Outsourcing your organizations medical billing services can improve your revenue collections, reduce costs, and improve patient satisfaction to ensure higher collection of revenues Implementing an accurate and compliant medical billing process is crucial to medical practices. It’s not easy to achieve the same. Initially it’s important for medical practices to use must use an efficient EMR and billing software trained staff to handle the billing system is a plus. staying up-to-date on the changes in medical billing codes and regulations is also another challenge.
Miscalculations will not just increase the work load of your hospital staff it can lead to negative patient experience, loss in revenue and in the long term can ruin your hospitals reputation. It’s no surprise why many medical practices in the US are outsourcing outsource their entire medical billing and coding to offshore only to specialist medical billing companies.
Outsourcing medical billing services has proved to always be advantageous. A few significant ones are listed below.
- Lower operational expenses: -if you have outsourced your medical billing services to an offshore medical billing company. Collections, coding and the entire administrative cycle of medical billing is taken care of obviously you are spending lesser on hiring and training front-end staff, and on maintaining an IT infrastructure. Having immediate access to a team of ready and trained medical billing staff of the service provider helps you to scale operations at an affordable cost.
2 . Increase Revenue:-In a nutshell here’s how an offshore medical billing company can accelerate your revenues growth.
- All claims are processed electronically which reduces the time involved in collecting the same.
- Perusal of claim applications before submission by a trained team reduces denials.
- The front end team can now focus on enlightening patients and their families on the expected costs of medical procedures, the payment options available available (e.g., CCOF or credit card on file and online payment apps) and expected out-of-pocket costs.
This will improve in greater payment collection.
- Ensure HIPPA AND ICD-10 Compliance: A major worry in outsourcing medical billing services is
the possible breach of sensitive patient information However, this can be overcome by ensuring that the offshore medical billing company you partner with is HIPAA compliant (which means that the services provider has administrative, physical and technical safeguards in place to keep your data safe).As a matter of fact if you decide to opt out outsourcing medical billing services the threat of data theft for transactions processed electronically looms large and hence you would need to invest in becoming HIPPA compliant. Keeping track of the many ICD-10 code code changes every year especially if the final list of codes for 2018 has more than 300 amendments is without a doubt a recurring administrative nightmare and hampers the productive time of your staff. Moreover, with an offshore medical billing company the responsibility of updating systems and training staff on the new code shifts to the service provider leaving you and your team to focus on the core job of providing quality healthcare.
- Greater control of billing process: A large number of medical practices are still hesitant to work as the
- fear they could end up losing control of their practice. In fact, it’s just the opposite medical billing is a highly competitive industry, and your medical billing company will commit to doing everything possible to keep you happy is by improving your collection time, minimizing billing errors and claim rejections, ensuring that costs do not skyrocket as you expand by providing regular reporting. In other words, you enjoy greater control over the billing process of your medical practice.
- Improve patient satisfaction: Organized capture of patient information and electronic processing of claims (through a medical billing company) allows your staff to be better informed to handle patient queries on payments. They also have more time to interact with patients and their families, allaying any other concerns. A team of billing professionals work behind the scenes auditing claims processed electronically resulting in higher claim approval rates. Improving the level of human interaction, being able to provide upfront estimate of medical costs and promptness in claim processing are all aspects that positively influence patient experience with a medical practice. Partnering with the right service provider is key Of the several international locations you could choose, India is considered an ideal choice because of its skilled English-speaking workforce, a manageable time difference (approximately 9 -15 hours), and a favorable U.S. dollar -Indian rupee currency exchange rate.
ACP Billing is an offshore medical billing company based in the state of Florida Orlando. Our team of medical billing and coding professionals deliver high-quality support, from medical billing and medical coding to customer/patient services and other back-office tasks