Outsourcing the medical billing process is now a mainstream approach that most healthcare companies follow. It is easy to see why. It brings about savings of millions of dollars. At the same time, it leverages well-defined processes, top-grade technology, and an expert workforce to bring more efficiency to the RCM medical billing process.
The healthcare industry of today is highly complex and constantly changing. Optimising billing and coding processes gives healthcare institutions much-needed buoyancy. It thus hardly comes as a surprise that medical practises of all sizes are partnering up with medical billing outsourcing companies to achieve both cost-efficiency, process efficiency and many other benefits, which we will explain in detail in this blog.
7 Advantages of Medical Billing Process Outsourcing
1. Patients Receive Better Care
Doctors can’t treat their patients and simultaneously fulfil all their administrative duties. By outsourcing the medical billing process, the core staff of the practice can concentrate on taking care of the patients. They no longer have to chase payments from insurance payers or invest time and energy in keeping up with the changing regulations.
With the staff solely focusing on patient care, the quality of treatment provided in the healthcare practice improves. This paves the way for better returns in the future.
2. Fewer Costs and Higher Revenue
When healthcare practitioners outsource their medical billing process to experienced outsourcing partners, many billing-related problems, such as incorrect coding, lack of accuracy in patient details, etc., get rectified. Their experts use their knowledge and expertise to ensure accuracy and speed in processes like claims processing, bill collection etc.
This brings down the overall costs involved in the medical process. Additionally, as insurance companies reject fewer claims, the revenue inflow of the practice also improves significantly.
3. Brings Down Billing-Related Errors
The medical billing process is quite complicated and needs expert knowledge. Medical billing outsourcing companies invest a lot of money and other resources to train their staff extensively. They also have many experienced people working for them.
The benefit of having experienced and highly trained staff on the job is that there are lesser billing errors when the claims are submitted to the insurance payer. It was also done in a time-bound and compliant manner. This reduces the chance of the claim being rejected significantly.
4. Improves Industry Knowledge
Medical billing process outsourcing gives healthcare business access to experts in the field. These experts invest all their time and energy in ensuring that their knowledge of things like medical codes, compliance rules, best practices, etc., is complete and up to date. Implementing all this knowledge takes plenty of time, something an internal employee isn’t likely to have.
Returning to the point, the perspective of experts, together with the statistical and analytical data, helps practitioners make better business decisions.
5. This leads to Better Consistency.
There are risks attached to relying on an in-house team to carry out the medical billing process. An unprecedented shortage or change in team members may jeopardise the whole process. As a result, you may lose much revenue due to erroneous billing.
Medical companies are highly bankable in this respect, as they have a vast pool of talented resources who will ensure that they carry out the process in the most compliant, accurate and timely manner every time.
6. Guarantees Data Security
Healthcare companies have to take extra care to ensure data privacy and data security in their medical billing process. Any breach can result in them having to pay tremendous penalties or face severe legal consequences.
Medical billing companies walk the extra mile to ensure data and information security. All their tools and platforms are compliant with standards. They also have streamlined processes and stringent security measures for handling and storing data. This ensures optimal information security and total compliance with HIPPA standards.
7. Increases Patient Satisfaction
Finally, patients also benefit when healthcare companies bring more efficiency to their medical billing process by outsourcing it to competent medical billing companies. On the one hand, they get superior customer service from the trained and knowledgeable employees of offshore medical billing companies.
On the other hand, as healthcare facilities receive optimum revenues due to fewer billing errors, faster reimbursements, timely follow-up with the payers, etc., they can deliver excellent customer service to all their patients.
How Do We Assist You in Your Medical Billing Process
We have helped several medical facilities optimise their medical billing process with our unmatched expertise and sound industry knowledge. Our clients have increased their revenue several folds thanks to the efforts of our experts. They uncover the underlying issues behind most errors. We then use highly standardised procedures to ensure these mistakes do not re-surface.
Our agents have plenty of domain experience, and we handpick them to ensure they have an eye for detail. We put them through regular training so that they are well versed with all the recent industry developments and aware of all the changes in HIPPA rules.
What sets us apart from other players is our top-of-the-line tech. To ensure 100% data security and privacy, we have in place state-of-the-art intrusion detection technology. Also, we always have a 200% power backup, so you do not have to worry about service outages.
To provide you with 24×7 support in your medical billing process, our operations are spread across five countries: India, the Philippines, Argentina, Bolivia, and Columbia.
Who We Are and What Makes Us Industry Experts
This article is brought to you by the professionals at MedBilling Experts. Our support in the medical billing process helps medical billing companies, hospitals, physicians, doctor’s practices, and urgent care facilities of all sizes.
Our other services include AR management, Denial Management, Insurance Verification Services, Medical Claims Processing, Insurance Claims Processing, etc.
