Undoubtedly, your in-house employees are critical to your overall success, whether you run a health center, a hospital, or a private practice. However, it can be difficult for time-crunched employees to keep up with heavy workloads and navigate the ever-changing tides of the healthcare industry. As a result, many healthcare providers outsource all or part of their medical billing to third-party providers. These highly specialized firms are experts with the experience and manpower to immediately medical billing outsourcing improve patient care revenue cycles while also maximizing your practice’s financial health along with an improvement in your patient’s care.
Outsourced Medical Billing Trends
Did you know?
The global outsourced medical billing market is expected to reach $19.7 billion by 2026, expanding at an 11.8% annual rate.
– According to the Report by Grand View Research
According to the report, outsourced medical billing is expected to reach $25.3 billion by 2028. A greater emphasis on profitability and revenue generation, the federal mandate for EMRs, and rapidly changing government regulations are key forces driving growth.
– As per the Report on the Global Medical Billing Outsourcing Market 2021-2028
Medical Billing & Coding Outsourcing = Enhancement in Patient Care
Medical billing & coding outsourcing has become more popular in recent years. It’s not just a passing fad; it’s a sound business strategy that’s here to stay. Countless healthcare facilities and practices, regardless of size, location, or revenue, understand the value of outsourcing medical billing for patientcare to a highly specialized company that handles the entire revenue cycle process. Finally, this allows a medical facility to focus on its core mission: providing exceptional patient care and customer service. Let’s explore how outsourcing ultimately improves your patient care:
1. Ensure business continuity
Staffing shortages have afflicted the entire healthcare industry in recent years. When you lose just one or two team members, it puts a strain on everyone else as they try to fill the vacancies. They are frequently set up for failure by not having enough hours in the day, which increases stress and leads to burnout. Due to staffing constraints, too many claims are not properly worked, resulting in a ballooning A/R, increased denials, and decreased cash flow. These problems can quickly spread throughout the healthcare organization, affecting employee morale, staff turnover, and, in the worst cases, the patient experience.
Outsourcing your medical billing relieves a significant burden from your team, enabling them to concentrate on their main duties while your medical billing partner maximizes your financial health.
2. Efficient Workflows
Medical professionals are used to wearing many hats and taking on many responsibilities, but medical billing and collections are both full-time jobs that require undivided attention. That is why, you will require dedicated personnel to oversee only the billing process in order to precisely and promptly stay on top of high-volume transactions.
3. Enhanced Patient Satisfaction and Care
It’s safe to say that every medical facility strives to provide the best possible patient care to its patients. Managing all of your facility’s tasks at once, on the other hand, makes it difficult to meet your patients’ expectations. Your support staff will always be in charge of managing patient appointments, keeping the books, managing check-in and check-out, and dealing with clinical issues.
Outsourcing medical billing for patient care allows you to relieve stress from your team whenever a function can be handled by someone else. This allows your staff to be more present while tending to the needs of your patients, resulting in happier patients and a higher retention rate.
4. Scalability of Services
When your healthcare facility is not hampered by medical billing issues, it has a lot of room to grow. Whatever the size of your practice, outsourcing medical billing allows you to eliminate obstacles, impediments, and distractions that would otherwise prevent your organization from reaching its full potential. Outsourced medical billing can grow alongside you, allowing for expansion.
Outsource your Medical Billing & Coding – Divide & Conquer!!
There’s no denying that in-house medical billing can take a back seat when staff is tasked with putting out immediate fires, which are usually related to assisting patients. Busy schedules, limited staffing, and patient care demands, understandably, take precedence over claim submissions and reimbursement collections.
A strong medical billing partner can help you increase your revenue in a variety of ways. First and foremost, they improve your coding and billing workflows. Timely, error-free claim submissions pave the way for the most reimbursements in the shortest amount of time. Denied claims are not ignored; instead, they are corrected and resubmitted on a daily basis. Every day, claims that require an appeal are processed. All of this results in increased cash flow and revenue.
You can then divide and conquer. While your in-house team is 100% committed to providing superlative patient care and customer service, your medical billing company is 100% committed to maximizing revenue cycle performance. It combines the best of both worlds. Outsourcing medical billing companies typically claim to be 5-15% better at collecting receipts than in-house billing teams for patient care. At 24/7 Medical Billing Services, our health center clients have seen a 45% increase in net receipts on average.