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 manageme...
