Medical billing outsourcing is almost as old as the age of internet. The value-addition that medical billing companies have brought to healthcare practices, be it a small neighbourly practice or a large organization is immense. The growth of this sector has been so stupendous that as per a recent report, the sector is expected to reach $19.7 billion with a CAGR of 11.8 percent. Here are some reasons why medical billing companies have successfully been able to create a buzz within a short period of entry.
Staying on Top of Regulations
While the US adopted ICD-10 in 2015, the World Health Organization has already proposed a draft of ICD-11 in the 22nd World Health Assembly, and is up for adoption! ICD-11 classifies burnout as a workplace phenomenon and recognizes gaming addiction as a risk for youth. In this rapidly changing environment, hiring competent medical billing companies will save both the administration and doctors an immense amount of time in the coming future. Most of all, it will allow practices of all sizes to take care of people, rather than processes.
Experienced billing and coding certified professionals are often hard to come by and can sometimes cost more than clinic staff themselves! This rings especially true for smaller firms. Good medical billing companies are privy to a large number of certified experts, who can respond to patient queries and claims instantaneously. Most reputed medical billing companies will also have several employees with specializations under their belt. This will essentially pave the path for optimized resource management that is wholly directed towards the core practice i.e. hiring more medical professionals, rather than admin staff.
Medical billing companies are incentivized to work towards the happiness of patients as well as the success of the organization. Given that most medical billing companies work based on commissions (i.e. a percentage of monthly net billing), both firms are party to enjoy the benefits of a well-oiled machine. Medical billing companies have the onus of ensuring successful closures of cases, while also maintaining customer service standards with patients.
Reporting and Analytics
The expertise of medical billing companies lies in the ability to record every communication and transaction between all parties – the patients, the medical firm and the insurance firms. This means that medical billing firms can provide the healthcare sector as whole with a wealth of knowledge over time that can be used to the benefit all participants in the system. More importantly, it is a step in the right direction towards making technological transitions smoother, helping organizations stay on top of the field.
From deducing recovery paths and patient outcomes to scheduling visits, technology is penetrating the healthcare industry at a rapid pace. An overhaul of the healthcare system is underway, and parallelly global parametric procedural and statutory changes will also ensue. In these evolving times, having data to back organizational decisions, a standard operating procedure set in stone, and legal experts to iron out the creases is imperative to ensure smooth functioning at ground level. In this regard, medical billing companies are an indispensable support system.
As policies and claims processes get more complex, seeking the expertise of medical billing companies is the obvious choice for practices in order to reduce the burden of handling arduous admin tasks. With seamless initiations, follow-ups, tracking and tracing of claims, medical billing companies tailor robust internal processes to ensure absolute reduction in denial rates. Comprehensive reporting and analytics produce tangible savings in operational costs and overheads. Partnering with seasoned professionals ensures access to top-of-the line experts, 24X7 support and thorough end-to-end cash flow management without the stress of privacy concerns.