Medical billing entails back-end responsibilities such as addressing medical billing errors and increasing cash flow that cost time, effort, and resources, diverting attention away from patient care and concern. Discrepancies in billing can result in lost revenue, more effort for your hospital personnel, and a poor patient experience, all of which can harm your medical practice’s reputation in the long run. It’s not surprising, however, that many medical practises in the United States have chosen to outsource all of their medical billing and coding to offshore medical billing companies who specialise in this service.
Is your practice witnessing a downward trend in its finances? Is your stress affecting your patients? Using the expertise of an offshore medical billing company has a number of benefits. Read on to understand the most significant ones that can prove rewarding to your practice.
Working with an offshore medical billing business takes care of the full administrative process of billing, coding, and collection, allowing you to spend less time on front-end staff hiring and training, as well as maintaining an IT infrastructure. You also have access to the agency’s existing pool of qualified medical billing professionals, making it simpler to expand backend operations at a lesser cost. Apart from facing potential losses due to errors, the expense of constructing infrastructure, resources, and training staff can increase the medical organisations’ expenditure.
When you outsource your medical billing, the entire administrative cycle is handled for you, and your overall cost is reduced to almost half on an average.
To prevent insurance denials, all claims are submitted electronically, which lowers time-to-collection. Claim forms are carefully examined by a qualified team before submission. Partnering with an offshore medical billing company frees your staff, thereby allowing them to focus on explaining to patients and their families the estimated cost of health care procedures, their out-of-pocket expenses, and the payment choices accessible to them, instead of making follow-up calls to insurance companies or entering data. As a result of all of this, payment collection will improve.
Concerned about laws and regulations? When you work with offshore medical billing service providers, they handle all of the legal aspects of the transaction for you. If the terms HIPAA and Hitech make you nervous, rest assured that they’ve previously been addressed. The majority of offshore companies are compliant and qualified to handle sensitive data.
Better Control of Billing Process
Many medical practises are hesitant to deal with an offshore medical billing company because they are concerned about losing control, but this is not the case. Because medical billing is such a competitive field, your offshore medical billing company will go to great lengths to keep you happy. Only by reducing your collection time, minimising billing errors and claim rejections, guaranteeing that prices do not spike as you grow, and giving frequent reports, will they be able to accomplish this. In other words, you have more control over your medical practice’s billing process.
While you focus on the most important aspect of patient care, the offshore team takes care of the rest of the billing needs. Your team will be better informed to answer patient payment queries, thanks to the systematic gathering of patient data and digital filing of claims. This leaves them with more time to communicate with patients and family members, quelling any anxieties they may have. Higher claim acceptance rates are achieved through digital claims filing and verification of claims by a team of billing experts on the back end.
Patient experience with a medical practise can be improved by being able to offer an instant approximation of medical expenditures, boosting the level of human engagement, and processing claims quickly.
However, attaining this may not always be simple. To begin with, medical centers must implement an effective EMR and billing software, as well as train their personnel on how to operate the billing systems. Staying up to date on developments in healthcare billing codes and laws is often a challenge.
Info Hub Consultancy Services (ICS), an offshore medical billing company caters to physicians and hospitals across a variety of specialties. The team at ICS has well-trained professionals who are updated with latest changes in the healthcare. With its extensive experience and expertise, we can help improve your revenue collection, reduce overhead costs and enhance patient satisfaction. Our customized solutions to every practice that leads to a streamlined medical billing process that is crucial to the financial health of a practice.