Today’s complex and constantly evolving healthcare market needs a reliable solution for the successful management of medical billing and coding. Statistics indicate that over 20% of a physician’s revenue ends up becoming lost due to errors and mistakes in the medical billing process. This calls healthcare service providers, practices, clinics, and physicians to outsource medical billing services. Outsourcing can help you achieve a streamlined process with higher cost savings that improve your bottom line. Furthermore, your hospital also gets access to superior billing systems, state-of-the-art technologies & tools, scalable solutions, and skilled medical billing professionals.
Over the past few years, it is evident that hospitals and clinics face several challenges as reimbursements from claims have declined, costs are constantly rising, and the newly introduced regulations have made the healthcare business more complex and tedious. Hence, the demand for medical billing outsourcing is increasing and is expected to increase even more in years to come. The global medical billing outsourcing market size was valued at USD 10.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.3% from 2021 to 2028. This growth is mainly because outsourcing medical billing to a reliable service provider can help you increase cash flow, save on the cost of equipment and software, and reduce staff load.
As the current systems in practice for managing revenue in-house by healthcare service providers are gradually becoming obsolete, due to the lack of expertise and revenue management tools, here are some key outsourcing benefits that your healthcare organization can enjoy by outsourcing medical billing services-
1. Shift the focus to patient care: If you are caught up with managing back-office tasks and unable to focus on patient care, it’s high time you outsource medical billing services. It is really daunting and challenging to be a professional physician and also perform the duty of an administrative manager at the same time. As you outsource medical billing, it can help you redirect efforts of your resources from handling complex billing issues to serving the healthcare needs of patients. This way you can free up the time and energy of your in-house team and sustain a successful healthcare practice with loyal patients. Healthcare professionals can be relieved from handling billing issues and focus completely on practicing and catering to the needs of patients.
2. Minimize billing errors: Medical billing errors can result in denied health insurance claims, resulting in huge revue losses. Outsourcing medical billing to a reliable and experienced medical billing company can help you get a team of skilled medical billers at your side who go through the rigorous training process and have a deep understanding of the complex claim submission process and can make sure that the claims are submitted accurately in a timely manner. You can be assured of 99.9% accuracy in your medical transcription, medical billing, medical coding, and claims adjudication, as the outsourcing partner follows stringent quality control measures. This way, your hospital can be sure that the number of rejected claims is significantly reduced, as each claim will be carefully reviewed and monitored for errors before it is being sent to the payer.
3. Make huge cost savings: Cutting down costs has always been a primary driver behind outsourcing services. By outsourcing medical billing services, hospitals can make big savings and reduce operational costs substantially. Hospitals will also not have to incur the cost of office supply, medical billing resources, salaries, furniture, or the purchase/ upgrade of expensive billing software. Additionally, the best part is, most of the medical billing service providers offer flexible pricing models that suit the varying needs of hospitals.
4. Improve influx of cash: Accurate medical billing services can help you attain a smooth revenue cycle. Medical billing experts from an experienced service provider can clearly understand your unique needs and challenges faced by your organization to streamline your medical billing process that leads to an increase in the influx of cash. Through medical billing outsourcing, hospitals can maintain a regular cash flow, reduce errors in claims processing, and also enjoy faster collection of cash in real-time.
5. Increase productivity & efficiency: With the outsourcing healthcare functions like revenue cycle management, healthcare administration, healthcare form processing services, medical coding, etc. your physicians can dedicate all of their time and effort on patient care without having to worry about back-office tasks. With your healthcare staff completely focused on your patients, there is an increase in your overall level of productivity and efficiency of your healthcare organization.
6. Minimize missed collections: Collections are critical to the growth and success of a medical facility. Skilled and experienced professionals from an outsourcing firm can increase collections and reduce revenue loss due caused by claim denials. Medical billing experts can submit claims in a timely manner, leading to quicker payments. No matter how small, errors can result in denied claims, and loss of revenue, which is taken care of by your outsourcing partner.
7. Keep up with industry changes: Medical billing process is a complex procedure that required a series of steps. Staying up-to-date with the latest regulations, understanding the policies of insurance companies, and knowing all the various coding and patient billing regulations need constant awareness of the industry. Even a competent in-house staff is unable to reliably keep up with such frequent and detailed changes. This is where outsourcing medical billing services help! Medical billing experts are well-versed and are well-known to the healthcare industry’s latest trends, changes and regulations.
8. Use of better technology & tools: Relying on your in-house billing department calls for having to stay equipped with the latest medical billing tools and technology to handle the billing process efficiently. This requires expertise and additional expenses to cover the billing software that must meet industry demands and meets constant changes within the billing process. By outsourcing medical billing services, you can have the latest tools, software, and technology at your disposal. Most of the service providers integrate with the latest software, to input coding instantly and execute collections fast and efficiently in the most cost-effective way.
Looking for a reliable & experienced medical billing service provider?
SunTec India is a leading provider of healthcare billing services, providing a range of healthcare BPO services to various healthcare organizations around the world for more than 20 years. With healthcare providers facing challenges of complex coding, declining reimbursements, and increasing operating costs, we help you combat these challenges. With expertise & rich experience in the BPO domain, you can outsource end-to-end medical billing services including patient demographic entry, insurance verification, medical coding, charge entry, claim submission, medical indexing, etc.
As a medical billing company, we have been catering to the diverse needs of the healthcare industry. Our medical billing experts have rich experience and understand your unique needs and challenges faced by your organization to streamline your medical billing process. Outsourcing medical billing services to us can help you improve your cash flow, reduce operational expenses, increase efficiency and manage all your medical billing needs.
To get in touch, write to us at email@example.com