Outsource Medical Billing & Make Great Profits in 2023

In the healthcare system, denial management and on-time submission are essential to warrant seamless cash flow for the hospitals and patient satisfaction. Many healthcare facilities use third-party medical billing company to reduce billing errors and claim denials, enhance the cash flow, and warrant medical billing compliance while improving patient satisfaction. With outsource medical billing in 2023, healthcare practices can save immensely on employee expenses and the overall infrastructure costs that often come with hiring and employing medical billing staff.

This blog will explain how any healthcare facility can increase its profit in 2023 by outsourcing medical billing.

Interesting Statistics on Outsource Medical Billing

Before going into the details on how outsourcing medical billing can ramp up the profits for healthcare facilities, here are some figures that can help you to understand why it is an essential step to move ahead in 2023.

Grand View Research reported on the global outsource market on medical billing to be valued in 2020 at USD 10.2 billion. The research further stated that by 2028 it will reach USD 25.9 billion at a CAGR of 12.66 between 2021 and 2028.

These figures indicate that medical outsourcing is rising, and several factors are promulgating this rise.

How Can Outsourcing Medical Billing Increase Profit in 2023?

Since, in the last few years, the medical billing environment has become quite complex with new codes, payment regulations, and compliance rules, keeping up with them has become quite a challenge for healthcare practices. On the other hand, insurance companies regularly update their rules and requirements in intricate ways so paying claims can be avoided. In such a scenario, the burden of revenue loss is on the practices, which eventually means failure to provide the necessary services to the patients as denials increase or get rejected.

One of the best ways to navigate the challenges posed by medical billing is by outsourcing it to an experienced medical billing and coding company, such as 24/7 Medical Billing Services. They will not only improve the revenue collection but also help you stay up-to-date with the latest rules and regulations while being HIPAA compliant.

Here are a few ways that outsourced medical billing practices can improve the financial health of a healthcare practice:

1. Finding Overlooked Revenue Opportunities

Most healthcare facility staff are busy with the practice, taking care of the patients, and running the everyday show. Taking care of the medical billing means they are often overburdened, which results in them failing to see some of the ways that continually clog up the revenue management system. In most cases, the revenue collection gets slow or bottlenecked due to the following:

• Lack of verifying the insurance
• Errors in verification
• Incorrect coding
• Problems with timely submission of claims
• Issues with the collection process
• Denial management
• Lengthy submission process

Experienced outsourced medical billing companies can quickly mitigate all these issues. They can smooth the claim process, analyze the areas from where the money is bleeding most and rectify them in no time while providing consistency with the claims.

2. Using Data for Revenue Growth

An all-equipped medical billing services will address more than the revenue issues of the practice. They will be utilizing the operational data of the healthcare practice so they can identify the elements that impact the facility's revenue and profits. Pinpointing the factors that hurt the revenue collection is essential to growing the earnings in the right direction.

Several analytic tools and software can provide insightful charts and graphs into the revenue cycle and the facility's operation. These data can be analyzed in a wide range of ways, and implemented policies can be tied to every aspect of the practice to improve revenue.

Also, using the data analysis software in medical billing when outsource provides a transparent view of the practice, which can be used for successful revenue collection in 2023.

3. Reduce Overhead Costs

When a medical facility hires a full-time/part-time medical billing and coding employee, the overhead cost of the practice increases. The facility also must provide the person with a salary and other benefits. Still, it also has to hire every billing software, train them to use it, and keep updating the software to the latest technology.

Keeping up with all of these is expensive and an ongoing expense. But when outsourcing medical billing, you no longer must worry about any of these issues. You can efficiently channel the money you would have used to buy expensive software and train your staff to improve the facility and better care for the patient.

Why does Collaboration help? 

In medical practice, medical billing and coding often require dealing with a wide range of documents and different formats. Keeping them safe and secure is always an issue. Still, when you partner with a medical billing company, such as 24/7 Medical Billing Services, every document is stored in the same format and on a secure cloud-based platform. They help streamline the medical billing and collection process that improves the practice's financial health and the patient's overall experience.

Read more: Top 5 Trends For Medical Billing Services In 2023