Medical Billing Outsourcing
7 Reasons why Medical Billing Outsourcing works for Physicians
Medical Billing Outsourcing isn’t ideally a new concept for practices in the US. By letting a third party handle the medical billing services, growing number of healthcare providers are making profits and are getting ample time to focus on quality patient care.
- Between the forecasted period of 2018 to 2023, the global medical billing outsourcing market is expected to register a CAGR of 10.5%
- Cost Reduction
- Approximately 10-12% of practice collections is spent on medical billing procedures
- Majority of administrative cost in the US healthcare system (approximately 62%) has been attributed to billing and insurance related activities
- Billing costs are very high in US, costing nearly 4 times more than the cost of medical billing in Canada
Cost reduction is one of the topmost concerns of medical practices and by outsourcing the billing services to a reliable medical billing company, practices can reduce overhead costs significantly.An expert team of coders and billers can get the practice paid on time, reduce denials and increase revenue.
- Increased Revenue
- As per a survey, with a good billing team, practices can experience 95% claim payment upon initial submission within 45 days
- Increased Control
- It has been estimated by statistics that more than 20% of a physician’s revenue is lost due to mistakes or loopholes in the medical billing process
- Improved Collections
- Did you know, it costs four times more to collect from patients than it does from Insurance Companies?
- More than 70% providers within the medical billing industry have reported that it takes 30 days or more to collect from patients
- Access to Trained Staff
- When providers choose a reliable medical billing company, they get access to the expertise of their staff. These professional billers and coders make use of the latest tools and technology to deliver best results to their clients.
- More Time for Patient Care
- According to Medscape’s 2019 report, the biggest contributor to physician burnout (59% respondents) was too many bureaucratic tasks
- Adherence to ICD-10 and HIPAA
- Adherence to HIPAA rules and ICD-10 is a must for practices. With outsourcing, Practices don’t have to worry about adherence to coding or regulatory changes because they have experts working for them.