Before we dive into the reasons why outsourcing primary care billing services is a good idea there are some important facts to think about
- An American Hospitals Association 2019 report estimates the cost of hospital care that is not compensated in the last decade at over $620 billion.
- A Mckinsey report has revealed that of medical expenses that exceeded 3000 dollars the shocking 99 percent were not fully paid.
- According to Bloomberg, The number of bankruptcies within the health sector has more than tripled since the year 2017. In the first three months of 2018 eight hospitals have been declared bankrupt, and 9 hospitals shut down.
- Healthcare providers are able to lose $300 billion each year because of errors in processing claims, payment or billing, and the collection of bad credit. Babaaz Travels in Lahore
These facts highlight the main issue that US healthcare providers today face and that is revenue loss. There are many factors that are responsible for this problem. Three main ones are the fragmentation of the US healthcare system and the complexity of the regulations, and inefficiencies in billing. Although we cannot take on the first two issues, we can tackle the third.
Why is Outsourcing Billing Beneficial for You?
How do reduce the inefficiencies? One way to reduce them is outsourcing billing to professionals who have the right skills and expertise. Primary care billing firms transfer the efficiency they’ve gained through their experience and scale to their clients in the healthcare industry. Here are some of the reasons hiring the services of an off-shore primary care provider is a wise choice in the healthcare industry.
1. Savings in Time:
Primary care billing outsourcing saves time in many ways than one .) healthcare professionals have less time to perform administrative tasks and secondly) the majority of calls are routed to the billing service iii) the time spent training of staff for new regulations is cut back iv) more accurate claims translate into faster settlements of claims
2. Savings in Cost:
Utilizing a professional service for billing will guarantee a return on investment. It reduces the cost of hiring and training staff which can be more than 4000dollars per year. Healthcare providers also can reduce the cost of office equipment and storage facilities to store medical information. Improved workflows can also result in huge savings to hospitals over time.
3. Constant Upgradation in Technology and Knowledge:
Primary care billing firms are more positioned than doctor’s offices and hospitals to invest capital to upgrade their technologies over time. In addition, primary care billing firms are able to specialize in billing processes as time passes. This lets them adapt more readily to changes in regulations and other aspects of the healthcare industry.
4. Proactive Approach to Problem-solving:
The companies that handle billing are more aware of the changing trends in the health industry. This means they can anticipate the needs and issues before they become major issues. While in-house billing teams are only able to react to changes, companies that bill can take proactive steps.
5. Timely Access to Reports and Data Analytics:
One of the major benefits that a billing service offers is that it is easy to access information and reports promptly. The analysis of this data can provide the healthcare professional with an important insight into what it is doing and where it’s headed. Data gathered from this analysis will also be beneficial in making decisions and making growth strategies.
6. Improved Patient Engagement and Satisfaction:
Outsourced billing allows your staff to concentrate on their main job of providing top-quality patient care. Patients are more content with the service they receive. Additionally, a quicker and clear billing procedure allows patients to plan their co-payments and lessens anxiety overcharges. Patients who are satisfied are better able to pass on positive reviews about your practice and earn more money.
7. Better coordination with Payers
Billing services have special teams for every payer or a group of a few payers, and thus it is simpler for their billing staff to develop connections with staff from the side of the payer. This helps improve coordination between the billing staff and the payer. It also reduces errors in the process of processing claims.
8. Enhanced Data Security:
Billing requires the storage of highly important patient information and any breach in the information could cause serious consequences for both the patient and the healthcare provider. Many primary care billing organizations have invested in the security infrastructure needed to protect patient information from theft of information and cyber-attacks.
9. Better Compliance:
The established primary care billing organizations will have educated their employees on the latest modifications to ICD 10 and other HIPAA regulations. They have clear and well-organized billing procedures in place. This makes it easier to comply.
10. Better control:
One of the main reasons healthcare providers have when outsourcing their billing is fear of losing control over their finances. However, contrary to the belief most healthcare providers and hospitals that have taken the decision to outsource realize that they can have more control over their billing procedures with a highly competent outsourced billing team to help with their billing needs.
However, the most compelling argument to make the argument for outsourcing more convincing is that it can boost the bottom line of your business. The billing business gains when revenues increase and lose when your earnings decrease. Therefore, the goals of the primary care billing company are in line with your objectives of enhancing healthcare and revenue.
If you are looking for a trustworthy outsourcing partner who has the knowledge to help you achieve your revenue goals, write for us.
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