Medical billing involves back-end responsibilities such as creating patient bills, submitting claims, resolving billing errors or optimizing cash flow, interacting with insurance companies, which cost time, effort, and resources, diverting attention away from patient care and concern.
Are consistent billing errors or late reimbursements plaguing your practice? Offshore medical billing is the solution for when you are looking for efficiency in the financial health of your business and ensuring complete focus on patient care.
Here is all you need to know about offshore medical billing, and how it can be an effective solution to the challenges you face in your medical billing process. Offshore revenue cycle management includes –
• Setup of Practice Management System/EMR System
• Scheduling, Eligibility Verification, and Pre-Authorization
• Patient Registration
• Medical Coding
• Customer/Patient Access Solutions
• Accounts Receivable (A/R) and Denial Management
• Credit Balance Resolution and Management
Offshore Medical Billing Process
Plenty providers and hospitals have taken resort to offshore medical billing services as it offers multiple advantages. A typical offshore medical billing company entails the following –
- Patient enrolment – All insurance information is recorded into the practice management system. Insurance validation and approval, which includes validating coverage and out-of-pocket payments, and if necessary, acquiring pre-authorization/pre-certification.
- Coding — All offshore medical billing companies have AAPC-certified coders that give the most relevant ICD, CPT, and HCPCS codes to the charge team, so that they can file charges in accordance with payment guidelines. Before submitting a claim, the codes and accompanying costs are meticulously reviewed for accuracy.
- Payment Posting – Payments are posted, and missing, and/or denials are identified so that corrective steps can be taken as soon as feasible in order to ensure full reimbursement.
- Accounts Receivable Management – AR analysts in an offshore medical billing company help you keep your accounts receivables in check, follow up with health insurers and payers, and take steps to collect payments that are past due.
Compliance with HIPAA
Providers don’t have to be concerned about information security when they offshore their medical billing. The offshore medical billing companies are familiar with all HIPAA standards and protocols, and take steps to safeguard the security of all medical information. Computers with firewalls and anti-virus programs are installed, along with monthly backup. The companies also take care of on-site shredding of hard copies of patient data, and are on top of the most recent regulatory developments and make necessary revisions to ensure compliance.
Dealing with the full medical billing procedure can be and exhausting and time-consuming. However, because the process is complex and challenging, it is critical to hire and train the appropriate personnel. When you take help of an offshore team, you gain access to a larger pool of trained individuals who can complete the assignment, saving time and resources on training and hiring. The candidates are found following a thorough assessment and qualifying evaluation phase, as well as an interview and reference checks. You acquire the finished output with less effort and in a significantly shorter time frame. We stay on top of the newest policy measures and make necessary adjustments to ensure compliance.
You can take advantage of offshore solutions with customizable turnaround times and no quality compromise. Additional benefits include: strict quality checks; daily, weekly, and monthly reports; no worry regarding time differences between offshore locations; and weekly meetings to learn about the progress and review data.
While you focus on the most important aspect of care, the offshore team takes care of the rest of the billing needs. Because of the time zone difference, the offshore company can accomplish end-of-day tasks before the day even begins! This frees up time for you to focus on your main job: patient care and happiness.
Offshore medical billing companies have been around for more than two decades and is a tried-and-true concept that has aided the expansion of several healthcare businesses in the United States. Due to the ideal time difference (about 9 -15 hours), a large English-speaking talent, stable Democratic governments, and ultimately the economic advantage that can be used, India is considered to be the best geographical option to offshore. Info Hub Consultancy Services (ICS), a leading offshore medical billing company, is the appropriate partner to help you do more with your revenue cycle, whether you need component revenue cycle operations like medical billing, medical coding, or accounts receivable management, or you want to offshore the full chain of the process.
Offshore medical billing companies understand the need of cooperating with onshore revenue cycle teams, and working with physicians to minimize revenue leakage, enhance reimbursements, and improve processing quality. We recognize the impact of each step from credentialing and enrolment to billing and collections.
Info Hub Consultancy Services, a well-established medical billing offshore company, provides services that give you access to the latest technology and qualified staff to assure your practice’s financial success. Individual and group practices, hospitals, clinics, and ambulatory surgery centers all benefit from our personalized medical billing services. From patient enrollment and verification to collections, our medical billing company has proven experience in all elements of revenue cycle management. We operate as an addition of your facility to assist you increase production and optimize reimbursements while lowering your overhead expenses by 30-40%.