Medical billing is one of the most stressful jobs that demands you to be physically and mentally active. Physicians and medical practitioners often face the dilemma of choosing between in-house medical billing or opting for outsourcing.
A medical billing expert can resolve this dilemma by clearly indicating how challenging the medical billing task is, which accompanies several complex responsibilities with added work pressure. That’s why many practitioners, especially in the US, prefer outsourcing their medical billing and coding tasks.
But simultaneously, few medical providers are quite skeptical about medical billing outsourcing to the medical billing companies in India. They believe the wrong notion that such outsourcing will cost them more or they will lose control. Furthermore, they have a fear of things going awry with the third-party service providers, which can directly impact their practice revenue cycle and the associated management process. However, the truth is that healthcare providers collect a higher percentage (approximately 70%) when they outsource the medical billing function.
Do you know the fact that US healthcare providers who opted for outsourcing their medical billing operations have experienced less mental and pressure exhaustion with an increase in claims approval rate?
This indicates that such providers have saved more money and have indeed observed significant results all over the US in terms of high profits.
Outsourcing Medical Billing Services to Info Hub Consultancy Services – Save More & Collect More Solutions:
1. Higher Reimbursements
The best route to accomplish high records in your reimbursement claims is hiring experienced Indian medical billing companies to handle the complexities of the medical billing processes. The expert medical coders are well-trained and experienced in their coding jobs and remain updated with the ever-changing medical billing codes. They scrub your claims to ensure that your claims are coded accurately and track them correctly before the final submissions to reduce the chance of denials. By boosting your clean claims and attacking your claim denial rates, outsourcing services help your practice to enjoy quicker and higher reimbursement than the average.
2. Reduce Money Lost
As a practitioner, whenever a claim is denied, you have a small window to resubmit the claim once again to earn a better chance at reimbursement. But if any of these denials slips through the cracks for one reason or another, then that payment is lost forever or put into the patient’s lap. The optimal way to reduce the money lost is to look for outsourcing your tasks to the professional team. These trusted partners prevent the happening of the denials as much as possible in the first place by following stringent quality checks. They will also avoid your denials from slipping through the cracks and make sure that your practice has the best chance to get paid for the services that you have provided to your patients.
3. Increase in Patient Payments
Outsourcing billing services do more for your practice revenue than simply increasing your reimbursements from the insurance payers. By outsourcing your practice medical billing services, you can also experience a direct positive impact on your patient payments. When a trusted vendor manages your complex patient collections, you can expect in-full and on-time payments on average.
However, the key to all this is to search for an Indian off-shore medical billing company willing to offer empathy and compassion to your patients demanded while navigating their medical expenses. You have to look for that vendor who should work out in detail with your patients to understand their medical bills accurately. They should also work with them to finalize the most doable and best payment options that work for them. Even a small payment is far better than no payment at all.
4. Cut Staffing Costs
Staffing can be an unavoidable and frustrating cost, especially when you choose to manage your medical billing in-house instead of outsourcing. In several practices, the medical billing staff is the hardest and most challenging to keep employed with astronomical turnaround rates. Staffing cost includes the employed person’s salary or wage and comprises the training cost. Therefore, your training costs will never come to an end if you got stuck in the hiring cycle of your practice billing team. The best alternative to such costs is to outsource your medical billing services. Such off-shore medical billing providers will eliminate the staffing costs and offer a cost-effective solution for your practice by reducing your financial burden.
Peace-of-Mind with Outsourcing your Medical Billing to Info Hub Consultancy Services (ICS):
You will naturally feel more calm and relieved when you know that your medical billing is in good hands. You need not bother anymore about whether your medical billing staff is handling the billing operations as per the rules laid out or not. The only thing you have to worry about is to outsource your medical billing services to Info Hub Consultancy Services to get peace of mind. Outsourcing to an expert medical billing service provider such as ICS can increase your revenues with fewer errors and denials in claims. This indicates that you can save more and collect more by focusing more on your patients.