Healthcare cost is rising every day. Today on average the US healthcare spends more than $ 400 billion annually on its revenue cycle management which includes managing claims to process, complex data, accounts receivable etc.
Hiring In –house billing team indeed can be quite an expensive affair. As the responsibility of a healthcare provider doesn’t end with just paying off the basic employment fee but the provider has to take care of additional errands like their training session, software installment, and different employee perks etc. However, all these can be avoided and practices can operate a seamless billing transaction at a reasonable rate if providers outsource the same services.
In fact, today more than 93 % of healthcare practices are outsourcing their medical billing practices for convenience and cost effective solutions. Moreover, the lack of expertise in tackling new payment models and revenue management tools are also factors that are contributing to the outsourcing market. Not to forget frequent revisions in the classification systems for medical coding are said to also drive the market today.
Benefits of outsourcing your medical billing practice :
Updating with the present industry mandates, new coding, billing changes; outsourcing in fact makes the task of healthcare providers easier. Furthermore, taking complete responsibility for your medical billing operation, an operational extension further eliminates all the additional charges like training costs, software installations and more; saving you tons of money which you can use in expanding your business later. By eliminating old outdated manual methods in resolving medical billing and collections, operational extension support further uses the latest technology in improving your ROI.
Dr. Dipak Nandi, MD, a pioneer in the healthcare industry and a New York based renowned neuro-psychiatrist, in fact, stated-that outsourcing reduces more than half of your stress and headache. Being a pioneer in the healthcare industry Dr. Nandi also observed that outsourcing your medical billing operation makes your job easy and gives you more time to focus solely on patient management while helping you in maximizing your operating margins and managing high-volume transactions without any problem.