Besides the doctors and caregivers, a medical office or hospital is also as good as the backend professionals. The people in charge of coding and billing are some of the invisible engines of the medical industry.
A new outsourced medical billing method isn’t a novelty anymore. Most billing companies in the US are aware of the advantages of outsourcing Medical Billing Services to India and have begun utilizing it as a tool for acquiring broad business benefits and business efficiency. Many companies have discovered that outsourcing helps them not only reduce costs but also boost their bottom line.
Some medical firms and practitioners are lacking in the human resources necessary to handle medical billing, making it a challenging and demanding job. Even though outsourcing is not fairly a new concept, it can be a challenging decision to outsource medical billing as medical billing and coding go hand in hand, and unless one is a professional they cannot identify the correct codes, it can lead to bills come out of awry, and it leads to huge losses. As a result, outsourcing is one of the best bets when billing is correct since it can allow one to concentrate on core business strategies.
Some of the reasons why a medical practice should consider outsourcing Medical Billing Services to India are as follows:
1. Better Control over Business
A common misconception is that outsourcing medical billing services will result in a loss of control over business processes. In fact, most business owners have a lot of control over their bills since they have highly trained and dedicated outsourced billing professionals. Better control directly ties with one’s operational benefits.
2. Increased Revenue
Companies can save a lot of time and money by outsourcing medical billing services, when it comes to salaries, office infrastructure, and purchasing, upgrading, and maintaining billing software. Typically, it has been noticed that billing companies perform 15% better at collecting bills when compared to the billing departments of any private practice. This is nothing but a pure revenue increase for your practice.
The increased revenue is mainly seen after reducing overhead costs, timely submission of claims, and increased reimbursements.
3. Better Safety
It is entirely safe to outsource one’s billing processes to a third-party service as they offer a very transparent billing process. The majority of the service providers are HIPAA-compliant and are pretty safe against any hacking attempts. The companies need to ensure that the client’s data is secure, and well-regarded outsourcing providers have desired security and infrastructure to offer a safe haven.
4. Changing Regulations
The rules and regulations of the medical industry, incredibly the billing niche, are constantly evolving. One needs to keep up with all the changes, and it can be both challenging and cumbersome to meet all of them. By outsourcing the medical billing, the changes in rules and regulations will be managed well by the outsourcing partner.
5. Minimized Labor Costs
Outsourcing billing needs can be fruitful for a company as it can save a lot of unnecessary expenses, and the need to hire a dedicated medical billing team can be avoided. This will in turn lead to reduction of staffing, training and other labor costs.
6. No capital Investments
One of the best parts about outsourcing is that you don’t need to buy the billing software or any of the latest equipment or even deal with any expensive software upgrade. The costs are mostly reduced as you don’t need to own a complete billing system.
7. More time for Patients
The health practitioners have more time to concentrate on the patients if they choose to outsource medical billing to a third party. Additionally, medical professionals don’t need to spend time on their billing processes, and it is perfect for investing their business time in core competencies, including quality patient care.
8. Adherence to ICD-10
The ICD has recently been updated to the latest version, i.e. ICD 10 which has caused growing concern amongst the medical community. Healthcare providers have experienced an array of time management and payment outcomes as a result of the new coding changes. Getting medical billing outsourced will mean each hospital or physician can be prepared to deal with the ICD 10 coding changes, as most companies deliver the services already in tune with them.
A medical billing service provider is a solution that is fully up to date with the needs of the 21st century. All sorts of benefits can accrue for your practice since these services can be provided quickly and cheaply. We, Info Hub Consultancy Services (ICS) are one of the leading medical billing companies of India who have over a period of years earned our client’s trust by offering Medical Billing, Credentialing, Medical Coding, and RCM Consulting services. For more information, contact us on 0422 4212455.