Can Medical Billing Outsourcing Improve Patient Care?
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
improve 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 their medical billing 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:
·
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.
·
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.
·
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 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.
·
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. Outsourced medical billing companies typically claim
to be 5-15% better at collecting receipts than in-house billing teams. At 24/7 Medical
Billing Services, our health center clients have seen a 45% increase in net
receipts on average.
About
24/7 Medical Billing Services:
We
are a medical billing company that offers ‘24/7
Medical Billing Services’ and support physicians, hospitals, medical
institutions and group practices with our end to end medical billing solutions.
We help you earn more revenue with our quick and affordable services. Our
customized Revenue Cycle Management (RCM) solutions allow physicians to attract
additional revenue and reduce administrative burden or losses.
Contact:
24/7
Medical Billing Services
Tel:
+1 888-502-0537
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