“Outsourced Medical Billing industry will grow by
more than 20% over the next decade”
– Bureau of Labor Statistics. Source
A medical billing specialist can help a provider reduce stresses as they already deal with patient’s health on a daily basis. Outsourcing the secondary task helps them to breathe a sigh of relief, and find more time to concentrate on core operations. The real benefits, however, extend beyond it. Let’s explore.
Outsourced billers are experts in their domain.They are the ones who can make sure that a company receives the fastest payouts, by submitting correct claims the first time and ensuring the highest reimbursements as quick as possible.
Additionally, not only outsourcing is light on your pocket, it also saves up your precious time. With a dedicated team of professionals working with your bills, you can expect things to move a lot faster. You will notice a steep rise in the number of claims handled per hour, and a quick reduction of your accounts receivable bucket. Outsourced billing can also save huge money in terms of staff salaries, benefits, software and hardware requirements.
“42% of submitted medical records
are incorrectly coded”
– Department of Health and Human Services. Source
Investing in less smart technologies can be a serious impediment in your path to achieving billing glory. Outdated software, or simply a less competent set of tools, along with an increased dependence on manual processes, can hold you back from getting your claims readied and submitted on time. Most medical billing service companies, on the other hand, use powerful software suites and automation tools that help in generating fast payments from a wide range of Payers.
In many cases, a medical billing company will be happy to continue working in the same EHR (Electronic Health Record) system as the client, or migrate the billing operations to a better, more efficient platform. Whatever be the case, the benefits are many, such as reduced hassles, faster turnaround, seamless integration and uninterrupted flow of the billing operation.
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