Medical billing and coding offer a strategic advantage for professionals working in the healthcare field. But it can also be a challenge with the constant change in systems and regulations. It is an exhaustive process including coding, medical illustration, adjustment of claims, and medical transcription.
Hence, it’s not uncommon for businesses to outsource medical billing services nowadays. In fact, outsourcing has proven to be of good help for hospitals, doctors, or practice managers. But if you’re still giving it a thought, here are a few reasons why you should consider it.
Easy Management of the Process
One might think that in-house billing is easier as you are in full control of the billing. But, it also means that your in-house staff will consistently focus a lot on that. It’s not only about submitting bills, but it also means correcting errors, taking care of reimbursements, and monitoring the whole process. Outsourcing medical billing services will help free them up so that they can focus more on patient care. For example, bills might not get paid on time but a medical billing company will automatically send payment reminders.
The billing companies can also help in the detail-driven process of Credentialing. It is the process of establishing and checking the qualifications and legitimacy of a licensed medical professional.
Reduced Error Rate
When your in-house staff is multi-tasking by checking patients and handling billing at the same time, there is scope for errors. Several errors like invalid patient information, incorrect authorizations, and duplicate billing can happen. The higher the errors, the more your reimbursement rates are affected. Outsourcing can be a solution to all this. These companies have years of experience in this and are trained to handle your billing and coding tasks without any errors. It not only reduces errors but also streamlines your practice workflows and increases revenue.
Well-regarded outsourcing providers have a transparent billing process. Most of them are HIPAA-compliant and have a 100% secure process that safeguards you against any hack threats. They give assurance that the data is kept confidential. These companies have great security to keep your operations safe.
Medical billing is one field where everyone who handles the system should be constantly updated with the regulatory changes or it could be a huge problem. The billing companies are solely focused on this and hence are updated with everything new. They will also notify you about any new updates so that you won’t need to research on your own. You can be assured of 100% compliance with the rules, an accurate billing process, and timely claims.
High Level of Clarity
When you hand over your company’s medical billing, they actually commit to earning positive results for your company. They set defined metrics and work towards getting 100% payments and strive for 0% denials. While they work, they also provide you with actual result reports of their efforts. They keep track of all insurance payments and check if there are any delays. Hence, they provide you an easy and transparent revenue cycle management.
An in-house medical billing team may seem like a cost-effective option, but it includes quite a few hidden costs. You need to take care of paying for training, software and hardware installation, payroll, or insurances. Your business also needs to take care of hiring or finding replacements for employees on leave. On the other hand, outsourcing takes all these expenses away for you. That company will take care of all these issues and expenses while delivering the outcome to you.
Improve your revenue cycle management and get sustainable growth. Get long-term benefits irrespective of the changes in the system or your company. The billing company saves your time and money; by reducing the number of claim denials, timely submission of claims and reimbursements, and saving you from all the extra costs.
No Capital Investments
A new or expanding company may need huge investments to set up billing software or to upgrade to the latest equipment. Outsourcing the whole billing process saves you from all the costs. In a new setup, it becomes easier to start without having to pay a lot.
Last but not the least, the latest version of ICD-10 has had a huge impact on the working and payment outcomes for health providers. Outsourcing will take the burden of all the coding changes off your company!
When Should You Outsource?
Answers are simple:
- If you see that there is stress at the workplace. Your staff can be overwhelmed with the number of tasks they have to manage every day.
- If you see delayed or rejected claims frequently even after changing systems and training your staff.
- If there is no increment in the revenue. Outsourcing can help optimize your revenue cycle management.
Why is Outsourcing Medical Services to India Beneficial?
- It will cost you less as the same setup and infrastructure in the US will cost way more than that. Less cost means more revenue for your business.
- The Indian time zone is 12+ hours ahead of the US time zone hence your work can be completed before time.
- Coordinating with a company in another country can be useful during country emergencies.
- Medical billing companies in India have vast experience and exposure to the healthcare industry of the US. Hence, they’re always updated with new regulations and policies.
- With a large English-speaking population, outsourcing to an Indian medical billing company will have no miscommunication or language barrier problems. After all, the key to getting work done is effective communication.
- Most Indian companies are not only HIPAA-compliant but also have a good reputation in terms of reliability and safety.
- Lastly, it will help you focus on newer goals and easy execution of your plans.
Info Hub Consultancy Services (ICS) and 24/7 Medical Billing Services are HIPAA compliant and well-experienced agencies with a team of well-trained employees.
We handle your accounts receivable (A/R), keep track of your claims, and provide you with results. Reduce your liabilities and focus on keeping your patients happy.
Maximize your profits while keeping all the billing worries at bay!