Imagine a scenario where you have just begun the healthcare practice as a small group of physicians offering complementary specialties. You have already initiated the process by investing heavily in building your healthcare infrastructure, automated tools, furniture, and medical equipment, hiring medical staff and billing team, marketing, and much more. Now, you’re eager to treat more patients and grow your practice with more revenues.
Is this what you are expecting as an ideal scenario? Is this that easy as it seems so?
You will notice a shortfall in your income that keeps growing every day despite increasing patients.
Surprise! The reason is very simple and clear.
With the increase in the patient’s coverage, there are high chances that some of your esteemed patients don’t pay their bills on time. Moreover, payments from various insurance payers such as Medicare and Medicaid will slow down in case of avoidable and minor errors in claim filing or coding.
Are you feeling Surprised? There is nothing new in this.
This is the present condition across the healthcare industry where reimbursements are constantly declining along with increasing HIPPA-compliant paperwork. Therefore, the opportunity for you to become a profitable practice is continuously shrinking.
As per the statistics, on average, 70-80% of the patients owe at least $500 to their healthcare providers, and more than 45% of the patients owe $1000. In fact, if the bill is not eventually settled or paid, the expense of that treatment will NEVER be recovered from the payers.
How can your healthcare practice hope to earn and stay profitable when the expenses are touching the skies, and the majority of the fees are capped by the reimbursement amount to be provided by the insurance payers?
The only answer to the above dilemma is OUTSOURCING to one of the best medical billing companies in India.
A reputed off-shore medical billing company in India prioritizes your billing process as this is what they are meant for. Such companies have a well-proven track record of providing a cost-effective billing solution for healthcare practices worldwide. This option is both the quickest and easiest way to see new levels of profitability by your practice.
Let’s find out some of the advantages that you can gain from outsourcing your medical billing:
Manage the Costs:
The hospital staff and other physicians have no idea about the billing, filling the claims, getting reimbursements, etc., as they deal more with patient care as a core job. Moreover, if you hire an in-house team of specialized people to take care of your billing processes, it will add more to your practice expenses and realistic costs. That’s why there arises the need for Indian medical billing companies for outsourcing. It tends to reduce the overall cost to more than 50% as the charges are based on the number of billing and coding cases handled by their team.
Helps you Concentrate on Patient Care
No doubt, the primary jobs for any healthcare facility are patient treatment and their maximum satisfaction. But the professional doctors and an administrative team in the medical field are more indulged in billing and coding activities to enhance the reimbursements. It invests a lot of effort and time to convert and control your billing and coding tasks in-house. Rather than investing your energy in these tasks with unassured returns, redirect your resources and efforts towards what you can do best, i.e., patient handling. This is possible only by transferring the complex billing system to outsourced companies to focus more on patient care, thereby enhancing the practice’s goodwill.
Save your Valuable Time
It can be a daunting task for you to keep a check on the revenue collection team out of your busy schedules while handling the patient appointments. However, medical billing requires consistent support from the higher management to make sure that the medical billing process is meticulously taken care of with minimal errors for every service provided. Therefore, the best idea is to hire an experienced medical billing company in India to assist you in this regard. Such a company will take care of the communications with your patient for required information and keep track of all the past dues and reimbursements effectively and efficiently. They also stay connected with the insurance payers to comply with the required regulations and maintain a healthy balance in your billing.
Maintain Smooth Operations
The best outsourcing medical billing companies in India will enable you to maintain a stable cash flow of revenue and collect faster, regardless of the staffing you have. When you see an enhancement in and the decrease in the overall operational costs and the increase in the revenue generation resulting from medical billing outsourcing services far exceeds the billing service fee they charge. These outsourcing companies are experts in coding, billing, and claims management, which reduce the risk of denials, thereby smoothening the overall operations of your practice in terms of revenues.
Nowadays, outsourcing billing services are in trend due to its manifold advantages. Hiring a third-party billing partner is no more considered a wrong idea as they can guarantee you speedy service with their expertise. If you’re also looking to outsource your medical practice services such as medical coding, billing, or revenue cycle management (RCM), the Info Hub Consultancy Services can be your trusted partner. They are known for their great infrastructure with the latest technology and software. Moreover, they believe in keeping their systems up-to-date to offer the best service and support to the healthcare providers.