Medical Billing Outsourcing – Reduce Overhead Costs and Increase Practice Efficiency

Medical Billing Outsourcing – Reduce Overhead Costs and Increase Practice Efficiency

Recent surveys predict that medical billing outsourcing will grow at a fast pace in the coming years as it offers many benefits for physicians’ practices.

According to a study published by Grand View Research, the value of the medical billing outsourcing market is expected to grow from $6.3 billion to $16.9 billion during the period 2015 to 2024. Recent surveys show that the growing importance of compliance and risk management, and the need to reduce overhead costs and ensure process efficiency are the main factors driving this growth. Here are the other key advantages to outsourcing revenue cycle management (RCM) to a reliable service provider. 

Efficiency in medical billing processes: Outsourcing will take care of the entire RCM process – from patient scheduling, enrollment, and insurance eligibility verification to billing and reconciling of accounts and financial management reporting. Physicians and their staff can focus on delivering efficient patient care while the service provider helps the office implement best practices in medical billing.

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Keep up with complex industry regulations: Medical billing regulations are complex and change often as the recent trends show. For a physician’s practice, having in-house staff and systems that are up to date on the medical billing and coding rules, and current government and industry guidelines can be challenging. A medical billing service offers expertise in these matters and is more cost-effective.

Physicians save in terms of time, office space and stress.

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Reduces operating costs: Outsourcing is shown to reduce operating costs as physicians can downsize staff and eliminate hiring and recruitment expenses.

Partnering with a third party company helps them avoid the need to invest in expensive software and expenses in frequent upgrades, staff training costs, maintenance costs, network security, and other related costs.

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Financial stability: McKinsey reported that 15 percent of $2.7 trillion spent in U.S. healthcare in 2013 was due to revenue cycle inefficiencies. Healthcare providers that outsource claims management processes benefit from the services of expert medical billing staff that uses advanced software and payment processes. This streamlines workflow, reduces denial rates and improves cash flow for the practice, in addition to driving a positive patient experience.

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Services of specialists: The qualified and dedicated billing staff in an established company will work with the medical practice’s staff to enhance workflow. They can work on any type of billing software and will thoroughly review all claims and submit them to meet payer regulations. Their focus will be on ensuring appropriate payment without delay and preventing denials. Every claim and non-payment will be tracked till it is resolved.

www.outsourcestrategies.com

Phone: 1-800-670-2809

The reason why established medical billing companies are able to provide their clients with services at affordable costs is that they have a huge client base. They can operate at lower costs as their expenses are distributed across all their clients, who can save as much as 30-40 percent on their overhead costs. In a recent Black Book survey, seventy-seven percent of physicians reported that they needed to find more direct patient care time currently taken up by business office-related issues. Medical billing outsourcing services offers the answer to this.

www.outsourcestrategies.com

Phone: 1-800-670-2809