As per reports, the medical billing outsourcing market in the US is expected to reach USD 7.8 billion by 2026. There is a never-ending pressure on physicians to cut down costs and improve quality of care. They are being expected to perform well amidst declining Medicare payments, growing burden on profits, mounting billing volumes and various other challenges. This is one of the main reasons why providers are increasingly outsourcing their billing activities.
ICD-10 coding complexities, rising healthcare costs and reduced reimbursements are three main challenges that providers need to deal with.
There are several reasons why outsourcing of medical billing services will prove to be an effective solution for your practice:
- Cash flow boost:
This is one of the biggest and most crucial reasons for outsourcing. When a dedicated team of billers and coders work for your practice, it will automatically help in maintaining consistency in cash flow. You will also enjoy faster collections which will boost your practice income. It becomes easier to attain higher economies of scale if you have hired a reliable billing company.
- Cost saving-Time saving:
Big savings is the second biggest reason why many providers are choosing to outsource medical billing. With outsourcing, the costs of salaries, training, hardware, office supplies and software are eliminated. A good billing company will assure you of high-quality, customized services and that too at a low cost. Since a dedicated team will be working on your revenue cycle, you will get enough time to focus on patient care.
- Reduced billing errors:
In order to get paid timely, it is very important to ensure that billing errors are reduced or completely eliminated. When you outsource billing to a third party, you will get access to their team of expert billers and coders who are trained to submit clean claims. They will ensure high level of accuracy because each claim is carefully reviewed before submission.
Outsourcing is not just important for obtaining timely, full payments. It is also necessary to comply with billing guidelines. Compliance is very important if you want your practice to survive in business. Every reputed billing company complies with HIPAA and other regulations which means, you don’t have to worry about legal hassles of any kind. So what are you thinking? Find a reliable billing company today that will take care of all your RCM needs.