Are you facing revenue losses, increased denials or are you not getting reimbursed on time? Outsourcing your medical billing might seem like a viable option. Many billing firms in the United States are well-informed and aware of the advantages of outsourcing medical billing services to India, and they have begun to use it as a tool to gain broader economic advantages. Outsourcing has not only been a cost-cutting saviour for many businesses, but it has also helped them improve their bottom lines. As the healthcare industry evolves, it is certain that regulations and policies will continue to add to the current system, causing healthcare companies, groups, and practices to look for more efficient ways to run their businesses. The successful management of medical billing, medical coding, and revenue management is a strategic objective for the sector in today’s complex healthcare market.
The expanding use of offshore outsourced billing partners, as well as the growing number of offshore based medical billing organisations, is proof of the additional advantages and benefits of outsourcing medical billing services to India. Outsourcing medical billing services is always a superior alternative for expanding a company’s reach.
The following are some of the reasons why a medical practise should look into outsourcing Medical Billing Services to India:
1. Improve Cash Flow and Save Costs
Medical billing services can be outsourced to save money, which is why many firms and organisations do so. Training, staffing, infrastructure, investments, and healthcare IT services can all be minimized. Outsourcing services can also improve the efficiency and consistency of cash collection and cash flow processes. One of the key motivations for outsourcing has always been to save costs. Hospitals can save dollars on wages, learning, and benefit by outsourcing medical billing. Hospitals can also save money on office supplies, furniture, and hardware purchases or upgrades. Many customers prefer specialist vendors because they may get high-quality service at a reduced price. Clients can choose the solution that best matches their needs thanks to the variable pricing models (transaction, percentile, and FTE).
2. Time Difference Benefit
The time zones in the United States are around 9 to 12 hours ahead of Indian Standard Time (IST). The fact that most of your billing and coding processes are done before the turnaround time is an added benefit of outsourcing your medical billing services to India (TAT).
3. Reduced Labour Costs
Outsourcing your medical billing can help you save a lot of money by eliminating the need to engage a professional medical billing team. This will help in minimizing the additional costs of staffing, training and labour.
4. Increased Focus on Patient Care
Being a competent doctor and an office manager at the same time is never easy. Hospitals can free up staff time and secure greater returns by shifting resources away from difficult billing problems and toward helping patients. These high-value activities help the centre not only produce more cash, but also build and maintain a more successful practise with a dedicated patient base. As a result, healthcare professionals can focus on what they do best: practising medicine and treating patients, rather than navigating between payers and regulatory obligations.
5. Adherence to Billing Compliance
Compliance is always thoroughly integrated into all operations of an established firm. External and internal audits will be carried out to reinforce these rules and procedures. Outsourcing to offshore medical billing firms is similarly safe and secure because they observe and follow all applicable rules, guidelines, and compliances to preserve PHI, and are discreet in their treatment of all information compiled by their buyers. You can have faith in the reliability of an offshore medical billing firm because they manage all data supplied in a secure manner, adhering to all standard rules and HIPPA requirements.
6. Better Control
You can still access all of your claims and reports from anywhere if you have a specialized offshore medical billing staff handling your claims. Offshore outsourcing allows you to have more control over your billing process, and the offshore billing team is only a phone call away if you have any questions. A great offshore medical billing partner will also help make it easier with bandwidth to focus on customer relations and expansion rather than on measuring and reviewing every solitary issue.
7. Experienced Team of Professionals
Outsourced billers and coders are well-trained and competent to handle even the most complicated claims with ease. They are kept up to speed with continual changes and successfully pass domain-driven assessments to fulfil quality standards. By enlisting the help of these specialists for your billing process, you can reduce your denial rate while simultaneously increasing cash flow.
Info Hub Consultancy Services (ICS) is a leading medical billing company in India, providing complete RCM services to over 80 clients across the United States and specialising in a variety of specialties. ICS assures to act as a virtual back office for all your medical billing and coding needs, having been certified for quality process and information security management in accordance with HIPAA.