Do you want 2018 to bring less headaches and more revenue for your medical practice? If the answer is yes, then you should consider outsourcing medical billing and coding services to a billing company. Letting a third party handle your billing needs will not only help you get paid faster but it will also improve the productivity of your practice.
According to a study published by the Grand View Research, a market research and business consulting firm, the medical billing outsourcing market is expected to reach a value of $16.9 billion by 2024. This market was valued at $6.3 billion in 2015 and this prediction clearly demonstrates how practices are increasingly outsourcing their billing and coding needs.
Since a great number of independent physician practices are choosing to consolidate for financial stability, the need for efficient medical billing services for administering their complex RCM needs has become higher. Considering the rising healthcare costs and pressured profits, RCM outsourcing is turning into the best practice for managing hospital revenue as well.
Revenue cycle management plays an important role in the smooth administration of practices. If there are errors and data redundancies in manual processes, it will not only affect claims management but also impact billing, denials management and value-based reimbursement. This has pushed the need to outsource revenue cycle management needs to a third party. As per a report by Technavio, the US healthcare RCM outsourcing market is expected to grow at a CAGR of around 13% between 2018 to 2022. Similar to medical billing, RCM outsourcing will also result in improvement of healthcare administrative processes. It will also lead to operational efficiencies.
Quality of health care services can be improved only when physicians get enough time to focus on patient care. If they don’t have skilled billing staff to keep their business running, they will be forced to divide their time between managing their billing team and delivering patient care. Since most physicians have little or no exposure to the complexities of medical claims management, surviving in business will become a tough task. This is why many medical practices prefer to partner with billing companies in order to receive timely payments for services rendered. They just have to focus on quality care delivery while a team of dedicated and well-trained coders and billers handles their revenue cycle and complies to regulations.