By 2026, it is anticipated that the global market for outsourced medical billing would be worth $19.7 billion, growing at an average annual rate of 11.8%.
According to a Medical Group Management Association analysis from April 2020, COVID-19 caused medical offices to see a 55% decline in revenue.
Is your practice experiencing dwindling revenues? The period during and after COVID-19 has especially strained physicians and made it necessary to ensure high focus on billing and reimbursements. Revenue cycle management includes a key component called medical billing services. So, while carrying out the process, comprehensive analysis is required. Any mistake along the procedure has the potential to harm the overall finances. Therefore, a lot of businesses choose to outsource their medical billing needs.
Understanding Outsourced Medical Billing Services
When a health facility, hospital, private practise, clinic, etc. permits a committed third-party partner to manage all or part of the back-end billing, this is known as outsourcing medical billing. This includes coding review, claim submission, payment posting, fix and reprocess claim rejections, process appeals, accounts receivable management, and patient payments and statement call centre. This is all that is required to process a claim after the provider closes the encounter and adds their visit notes to the electronic medical record. A specialist outsourced revenue cycle team’s primary goal is to maximise revenue while optimizing your processes and operations and securing payment for medical services as promptly and effectively as feasible.
Reasons Why Outsourced Medical Billing Services to India Are Preferred
Your practise can maintain stability and maintain financial control by outsourcing medical billing, independent of changes in patient volume, personnel levels, and other variables. You can get advantages for your entire practise over time by outsourcing your medical billing services to India. The benefits of outsourcing medical billing services for your business include:
1. Reduced workload on your staff – Outsourcing your medical billing helps reduce workload and the accompanying stress on the practice’s staff, thus enabling them to focus on other important jobs such as patient care.
2. Efficient medical billing and coding – When you outsource your medical billing to agencies, be assured that the team is adept with the nuances of billing and coding, which lead to reduced errors and increased profits.
3. Cost-Effective – Medical billing services can be outsourced at a reduced cost and come with greater financial sense. There is less reason for concern when billing services are outsourced because physicians do not have to wait for any staff to submit claims. They are not required to spend money on employing and training employees.
4. Timely Reimbursements – The team ensures timely filing and timely reimbursements, owing to their know-how of the medical billing process. They leave no stone unturned in submitting claims on time so that you do not lose dollars.
5. Compliance – When a company or organisation refers to compliance, it means that the office has a rigorous plan in place to perform out duties in line with the law. The use and dissemination of personal health data by particular entities is governed by HIPAA. The regulations are put into place to stop fraud and misuse.
6. Updated with Changing Regulations – Incredibly, the billing niche is one area where the laws and regulations of the medical industry are continually changing. It can be difficult and time-consuming to keep up with all the changes, but it is necessary to do so. When medical billing is outsourced, the outsourcing partner will manage rule and regulation changes effectively.
7. Advantage of the time difference – The time difference between India and US works in favor of the physicians, where the turn-around time helps in quick solutions.
Because the primary goal of billing is insurance company payment, representing all information on a patient’s diagnosis, treatment, procedure, and medical history requires highly specialised knowledge. The correctness and effectiveness of the claim submitted to the insurance company completely determine the likelihood of receiving compensation.
A service that offers medical billing is a response that is wholly appropriate for the medical demands of the twenty-first century. Since these services can be delivered swiftly and inexpensively, your practise can gain a variety of advantages. One of the top medical billing companies in India, Info Hub Consultancy Services (ICS) provides medical billing, credentialing, medical coding, and RCM Consulting services. Over the years, we have gained the trust of our clients, and assure to increase profits for your company.