Growing number of healthcare providers are choosing to outsource their billing needs. It is not only helping them gets paid on time but they are also getting more time to focus on their patients.
According to a report by Grand View Research Inc., it has been projected that the global medical billing outsourcing market will reach USD 19.7 billion by 2026. It is expected to expand at a CAGR of 11.8%.
Implementation of ICD-10 coding, rising healthcare cost and federal mandate for implementing EMR (Electronic Medical Records) to maintain revenue level are some of the factors that are responsible for the subsequent rise in outsourcing of medical billing.
Besides getting timely payments and freeing more time for patient care, there are several other benefits of outsourcing medical billing:
- Many clinics or physician offices are outsourcing revenue management in order to cut unnecessary costs. They are hiring a third party to prevent the burden of managing an administrative team for ensuring effective handling of in-house billing.
- There are multi-specialty medical groups that are implementing consolidation that involves EHR integration and large healthcare networks. This creates a strong need for RCM and the right expertise to manage it. This is also where outsourcing really helps.
- Third benefit is that practices get access to a team of dedicated and trained billing and coding specialists who work dedicated to increase the profitability of the practice. They are well-trained in reviewing and posting all payments to ensure that the insurance carriers are paying the right amount. From error-free coding to submitting claims on time, they take care of all aspects of medical billing to help you get paid on time.
- There is a misconception that if a practice outsources their revenue cycle management to a third party, they lose control over their finances. This isn’t true. In fact, you become more in control of your revenue cycle by getting to review monthly reports and keep a track of your practice’s health. Practices can make monthly as well as annual comparisons and address areas that need changes.
- The most important benefit of outsourcing is that providers are less stressed and can focus on quality care and growing their practice.
Since fewer claims will be sent out incorrectly, more money will be coming into the account. Hiring a team of billing specialists really helps bring in more money.