The operational success of healthcare service providers hinges on the financial ecosystem. It is important that cash flow is maintained so as to keep the operations running smoothly. Healthcare billing solutions are rightly touted as the best foot forward for the sector. A large number of healthcare providers rely on outsourced billing solutions offered by service providers with commendable experience. Healthcare providers have witnessed better payment receivables due to adequate follow up action. Here is a quick preview of some of the reasons for the need of outsourcing healthcare billing.
Reduction in number of denied claims
Reputed healthcare billing service providers ensure that the number of denied claims is low by providing quality billing and coding. This is achieved by a twofold process – one, accurate Insurance and Eligibility verification before appointment date and two, effective and timely appeal of claims when denied. With extensive knowledge on the process and the requirements, medical billing companies ensure that the appeals are followed up with trained and dedicated resources. This in turn reaps the benefit in the form of payment.
Controlling administrative expenses
With Healthcare Industry moving towards preventative care and encouraging Value Based Payments like ‘Fee-For-Service’, ‘Bundled Payments’ etc., it is highly important to keep the Medical Billing administrative costs under control. Administrative expenses towards the maintenance of a separate billing section involve huge recurring expenses. This is in addition to the capital expenses in establishing the section. Pay perks, employee benefits, office expenses, recruitment and training expense etc., the list is quite lengthy. Offshore Outsourcing medical billing services will dispense with all these expenses. This will leave the Practice/Hospitals with resources to focus on providing better treatment to patients and Medical billing companies based in US to focus on Client Relations and expansion!
Maintaining uninterrupted cycle of billing and follow up
Outsourcing medical billing maintains the process and cycle of billing. This is primarily because of the large number of trained and experienced professionals working on these processes. This is in sharp contrast to a key person quitting the job in the billing team which is literally unpredictable. With high attrition rates and churning experienced globally, it is inevitable that a key position may fall vacant. This will lead to backlogs and the need to train the inductee fully to start functioning without errors.
Faster payment cycles
Having a dedicated team to follow up on outstanding payments ensures that the cash flow is healthy. Accounts receivable from insurance companies requires adequate follow up to ensure that it is received on time. Healthcare Medical billing companies follow streamlined processes to send the claim. The initial screening process and verification of information from the patient helps to generate the right bill. A claim that is correct in all aspects stands a bigger chance of getting first passed, rather than having to be denied for rework and resubmit.
Offshore Medical Billing Companies have been trusted the world over to enhance operations while creating better financial bottom lines. The efficiency with which the processes are concluded and reliance on the latest information technology has spurred the success of these organizations. Outsourced Medical Billing Companies have helped Medical Practice/hospitals to drastically cut down their expenditure in Medical Billing, benefitting from the economies of scale of operations.