The number one priority will always remain the same regardless of the industry you serve, i.e., customers. Different terms can be used to represent them, but their position always stays at the top as patients in the case of medical institutions or hospitals.
But simultaneously, the healthcare providers are not only confined to this responsibility. There is much more to it, such as medical billing and coding tasks. Medical billing entails back-end tasks such as managing medical bill errors, improving cash flows, etc.
All this consumes time, effort, and resources, diverting the attention of healthcare providers away from patient care and concern.
What if we told you that you could do both with half the effort, time, and resources?
Believable?
Offshore medical billing and coding is the solution to this problem.
Let us walk you through the benefits of outsourcing offshore medical billing companies:
Many healthcare providers are making investments in cutting-edge technology, adding more dollars to their practice in terms of investment. But it’s not feasible for everyone at every time. That’s why hiring the best offshore medical billing company is necessary. Offshore medical billing companies have already made investments in several such technologies as:
1. Automation of Workflows
Many healthcare providers are making investments in cutting-edge technology, adding more dollars to their practice in terms of investment. But it’s not feasible for everyone at every time. That’s why hiring the best offshore medical billing company is necessary. Offshore medical billing companies have already made investments in several such technologies as:
2. Gaining Access to New Technology
End-to-end work process automation provides you with a real-time view of your process performance – collection efficiency – the possibilities are virtually limitless. In fact, managing an offshore workforce is simpler than you might think.
3. Revenue Cycle Reporting Tools
Customized reporting for healthcare providers is critical whether you run a hospital or a clinic. Provider-specific information such as collection trends, clinical documentation issues, and so on directs all the efforts towards improving the revenue cycle management.
A. Pay for Results
Instead of paying your in-house billers by the hour, how about paying only for results?
Offshore medical billing companies charge a percentage of the money collected on your behalf. These percentages can vary significantly depending on the different offshore medical billing companies you shortlist. However, paying for results is generally more efficient in the long run. After all, this payment model gives offshore billing companies a strong incentive to collect as much money as possible from you! What is beneficial to you is beneficial to them, and vice versa.
You always get what you pay for when you outsource medical billing services.
B. Protecting Patient Data
One of the most compelling reasons to outsource medical billing and coding services is its increased security.
According to the research, there were 222 documented cases of hacked medical records. More than 11 million patient records were impacted. Each year, these breaches cost the industry approximately $5.6 billion.
This is where the need arises for offshore medical billing companies that prioritize cybersecurity. After all, the trust healthcare providers place in them makes or breaks their business. A single data breach could ruin their reputation and put an end to their career. That’s why it is always recommended to do your research before hiring an offshore medical billing company. Check their previous security record to ensure they are trustworthy.
A good and experienced offshore medical billing and coding company will handle cybersecurity and always ensure the security of your patient’s records.
C. Avoid Underbilling and Overbilling
Did you know? If your practice consistently bills with the highest codes, you risk being flagged by your Medicare. This can lead to audits and/or severe penalties. On the other hand, if you bill too low, you may end up losing money.
So, how do you strike the perfect balance and bill at the appropriate level?
This is where outsourcing medical billing and coding services can help! Typically, offshore medical billing companies hire a coding expert who can advise you on how to bill neither too high nor too low. They’ll get your medical billing rates exactly where they need to be in order to optimize cash flow while avoiding an audit.
This is one of the most important benefits of outsourcing medical billing services to offshore medical billing partners.
Info Hub Consultancy Services (ICS) – Your Offshore Medical Billing Company
ICS is the right outsourcing partner to help you do more with your revenue cycle, whether you need medical billing, medical coding, accounts receivable management, etc.
Our Revenue Cycle Management solution portfolio includes the following solutions:
- Setup of a Practice Management System/EMR System
- Pre-Authorization, Scheduling, and Eligibility Verification
- Registration of Patients
- Coding for Medical Records
- Submission of Claims – Rejection and Work Edits
- Denial Management and Accounts Receivable (A/R)
- Credit Balance Management and Resolution
- Customer/Patient Access Solutions for Patient Support
We understand each action’s significance, from credentialing and enrollment to billing and collections. We also value collaborating with onshore revenue cycle teams and working with clinicians to address revenue leakage, improve reimbursements, and improve processing quality.
