The 5 Most Important Reasons to Outsource Medical Billing Management

Reasons to Outsource Medical Billing Management 

Well, in 2019 according to a report by the American Hospitals Association, uncompensated hospital care costs exceeded $620 billion. Just because of the failures in claim processing, billing payment, and bad debt collection cost healthcare providers over $300 billion annually. As per Mckinsey’s article, around 99% of medical bills over $3000 were not paid. Well, according to Bloomberg, bankruptcies in the healthcare industry tripped in 2017. In the first six months of 2018 over eight hospitals were declared bankrupt and the other nine closed their doors.

These statics has highlighted the major healthcare issues faced by US healthcare providers these days such as revenue erosion. There are so many factors that are responsible for this problem. The complexity of regulations, demolish nature of the US healthcare system, and billing inefficiencies are the major ones. 

Let’s discuss the reason to outsource medical billing management in 2023.

The best solution to deal with such problems is to outsource an expert medical billing and company companies to reap the following benefits:

Reason 1

Efficient Workflows

No doubt medical professionals are taking so many responsibilities on their shoulders. On the other hand, medical billing and collection also require a lot of effort and handling a lot of responsibilities and it demands full-time and undivided attention. That’s why you (physicians) required a dedicated medical billing and coding process just to stay on top of the high-volume transactions. This needs to be thanks to the outsourcing of medical billing management in 2023.

Reason 2

Services Scalability 

When your healthcare facility didn’t get hampered by medical billing and coding then it has much room for growth. No matter what the size of your practice outsourcing medical billing management allows you to remove the errors from the claims and that wouldn’t prevent your healthcare organization from reaching its potential point. Outsourced medical billing services can grow alongside you and allow you expansion.

 

Reason 3 

Access to Expert Consulting 

No doubt medical billing and coding is a complicated process. It involves different moving parts and frequent revenue cycle management changes. All the healthcare industry protocols and regulations are rapidly updated. If you don’t have the dedicated staff to cope with the most recent standards then you’ll quickly fall. By outsourcing a medical billing company, you can be confident that you’ll always have a team of professionals working for your best practice and revenue results.

Reason 4

Less Medical Billing Errors 

Medical billing mistakes and other poor collection practices undoubtedly have the potential to result in a sizable decline in revenue. However, even a single mistake in medical billing and coding can delay payment or, at worst, result in a claim being denied. Mistakes in medical billing can be expensive, especially when they're brought together with duplicate billing, incorrect patient data, and authorization mistakes.

Medical billing and coding outsourcing guarantee a profitable, error-free, and current billing process. Because of this, it is advised to look for skilled medical billers and coders who have quality assurance procedures that allow them to keep accuracy while committing fewer errors.

Reason 5 

Highly Integrated Electronic Health Record 

If you ever manage medical billing and coding then you must have an idea that entering patient data into Electronic Health Records (EHRs) systems takes a long time. And that’s the worst nightmare of every medical biller.

Some hospitals and healthcare providers are concerned that in-house medical billing will require more work to integrate with the existing EHR systems and processes. However, by choosing a medical billing provider who is knowledgeable about the most popular EHR systems or by choosing a provider who will modify you, you can rapidly allay this worry.

When you outsource medical billing management then you no longer have to deal with the technical issues that can arise with the Electronic Health Records EHRs.

 

Outsource Medical Billing Services to P3Care

 

A 2019 case study predicted that the global market for medical billing outsourcing would expand by 12.3% annually to $449,623.8 million by 2023. In other words, the medical billing outsourcing industry is about to take off.

Although the idea of outsourcing medical billing company is not new, healthcare organizations and providers require assistance in making this decision. The main cause of worry is the possibility of handing their billing process to the wrong people, as well as the challenging task of finding the ideal partner for medical billing and coding. 

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