Medical billing and coding are vital divisions of healthcare system. Without medical billing and coding the healthcare industry would be unable to efficiently transmit patient data and healthcare providers would have a tough time getting reimbursed for their services.
Why Do Companies Outsource?
There are many reasons why a company may choose to outsource certain business functions. Some of the most common reasons include:
- Reducing and controlling operating costs
- Improving company focus
- Gaining access to world-class capabilities
- Freeing internal resources for other purposes
- Streamlining or increasing efficiency for time-consuming functions
- Maximizing use of external resources
- Sharing risks with a partner company
Why Outsource Medical billing?
Here are some advantages of outsourcing medical billing processes to a billing company:
- Increased Revenues for healthcare providers : Any healthcare provider would be happy if the billing activity makes a positive difference to his/their bottom line. Having a dedicated billing company working round the clock is not only beneficial for providers but also frees their time to see more patients in a day. This leads to increased revenues.
- Robust reporting: Though the billing activity is done by offshore, the providers can still monitor every activity. Having complete control over outsourced work is like having your cake and eating it to. Controlling the activities from a remote set up has its own advantages. Daily, weekly and monthly reports of billing and collections can be obtained by the provider readily.
- Certified billing and coding professionals: Providers get the benefit of services given by certified billing and coding professionals. Providers do not have to go through the lengthy process of recruiting billing and coding staff. A dedicated billing and coding team takes care of their daily billing and coding activities.
- Data Protection and Security: All the processes are HIPAA compliant maintaining the privacy of patient health data. All billing and patient data is kept safe and is backed up regularly.
- Cost Optimization: Outsourcing billing and coding services keeps a check on providers cost as all expenses on inhouse billing staff are optimized.
- Medicare & Medicaid updates (www.cms.gov): Your outsourcing billing partner takes care of the changing healthcare industry and makes sure that you are kept abreast with all the new rules, guidelines, laws in the healthcare industry.
- Quality care: Outsourcing your billing services frees time for making sure you care for your patients and provide utmost quality in medical diagnosis and treatments. It is every healthcare providers dream to find more quality time for patients and increase the patient intake.
- Robust follow up for reimbursements: There is a qualified and dedicated team to follow up for accounts receivables with the insurance companies. Regular and robust follow up processes ensure that all the denials are addressed timely and rejections are rebilled to the insurance companies. This in turn add positive value to the bottom line.