Medical billing is a complicated and essential sector of today’s healthcare system. Submitting and following up on requests with health insurance firms to get paid for services provided by the healthcare practitioner is a time-consuming process. In addition, the medical biller in the healthcare facility is responsible for ensuring that the practices receive reimbursement for the services performed. As a result, having knowledgeable billers who can maximize revenue for the business is critical.
Outsourcing medical billing services to India may benefit practices, but it’s probably vital to debunk a few prevalent misconceptions about it before dismissing the idea.
Outsourcing is costly
You’ll have to pay someone to handle your medical billing, and for many health centers, the cost of a salary, benefits, and office expenditures exceeds the cost of outsourcing. Furthermore, because medical billing company staff are highly experienced and qualified, they can typically bill more successfully, resulting in higher revenue as a percentage of invoiced charges. So, in reality, outsourcing saves money for many practices, and it’s more of an investment than an expense.
Outsourcing isn’t going to save you any time
Because the revenue cycle management of a third-party company’s medical billing and coding personnel is only focused on billing, they can often file claims faster than your employees. They can also track down refused or rejected claims on a timely basis, guaranteeing that you don’t miss any appeals filing deadlines.
The earlier you get claims submitted, the more seemingly they will be paid, and the more likely you will be able to consolidate on the patient responsibility portion of a bill. Likewise, our team at Info Hub Consultancy Services (ICS) is committed to providing our customers with personalized medical billing services year-round.
You lose control of your business when you outsource
During the early phases of outsourcing, this common myth often fears losing control of finances, preventing them from making the best decision possible. However, when you outsource your revenue cycle management, you gain access to a well-trained and experienced billing team that submits cleaner claims on time, resulting in higher collections.
It Is not safe to outsource to a third party or offshore
To protect PHI, an offshore medical billing partner is HIPPA compliant and uses a safe and secure medical billing process. You may need to search for a well-established offshore medical billing partner by looking at their years in the company, knowledge, and adherence to safety and compliance regulations.
Info Hub Consultancy Services adheres to HIPAA, Medicare, and Medicaid requirements to ensure that practices’ data is kept safe. Certified HIPAA Professionals, Certified Security Compliance Specialists, and Certified HIPAA Administrators are among our staff.
Medical billing is little more than data entry
Medical billing is a complicated procedure that entails filing claims to private and public insurance payers and collecting unpaid amounts from your patients (or for uninsured patients). In addition, medical coders must interpret physician notes, recognize nuances in a medical record, and ensure that all relevant information is in a patient’s chart to justify billing for specific treatments.
Then they must know which codes are accessible and legitimate, so they don’t overbill (charging for more or more complex services than were supplied) or underbill (billing for more minor or less complicated services than were provided) (billing for more minor or less complex services). These actions are illegal, and a lack of knowledge of medical billing and coding standards is not an excuse.
Only big companies can outsource
This is a common misperception among small billing companies. While most offshore billing companies strive to deal with the best medical billing companies in the United States, this does not mean they exclude small and medium-sized businesses. Eighty percent of their clients are small and medium-sized billing organizations.
End-to-end billing is always required when outsourcing
Many billing firms are concerned about a specific type of service that is outside their area of competence. It’s usual to outsource a portion of your scope of work to have someone help you with the most time-consuming element of your billing cycle.
Conclusion
Hiring professionals to outsource medical billing and coding will allow your practice to focus on patient care, business operations, and income creation. Info Hub Consultancy Services provides an end-to-end medical billing and coding solution to fulfill all of your medical needs.
