- July 29, 2020
- Posted by: Thomas Anderson
- Category: Orthotics Billing
Today though the percentage of opting for in-house billing operation is still there, surveys have seen a decrease in its form. Moreover, a survey by Grand View Research on more and more healthcare practices on outsourcing their billing process for the convenient solution has stated that the outsourcing medical billing market is expected to expand or grow further more. In fact, 2018 was considered by hospitals as the largest market share of the medical billing outsourcing market. Projecting to reach $19.7 billion globally, with a compound annual growth rate of 11.8 percent, the outsourcing market is surely rising.
Reason for outsourcing your orthotics billing services:
In fact, today the main reason for outsourcing one orthotics billing services are mainly due to the:
• Mandatory execution of the complex ICD coding system,
• Rising in the healthcare costs, and
• A federal mandate to perform electronic health records to maintain reimbursement levels
Cutting the necessary cost, healthcare practices on outsourcing their orthotics billing process not only preventing the burden of maintaining a complicated administrative team to ensure effective handling of in-house billing functions but also other billing and coding stress. As outsourcing organization has its own experts and trained personnel to manage revenue cycle management.
Furthermore, research and analysis have also found that healthcare practices collect more of the patient balance payments, reduced denial claims and rates, less writes-off when outsourcing their billing operations.
Eliminating the average amount that a healthcare practice has to spends on the billing process which is about 30 to 40% of their collection, outsourcing your orthotics billing helps with operational cost reduction as well as saves the practices from a lot of avoidable costs.
In fact, today there is RCM organization that offering 75 % operational cost reduction and also helps in eliminating the gaps in claims management, documentation process etc for faster reimbursements.
With excellent industry references and no binding contract, there is an operational extension that not only takes care of the front end orthotics billing process but the complete billing responsibility of the bank end work too.
Sunknowledge helping you focus more on your patient care, the outsourcing RCM organization delivering its services with dedicated support at 2.99% or $7 per hour.
• First 30 days free
• Complete liability insurance coverage of $2 million with $1 million coverage per incident.
• No-cost dedicated account manager
Sunknowledge helping in getting the complete picture of your orthotics billing process with the help of a robust reporting, there is outsourcing organization improving your cash flow.