Top 5 Reasons To Outsource Medical Billing Management In 2023
Did you know? According to an American Hospitals Association report in 2019 , uncompensated hospital care costs exceeded $620 billion. Failures in claims processing, billing, payments, and bad debt collection cost healthcare providers $300 billion annually. As per the Mckinsey article, 99% of medical bills over $3000 were not paid in full. According to Bloomberg, bankruptcies in the healthcare sector tripled in 2017. Eight hospitals declared bankruptcy in the first three quarters of 2018, and nine others closed their doors. These statistics highlight the major issue confronting US healthcare providers today, i.e., revenue erosion. Many factors are responsible for this problem. The complexity of regulations, the fragmented nature of the US healthcare system, and billing inefficiencies are three major ones. We can only do a little about the first two, but we can and must work on the third. Let’s discuss reasons to outsource medical billing management in 2023. The best altern...