROVIDES A CHEAPER FIXED COST IN THE END
  Dental and medical billing outsourcing is a variable cost percent that varies directly with your dental and medical billing. With outsourcing, this cost goes up and down with your collections.
  As your business and revenues grow, so does the dental and medical billing and coding workload. However, your employee costs are fixed, while billings and receivables are not a fixed benefit. Therefore, when you need to add another biller you drastically increase your fixed costs, and now you are usually overstaffed, as the workload volume catches up to your expanded billing capacity.
  
  TIMELY, FLEXIBLE INFORMATION REPORTING
  The LSI Med Billing process includes targeted data gathering to provide you exactly the data required to strategize and plan for growth.